Why Is Sleep Number (SNBR) Stock Soaring Today

Why Is Sleep Number (SNBR) Stock Soaring Today

Kayode Omotosho

Sat, February 21, 2026 at 5:35 AM GMT+9 2 min read

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SNBR

+10.48%

What Happened?

Shares of bedding manufacturer and retailer Sleep Number (NASDAQ:SNBR) jumped 12.8% in the afternoon session after reports revealed that its Minneapolis headquarters building sold for $235 million, a price significantly higher than its assessed value.

The sale price was reportedly more than eight times the property’s assessed value. This eye-popping amount was driven by the fact that the building housed a growing data center built for artificial intelligence and cloud-computing companies. While Sleep Number continued to operate in a different part of the space, the transaction unlocked substantial value from its real estate holdings, providing a significant financial gain for the company.

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What Is The Market Telling Us

Sleep Number’s shares are extremely volatile and have had 89 moves greater than 5% over the last year. But moves this big are rare even for Sleep Number and indicate this news significantly impacted the market’s perception of the business.

The biggest move we wrote about over the last year was 12 months ago when the stock dropped 39.5% on the news that the company reported disappointing fourth-quarter results, with EBITDA missing significantly and revenue falling short of Wall Street’s estimates. Sales declined 12% year on year, due to a reduced store footprint and softer consumer demand. Earnings per share, however, came in above expectations, aided by cost reductions. Yet, Sleep Number withheld financial guidance for 2025, signaling continued uncertainty. This is also linked to the appointment of Linda Findley as the new CEO, as she likely needed some time settling into her role. Overall, this was a weaker quarter.

Sleep Number is up 5% since the beginning of the year, but at $9.02 per share, it is still trading 39.8% below its 52-week high of $14.98 from February 2025. Investors who bought $1,000 worth of Sleep Number’s shares 5 years ago would now be looking at an investment worth $71.20.

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