138,605 Shares in Purple Innovation, Inc. (NASDAQ:PRPL) Bought by Divisadero Street Capital Management LP

Divisadero Street Capital Management LP bought a new stake in Purple Innovation, Inc. (NASDAQ:PRPL) during the second quarter, Holdings Channel.com reports. The firm bought 138,605 shares of the company’s stock, valued at approximately $144,000.

Several other hedge funds and other institutional investors also recently modified their holdings of the company. Renaissance Technologies LLC lifted its position in Purple Innovation by 316.3% in the 2nd quarter. Renaissance Technologies LLC now owns 71,226 shares of the company’s stock valued at $74,000 after purchasing an additional 54,116 shares during the last quarter. Crumly & Associates Inc. increased its stake in shares of Purple Innovation by 35.5% in the second quarter. Crumly & Associates Inc. now owns 66,763 shares of the company’s stock valued at $69,000 after purchasing an additional 17,500 shares during the period. Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Purple Innovation during the second quarter valued at approximately $43,000. Virtu Financial LLC acquired a new position in shares of Purple Innovation during the first quarter worth approximately $112,000. Finally, Price T Rowe Associates Inc. MD boosted its position in shares of Purple Innovation by 51.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company’s stock worth $105,000 after buying an additional 20,400 shares during the period. Institutional investors and hedge funds own 88.41% of the company’s stock.

Insider Activity at Purple Innovation

In other news, CEO Robert Demartini bought 138,834 shares of the firm’s stock in a transaction on Friday, June 28th. The stock was bought at an average cost of $1.03 per share, for a total transaction of $142,999.02. Following the completion of the acquisition, the chief executive officer now directly owns 663,669 shares in the company, valued at approximately $683,579.07. The purchase was disclosed in a document filed with the SEC, which is available at this link. 54.30% of the stock is currently owned by corporate insiders.

Purple Innovation Trading Up 1.9 %

Shares of PRPL stock opened at $1.07 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69. The stock has a 50-day simple moving average of $1.18 and a 200 day simple moving average of $1.35. Purple Innovation, Inc. has a fifty-two week low of $0.55 and a fifty-two week high of $2.33. The stock has a market capitalization of $115.22 million, a P/E ratio of -0.80 and a beta of 2.07.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. The business had revenue of $120.27 million for the quarter, compared to the consensus estimate of $127.41 million. During the same quarter last year, the business posted ($0.20) EPS. On average, sell-side analysts expect that Purple Innovation, Inc. will post -0.48 earnings per share for the current fiscal year.

Analyst Upgrades and Downgrades

Several analysts recently commented on PRPL shares. Craig Hallum lowered their target price 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 cut shares of Purple Innovation from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $1.75 to $1.10 in a research note on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $2.53.

Purple Innovation 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.