Brokerages Set Purple Innovation, Inc. (NASDAQ:PRPL) Target Price at $2.53

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) have earned an average rating of “Moderate Buy” from the six ratings firms that are currently covering the company, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 12-month target price among brokerages that have issued ratings on the stock in the last year is $2.53.

A number of research analysts recently commented on PRPL shares. 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 note on Tuesday, August 6th. Wedbush cut Purple Innovation from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $1.75 to $1.10 in a research note on Wednesday, September 4th.

Institutional Investors Weigh In On Purple Innovation

Several hedge funds have recently modified their holdings of PRPL. Vanguard Group Inc. lifted its stake in Purple Innovation by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company’s stock worth $5,053,000 after acquiring an additional 20,189 shares in the last quarter. Wasatch Advisors LP lifted its stake in Purple Innovation by 2.0% in the 1st quarter. Wasatch Advisors LP now owns 2,251,234 shares of the company’s stock worth $3,917,000 after acquiring an additional 44,414 shares in the last quarter. Dynamic Advisor Solutions LLC raised its stake in shares of Purple Innovation by 9.7% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 751,778 shares of the company’s stock worth $1,308,000 after purchasing an additional 66,256 shares in the last quarter. Divisadero Street Capital Management LP purchased a new stake in shares of Purple Innovation during the 2nd quarter worth about $144,000. Finally, Renaissance Technologies LLC raised its stake in shares of Purple Innovation by 316.3% during 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 in the last quarter. 88.41% of the stock is owned by hedge funds and other institutional investors.

Purple Innovation Stock Performance

Shares of PRPL opened at $0.90 on Friday. The business’s 50 day moving average is $1.04 and its two-hundred day moving average is $1.21. Purple Innovation has a 52-week low of $0.55 and a 52-week high of $2.33. The firm has a market cap of $96.54 million, a price-to-earnings ratio of -0.67 and a beta of 2.07. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings results on Monday, August 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $120.27 million for the quarter, compared to analyst estimates of $127.41 million. Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. During the same period in the prior year, the company posted ($0.20) earnings per share. Analysts forecast that Purple Innovation will post -0.48 EPS 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.