Purple Innovation (NASDAQ:PRPL) Downgraded by Wedbush

Wedbush cut shares of Purple Innovation (NASDAQ:PRPL) from an outperform rating to a neutral rating in a research note published on Wednesday, Marketbeat Ratings reports. They currently have $1.10 price objective on the stock, down from their previous price objective of $1.75.

Separately, Craig Hallum reduced their price objective on shares of Purple Innovation from $2.00 to $1.50 and set a hold rating for the company in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and an average price target of $2.53.

Purple Innovation Price Performance

NASDAQ PRPL opened at $1.02 on Wednesday. Purple Innovation has a fifty-two week low of $0.55 and a fifty-two week high of $2.37. The stock’s 50-day moving average is $1.19 and its two-hundred day moving average is $1.38. The firm has a market cap of $109.84 million, a P/E ratio of -0.76 and a beta of 2.03. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.43 and a quick ratio of 0.67.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings data on Monday, August 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. The company had revenue of $120.27 million for the quarter, compared to analyst estimates of $127.41 million. During the same period in the prior year, the company posted ($0.20) EPS. On average, analysts anticipate that Purple Innovation will post -0.48 earnings per share for the current fiscal year.

Insider Buying and Selling at Purple Innovation

In other Purple Innovation news, CEO Robert Demartini acquired 138,834 shares of Purple Innovation stock in a transaction dated Friday, June 28th. The stock was bought at an average cost of $1.03 per share, with a total value of $142,999.02. Following the completion of the transaction, the chief executive officer now owns 663,669 shares of the company’s stock, valued at $683,579.07. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 54.30% of the company’s stock.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors and hedge funds have recently bought and sold shares of PRPL. Sierra Summit Advisors LLC acquired a new stake in Purple Innovation in the 4th quarter worth $1,000,000. Wasatch Advisors LP increased its stake in Purple Innovation by 34.1% during the fourth quarter. Wasatch Advisors LP now owns 2,206,820 shares of the company’s stock valued at $2,273,000 after acquiring an additional 561,491 shares during the period. Divisadero Street Capital Management LP bought a new position in Purple Innovation during the second quarter valued at about $144,000. Dynamic Advisor Solutions LLC raised its holdings in Purple Innovation by 9.7% in the 1st quarter. Dynamic Advisor Solutions LLC now owns 751,778 shares of the company’s stock valued at $1,308,000 after acquiring an additional 66,256 shares in the last quarter. Finally, Virtu Financial LLC bought a new stake in shares of Purple Innovation in the 1st quarter worth approximately $112,000. Institutional investors own 88.41% of the company’s stock.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures sleep and other products in the United States and internationally. The company offers mattresses, pillows, cushions, bases, sheets, platforms, adjustable bases, mattress protectors, foundations, blankets, duvets, duvet covers, seat cushions, and pet beds under the Purple brand.