Analysts Set Purple Innovation, Inc. (NASDAQ:PRPL) Target Price at $8.67

Purple Innovation, Inc. (NASDAQ:PRPLGet Rating) has been given an average rating of “Hold” by the ten research firms that are presently covering the stock, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. The average twelve-month price objective among brokers that have issued a report on the stock in the last year is $8.67.

A number of research analysts have recently issued reports on PRPL shares. Oppenheimer reduced their price objective on Purple Innovation to $8.00 in a research note on Monday, August 22nd. KeyCorp set a $10.00 price objective on Purple Innovation in a research note on Tuesday, July 19th.

Insider Transactions at Purple Innovation

In related news, Director Gary T. Dicamillo acquired 10,000 shares of the stock in a transaction on Wednesday, September 7th. The stock was acquired at an average cost of $2.66 per share, for a total transaction of $26,600.00. Following the completion of the acquisition, the director now directly owns 113,083 shares of the company’s stock, valued at approximately $300,800.78. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 35.04% of the stock is currently owned by company insiders.

Institutional Trading of Purple Innovation

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Federated Hermes Inc. lifted its holdings in Purple Innovation by 84.0% in the second quarter. Federated Hermes Inc. now owns 2,430,172 shares of the company’s stock worth $7,436,000 after buying an additional 1,109,293 shares during the period. Occudo Quantitative Strategies LP bought a new position in shares of Purple Innovation during the second quarter valued at approximately $597,000. State Street Corp increased its stake in shares of Purple Innovation by 4.7% during the second quarter. State Street Corp now owns 1,191,872 shares of the company’s stock valued at $3,647,000 after purchasing an additional 53,635 shares in the last quarter. Coliseum Capital Management LLC increased its stake in shares of Purple Innovation by 32.1% during the second quarter. Coliseum Capital Management LLC now owns 40,854,130 shares of the company’s stock valued at $125,014,000 after purchasing an additional 9,926,332 shares in the last quarter. Finally, Cubist Systematic Strategies LLC increased its stake in shares of Purple Innovation by 1,754.3% during the second quarter. Cubist Systematic Strategies LLC now owns 223,959 shares of the company’s stock valued at $685,000 after purchasing an additional 211,881 shares in the last quarter.

Purple Innovation Stock Up 39.4 %

PRPL opened at $3.89 on Thursday. The stock has a market cap of $323.24 million, a PE ratio of -5.26 and a beta of 1.91. The company has a quick ratio of 0.95, a current ratio of 1.91 and a debt-to-equity ratio of 0.17. Purple Innovation has a 52 week low of $2.65 and a 52 week high of $23.13. The business’s fifty day simple moving average is $3.38 and its 200 day simple moving average is $4.46.

Purple Innovation (NASDAQ:PRPLGet Rating) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.05) by ($0.06). Purple Innovation had a negative net margin of 6.39% and a negative return on equity of 28.60%. The company had revenue of $144.10 million for the quarter, compared to the consensus estimate of $155.79 million. During the same period last year, the business posted $0.05 earnings per share. The firm’s quarterly revenue was down 21.1% compared to the same quarter last year. As a group, research analysts expect that Purple Innovation will post -0.45 earnings per share for the current fiscal year.

About Purple Innovation

(Get Rating)

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds. It markets and sells its products through its e-commerce online channels retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through Purple retail showrooms.

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Analyst Recommendations for Purple Innovation (NASDAQ:PRPL)

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