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

Purple Innovation, Inc. (NASDAQ:PRPL) has earned a consensus rating of “Moderate Buy” from the six ratings firms that are currently covering the stock, MarketBeat reports. Two research analysts have rated the stock with a hold recommendation and four have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $3.85.

Several research analysts have recently weighed in on the company. Craig Hallum lowered their price objective on Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a research report on Tuesday. Wedbush reissued an “outperform” rating and issued a $2.25 price target on shares of Purple Innovation in a research note on Wednesday, May 8th.

Purple Innovation Stock Performance

NASDAQ PRPL opened at $1.03 on Friday. The company has a market capitalization of $110.92 million, a price-to-earnings ratio of -0.77 and a beta of 2.03. Purple Innovation has a twelve month low of $0.55 and a twelve month high of $3.05. The stock has a fifty day simple moving average of $1.15 and a 200 day simple moving average of $1.39. The company has a quick ratio of 0.75, a current ratio of 1.50 and a debt-to-equity ratio of 0.64.

Purple Innovation (NASDAQ:PRPL) last posted 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). The company had revenue of $120.27 million during the quarter, compared to analyst estimates of $127.41 million. Purple Innovation had a negative return on equity of 62.31% and a negative net margin of 26.97%. During the same period in the prior year, the firm earned ($0.20) earnings per share. Sell-side analysts expect that Purple Innovation will post -0.39 EPS for the current year.

Insider Activity

In other Purple Innovation news, CEO Robert Demartini purchased 138,834 shares of Purple Innovation stock in a transaction that occurred on Friday, June 28th. The stock was acquired at an average price of $1.03 per share, with a total value of $142,999.02. Following the transaction, the chief executive officer now owns 663,669 shares in the company, valued at approximately $683,579.07. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 54.30% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Platform Technology Partners bought a new position in Purple Innovation in the 4th quarter valued at about $31,000. Quadrant Capital Group LLC purchased a new stake in shares of Purple Innovation in the fourth quarter worth approximately $32,000. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Purple Innovation in the second quarter valued at approximately $43,000. BNP Paribas Financial Markets boosted its position in shares of Purple Innovation by 73.7% during the first quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock valued at $47,000 after buying an additional 11,405 shares during the last quarter. Finally, SG Americas Securities LLC grew its holdings in Purple Innovation by 36.6% during the fourth quarter. SG Americas Securities LLC now owns 51,847 shares of the company’s stock worth $53,000 after buying an additional 13,905 shares in the last quarter. 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.