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

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) have earned a consensus recommendation of “Moderate Buy” from the five brokerages that are presently covering the firm, MarketBeat Ratings reports. Two investment analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12 month price objective among brokers that have issued ratings on the stock in the last year is $2.53.

Several equities analysts have weighed in on PRPL shares. Wedbush lowered Purple Innovation from an “outperform” rating to a “neutral” rating and cut their target price for the company from $1.75 to $1.10 in a research note on Wednesday, September 4th. Craig Hallum cut their target price on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th.

Purple Innovation Trading Down 0.8 %

Shares of PRPL opened at $0.85 on Tuesday. 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 has a 12-month low of $0.57 and a 12-month high of $2.33. The firm has a market capitalization of $91.01 million, a PE ratio of -0.83 and a beta of 2.08. The stock’s fifty day simple moving average is $0.95 and its 200-day simple moving average is $1.13.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings results on Monday, November 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. The business had revenue of $118.60 million for the quarter, compared to analyst estimates of $125.64 million. During the same quarter in the prior year, the firm posted ($0.18) earnings per share. As a group, research analysts predict that Purple Innovation will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On Purple Innovation

Several large investors have recently modified their holdings of PRPL. Patriot Financial Group Insurance Agency LLC bought a new position in shares of Purple Innovation during the second quarter worth about $43,000. BNP Paribas Financial Markets grew its holdings in shares of Purple Innovation by 73.7% during the first quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after buying an additional 11,405 shares in the last quarter. Crumly & Associates Inc. grew its holdings in shares of Purple Innovation by 35.5% during the second quarter. Crumly & Associates Inc. now owns 66,763 shares of the company’s stock worth $69,000 after buying an additional 17,500 shares in the last quarter. Renaissance Technologies LLC grew its holdings in shares of Purple Innovation by 316.3% during the second quarter. Renaissance Technologies LLC now owns 71,226 shares of the company’s stock worth $74,000 after buying an additional 54,116 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD grew its holdings 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 in the last quarter. 88.41% of the stock is currently owned by institutional investors.

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.