Purple Innovation (NASDAQ:PRPL) Stock Rating Lowered by Wedbush

Purple Innovation (NASDAQ:PRPL) was downgraded by Wedbush from an “outperform” rating to a “neutral” rating in a report issued on Wednesday, Marketbeat.com reports. They currently have a $1.10 price target on the stock, down from their prior price target of $1.75. Wedbush’s price objective would indicate a potential upside of 1.85% from the stock’s current price.

Separately, Craig Hallum reduced their target price on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $2.53.

Purple Innovation Stock Performance

Shares of Purple Innovation stock opened at $1.08 on Wednesday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.43 and a quick ratio of 0.67. The firm has a market cap of $116.30 million, a price-to-earnings ratio of -0.81 and a beta of 2.03. The stock’s 50-day moving average is $1.19 and its 200-day moving average is $1.38. Purple Innovation has a one year low of $0.55 and a one year high of $2.37.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Monday, August 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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 firm had revenue of $120.27 million during the quarter, compared to analyst estimates of $127.41 million. During the same period in the prior year, the business posted ($0.20) EPS. Equities analysts predict that Purple Innovation will post -0.48 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert Demartini acquired 138,834 shares of the business’s stock in a transaction dated Friday, June 28th. The stock was bought at an average price of $1.03 per share, with a total value of $142,999.02. Following the acquisition, the chief executive officer now owns 663,669 shares in the company, valued at approximately $683,579.07. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 54.30% of the company’s stock.

Institutional Trading of Purple Innovation

Several institutional investors and hedge funds have recently added to or reduced their stakes in PRPL. Platform Technology Partners bought a new stake in shares of Purple Innovation in the 4th quarter valued at about $31,000. Quadrant Capital Group LLC bought a new stake in Purple Innovation in the fourth quarter valued at approximately $32,000. Patriot Financial Group Insurance Agency LLC acquired a new stake in shares of Purple Innovation in the second quarter valued at approximately $43,000. BNP Paribas Financial Markets boosted its stake in shares of Purple Innovation by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after acquiring an additional 11,405 shares during the period. Finally, Caliber Wealth Management LLC increased its holdings in shares of Purple Innovation by 32.3% during the 1st quarter. Caliber Wealth Management LLC now owns 33,082 shares of the company’s stock worth $58,000 after acquiring an additional 8,082 shares during the last quarter. 88.41% of the stock is owned by institutional investors.

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.