Wedbush Reaffirms Neutral Rating for Purple Innovation (NASDAQ:PRPL)

Purple Innovation (NASDAQ:PRPL)‘s stock had its “neutral” rating restated by stock analysts at Wedbush in a research report issued to clients and investors on Wednesday,Benzinga reports. They presently have a $1.00 target price on the stock. Wedbush’s target price suggests a potential upside of 27.75% from the stock’s current price.

Purple Innovation Trading Up 2.1 %

Shares of Purple Innovation stock opened at $0.78 on Wednesday. Purple Innovation has a 12-month low of $0.65 and a 12-month high of $2.12. The stock has a market capitalization of $84.32 million, a P/E ratio of -0.78 and a beta of 2.37. The company has a 50-day simple moving average of $0.94 and a 200 day simple moving average of $0.93. The company has a quick ratio of 0.67, a current ratio of 1.30 and a debt-to-equity ratio of 1.81.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Thursday, March 13th. The company reported ($0.07) EPS for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.07. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. The company had revenue of $128.98 million for the quarter, compared to analyst estimates of $129.39 million. Research analysts expect that Purple Innovation will post -0.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of PRPL. SG Americas Securities LLC grew its stake in Purple Innovation by 70.2% in the fourth quarter. SG Americas Securities LLC now owns 35,272 shares of the company’s stock valued at $28,000 after acquiring an additional 14,548 shares during the period. Bank of America Corp DE raised its holdings in shares of Purple Innovation by 45.1% during the fourth quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after acquiring an additional 17,406 shares during the period. Legacy Investment Solutions LLC bought a new stake in Purple Innovation in the 3rd quarter valued at $70,000. Barclays PLC boosted its stake in Purple Innovation by 283.1% in the 3rd quarter. Barclays PLC now owns 74,803 shares of the company’s stock worth $74,000 after purchasing an additional 55,275 shares during the period. Finally, Townsquare Capital LLC bought a new position in Purple Innovation during the 4th quarter worth about $73,000. Institutional investors and hedge funds own 88.41% of the company’s stock.

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.