Somnigroup International (NYSE:SGI) Stock Breaks Below 50 Day Moving Average – Here’s What Happened

Shares of Somnigroup International Inc. (NYSE:SGI) crossed below its 50-day moving average during trading on Friday. The stock has a 50-day moving average of $64.44 and traded as low as $63.98. Somnigroup International shares last traded at $64.1790, with a volume of 7,195,013 shares traded.

Wall Street Analysts Forecast Growth

Several brokerages have recently commented on SGI. Truist Financial lowered their price objective on Somnigroup International from $115.00 to $100.00 and set a “buy” rating for the company in a research note on Friday, August 7th. Stephens upgraded Somnigroup International from an “equal weight” rating to an “overweight” rating and boosted their target price for the company from $66.00 to $80.00 in a research report on Monday, September 14th. UBS Group raised their price target on shares of Somnigroup International from $94.00 to $102.00 and gave the company a “buy” rating in a research report on Thursday, September 3rd. Wall Street Zen upgraded Somnigroup International from a “sell” rating to a “hold” rating in a research note on Saturday, September 5th. Finally, Piper Sandler reissued an “overweight” rating and issued a $100.00 price objective (up from $95.00) on shares of Somnigroup International in a research report on Thursday, September 3rd. One investment analyst has rated the stock with a Strong Buy rating, eight have assigned a Buy rating and one has given a Hold rating to the stock. According to data from MarketBeat.com, Somnigroup International presently has an average rating of “Buy” and an average target price of $95.00.

Somnigroup International Stock Down 5.4%

The firm has a market cap of $13.50 billion, a PE ratio of 25.67, a P/E/G ratio of 1.09 and a beta of 1.30. The company has a quick ratio of 0.37, a current ratio of 0.75 and a debt-to-equity ratio of 1.33. The stock has a 50-day simple moving average of $64.44 and a two-hundred day simple moving average of $73.22.

Somnigroup International (NYSE:SGI) last issued its earnings results on Thursday, August 6th. The company reported $0.58 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.58. Somnigroup International had a net margin of 7.00% and a return on equity of 19.32%. The company had revenue of $1.82 billion for the quarter. During the same quarter in the previous year, the company earned $0.53 earnings per share. The firm’s revenue was down 3.0% on a year-over-year basis. Analysts expect that Somnigroup International Inc. will post 3.10 earnings per share for the current year.

Insider Buying and Selling at Somnigroup International

In other Somnigroup International news, CEO Scott Thompson purchased 30,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average cost of $62.84 per share, for a total transaction of $1,885,200.00. Following the transaction, the chief executive officer directly owned 4,123,634 shares in the company, valued at approximately $259,129,160.56. The trade was a 0.73% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this link. 3.99% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Somnigroup International

Hedge funds and other institutional investors have recently bought and sold shares of the business. Bank of America Corp DE bought a new position in shares of Somnigroup International in the second quarter worth approximately $204,632,000. Tidal Investments LLC increased its position in Somnigroup International by 49.4% in the 2nd quarter. Tidal Investments LLC now owns 184,212 shares of the company’s stock valued at $14,442,000 after acquiring an additional 60,942 shares during the period. Two Sigma Securities LLC purchased a new stake in Somnigroup International in the second quarter valued at approximately $1,379,000. Polar Asset Management Partners Inc. acquired a new stake in Somnigroup International in the 2nd quarter valued at approximately $2,305,000. Finally, Quantinno Capital Management LP increased its stake in shares of Somnigroup International by 27.9% during the 1st quarter. Quantinno Capital Management LP now owns 154,491 shares of the company’s stock worth $11,420,000 after purchasing an additional 33,729 shares during the last quarter. Institutional investors own 99.86% of the company’s stock.

About Somnigroup International

Somnigroup International Inc (NYSE: SGI) is a global bedding and sleep-products company. Its portfolio includes mattresses, pillows, adjustable bases, foundations, bed frames and other sleep-related products sold through retail stores, e-commerce channels and furniture and specialty retailers.

The company’s principal brands include Tempur-Pedic, Sealy and Stearns & Foster. Somnigroup also operates Mattress Firm, a large specialty mattress retailer in the United States, providing consumers with access to a broad range of bedding products from its own brands and other manufacturers.

Somnigroup International was formerly known as Tempur Sealy International.