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

Purple Innovation, Inc. (NASDAQ:PRPL) has earned an average rating of “Moderate Buy” from the six brokerages that are covering the company, Marketbeat reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $2.53.

PRPL has been the topic of a number of analyst reports. Wedbush downgraded Purple Innovation from an “outperform” rating to a “neutral” rating and cut their price target for the company from $1.75 to $1.10 in a report on Wednesday, September 4th. Craig Hallum cut their price target on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th.

Insider Buying and Selling

In other Purple Innovation news, CEO Robert Demartini bought 51,061 shares of the company’s stock in a transaction that occurred on Wednesday, June 26th. The shares were purchased at an average cost of $0.98 per share, for a total transaction of $50,039.78. Following the purchase, the chief executive officer now directly owns 514,730 shares in the company, valued at $504,435.40. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. 54.30% of the stock is owned by company insiders.

Institutional Trading of Purple Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Divisadero Street Capital Management LP acquired a new stake in Purple Innovation during the 2nd quarter worth about $144,000. Renaissance Technologies LLC lifted its position in 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 acquiring an additional 54,116 shares during the period. Crumly & Associates Inc. lifted its position in Purple Innovation by 35.5% during the 2nd quarter. Crumly & Associates Inc. now owns 66,763 shares of the company’s stock worth $69,000 after acquiring an additional 17,500 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new stake in Purple Innovation during the 2nd quarter worth about $43,000. Finally, Virtu Financial LLC acquired a new stake in Purple Innovation during the 1st quarter worth about $112,000. Institutional investors and hedge funds own 88.41% of the company’s stock.

Purple Innovation Stock Performance

Shares of PRPL stock opened at $1.04 on Monday. The firm has a market cap of $111.99 million, a price-to-earnings ratio of -0.78 and a beta of 2.07. Purple Innovation has a 52-week low of $0.55 and a 52-week high of $2.33. 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 company’s 50 day moving average is $1.18 and its 200 day moving average is $1.33.

Purple Innovation (NASDAQ:PRPL) last announced its quarterly 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 company had revenue of $120.27 million during the quarter, compared to analysts’ expectations of $127.41 million. During the same quarter in the prior year, the business posted ($0.20) earnings per share. On average, sell-side analysts anticipate that Purple Innovation will post -0.48 EPS for the current fiscal year.

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.