Divisadero Street Capital Management LP Invests $144,000 in Purple Innovation, Inc. (NASDAQ:PRPL)

Divisadero Street Capital Management LP bought a new position in Purple Innovation, Inc. (NASDAQ:PRPL) during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm bought 138,605 shares of the company’s stock, valued at approximately $144,000. Divisadero Street Capital Management LP owned 0.13% of Purple Innovation at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Sierra Summit Advisors LLC purchased a new position in shares of Purple Innovation in the 4th quarter worth about $1,000,000. Dynamic Advisor Solutions LLC raised its holdings in Purple Innovation by 9.7% in the first quarter. Dynamic Advisor Solutions LLC now owns 751,778 shares of the company’s stock valued at $1,308,000 after buying an additional 66,256 shares during the period. Wasatch Advisors LP lifted its position in Purple Innovation by 34.1% during the fourth quarter. Wasatch Advisors LP now owns 2,206,820 shares of the company’s stock valued at $2,273,000 after buying an additional 561,491 shares in the last quarter. Quadrant Capital Group LLC purchased a new stake in Purple Innovation during the fourth quarter worth approximately $32,000. Finally, Price T Rowe Associates Inc. MD grew its stake in 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.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on the stock. Wedbush downgraded shares of 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 price objective 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. Three investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus target price of $2.53.

Insider Transactions at Purple Innovation

In other news, CEO Robert Demartini purchased 51,061 shares of the stock in a transaction dated Wednesday, June 26th. The stock was acquired at an average cost of $0.98 per share, for a total transaction of $50,039.78. Following the acquisition, the chief executive officer now owns 514,730 shares of the company’s stock, valued at $504,435.40. The acquisition was disclosed in a filing with the SEC, which is available at this link. Corporate insiders own 54.30% of the company’s stock.

Purple Innovation Trading Up 1.9 %

NASDAQ:PRPL opened at $1.07 on Friday. Purple Innovation, Inc. has a one year low of $0.55 and a one year high of $2.33. The business’s 50-day simple moving average is $1.18 and its 200 day simple moving average is $1.35. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.67 and a current ratio of 1.43. The stock has a market cap of $115.22 million, a price-to-earnings ratio of -0.80 and a beta of 2.07.

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 business had revenue of $120.27 million during the quarter, compared to analyst estimates of $127.41 million. During the same period in the previous year, the company earned ($0.20) earnings per share. As a group, sell-side analysts predict that Purple Innovation, Inc. will post -0.48 earnings per share 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.