Purple Innovation, Inc. (NASDAQ:PRPL) Receives $2.53 Consensus Target Price from Brokerages

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) have been assigned a consensus recommendation of “Moderate Buy” from the five research firms that are covering the company, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month target price among brokerages that have issued a report on the stock in the last year is $2.53.

A number of brokerages have issued reports on PRPL. Craig Hallum cut their target price on shares of 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 lowered their price objective for the company from $1.75 to $1.10 in a research note on Wednesday, September 4th.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the business. Patriot Financial Group Insurance Agency LLC acquired a new position in Purple Innovation in the second quarter worth approximately $43,000. BNP Paribas Financial Markets boosted its stake in Purple Innovation by 73.7% in the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after purchasing an additional 11,405 shares during the period. Crumly & Associates Inc. boosted its stake in Purple Innovation by 35.5% in the 2nd quarter. Crumly & Associates Inc. now owns 66,763 shares of the company’s stock worth $69,000 after purchasing an additional 17,500 shares during the period. Legacy Investment Solutions LLC acquired a new position in Purple Innovation in the 3rd quarter worth approximately $70,000. Finally, Renaissance Technologies LLC boosted its stake in Purple Innovation by 316.3% in the 2nd quarter. Renaissance Technologies LLC now owns 71,226 shares of the company’s stock worth $74,000 after purchasing an additional 54,116 shares during the period. Institutional investors and hedge funds own 88.41% of the company’s stock.

Purple Innovation Stock Performance

Shares of PRPL stock opened at $0.82 on Tuesday. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.67 and a current ratio of 1.30. Purple Innovation has a one year low of $0.59 and a one year high of $2.33. The company’s 50-day simple moving average is $0.94 and its 200-day simple moving average is $1.12. The stock has a market capitalization of $87.93 million, a price-to-earnings ratio of -0.82 and a beta of 2.08.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.08) EPS for the quarter, topping the consensus estimate of ($0.10) by $0.02. Purple Innovation had a negative net margin of 21.34% and a negative return on equity of 84.67%. The business had revenue of $118.60 million for the quarter, compared to analysts’ expectations of $125.64 million. During the same quarter last year, the company posted ($0.18) earnings per share. Equities analysts anticipate that Purple Innovation will post -0.47 earnings per share for the current fiscal year.

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.