Purple Innovation, Inc. (NASDAQ:PRPL) Given Average Rating of “Moderate Buy” by Brokerages

Purple Innovation, Inc. (NASDAQ:PRPL) has been given a consensus recommendation of “Moderate Buy” by the six ratings firms that are currently covering the company, Marketbeat.com reports. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 12-month price target among brokerages that have issued a report on the stock in the last year is $2.53.

A number of research analysts have recently weighed in on PRPL shares. Craig Hallum cut their price objective on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Wedbush lowered shares of Purple Innovation from an “outperform” rating to a “neutral” rating and decreased their target price for the stock from $1.75 to $1.10 in a research note on Wednesday, September 4th.

Purple Innovation Trading Down 0.5 %

Shares of NASDAQ PRPL opened at $1.02 on Monday. Purple Innovation has a twelve month low of $0.55 and a twelve month high of $2.33. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69. The business has a fifty day simple moving average of $1.15 and a two-hundred day simple moving average of $1.30. The firm has a market cap of $109.30 million, a PE ratio of -0.76 and a beta of 2.07.

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

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Sierra Summit Advisors LLC acquired a new stake in shares of Purple Innovation in the fourth quarter valued at $1,000,000. Wasatch Advisors LP lifted its stake in Purple Innovation by 34.1% in the fourth quarter. Wasatch Advisors LP now owns 2,206,820 shares of the company’s stock worth $2,273,000 after acquiring an additional 561,491 shares during the last quarter. Divisadero Street Capital Management LP purchased a new stake in shares of Purple Innovation in the 2nd quarter valued at approximately $144,000. Dynamic Advisor Solutions LLC increased its position in shares of 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 purchasing an additional 66,256 shares during the last quarter. Finally, Virtu Financial LLC acquired a new stake in shares of Purple Innovation in the 1st quarter valued at $112,000. 88.41% of the stock is currently owned by institutional investors and hedge funds.

About Purple Innovation

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.