Purple Innovation, Inc. (NASDAQ:PRPL) Receives Consensus Rating of “Moderate Buy” from Analysts

Purple Innovation, Inc. (NASDAQ:PRPL) has received a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat.com reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average 1-year price target among analysts that have updated their coverage on the stock in the last year is $2.53.

A number of brokerages recently commented on PRPL. Craig Hallum decreased their price target on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research 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 company from $1.75 to $1.10 in a report on Wednesday.

Purple Innovation Stock Performance

Shares of NASDAQ:PRPL opened at $1.09 on Thursday. Purple Innovation has a 12-month low of $0.55 and a 12-month high of $2.37. The company’s 50 day moving average price is $1.19 and its two-hundred day moving average price is $1.38. The firm has a market cap of $117.38 million, a PE ratio of -0.81 and a beta of 2.03. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69.

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

Insider Buying and Selling

In other Purple Innovation news, CEO Robert Demartini bought 51,061 shares of the firm’s stock in a transaction on Wednesday, June 26th. The shares were purchased at an average price of $0.98 per share, for a total transaction of $50,039.78. Following the completion of the transaction, the chief executive officer now directly owns 514,730 shares in the company, valued at approximately $504,435.40. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 54.30% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Purple Innovation

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. Sierra Summit Advisors LLC acquired a new stake in Purple Innovation in the fourth quarter valued at approximately $1,000,000. Dynamic Advisor Solutions LLC boosted its holdings in shares of Purple Innovation by 9.7% during 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. Wasatch Advisors LP boosted its holdings in shares of Purple Innovation by 34.1% during the 4th 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 in the last quarter. Quadrant Capital Group LLC bought a new stake in Purple Innovation during the 4th quarter worth $32,000. Finally, Price T Rowe Associates Inc. MD increased its holdings in Purple Innovation by 51.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company’s stock worth $105,000 after purchasing an additional 20,400 shares in the last quarter. 88.41% of the stock is owned by institutional investors.

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.