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

Purple Innovation, Inc. (NASDAQ:PRPL) has earned a consensus recommendation of “Moderate Buy” from the six ratings firms that are currently covering the firm, Marketbeat Ratings reports. Three investment analysts have rated the stock with a hold recommendation and three have assigned a buy recommendation to the company. The average twelve-month price objective among brokers that have updated their coverage on the stock in the last year is $2.53.

PRPL has been the subject of several research reports. Craig Hallum lowered their price objective on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Wedbush lowered shares of Purple Innovation from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $1.75 to $1.10 in a research report on Wednesday, September 4th.

Insider Activity at Purple Innovation

In other Purple Innovation news, CEO Robert Demartini bought 138,834 shares of Purple Innovation stock in a transaction on Friday, June 28th. The shares were acquired at an average price of $1.03 per share, for a total transaction of $142,999.02. Following the completion of the purchase, the chief executive officer now directly owns 663,669 shares in the company, valued at approximately $683,579.07. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. 54.30% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. Vanguard Group Inc. boosted its position in Purple Innovation by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company’s stock valued at $5,053,000 after buying an additional 20,189 shares during the period. Wasatch Advisors LP grew its stake in Purple Innovation by 2.0% in the first quarter. Wasatch Advisors LP now owns 2,251,234 shares of the company’s stock worth $3,917,000 after purchasing an additional 44,414 shares in the last quarter. Sierra Summit Advisors LLC purchased a new position in Purple Innovation during the 4th quarter worth $1,000,000. Dynamic Advisor Solutions LLC raised its position in Purple Innovation by 9.7% during the 1st quarter. Dynamic Advisor Solutions LLC now owns 751,778 shares of the company’s stock valued at $1,308,000 after purchasing an additional 66,256 shares in the last quarter. Finally, Divisadero Street Capital Management LP purchased a new stake in shares of Purple Innovation in the 2nd quarter worth $144,000. 88.41% of the stock is currently owned by institutional investors.

Purple Innovation Stock Performance

PRPL opened at $1.04 on Monday. The stock has a market capitalization of $111.99 million, a price-to-earnings ratio of -0.78 and a beta of 2.07. The company has a fifty day moving average of $1.18 and a 200 day moving average of $1.33. Purple Innovation has a fifty-two week low of $0.55 and a fifty-two week high of $2.33. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.67 and a current ratio of 1.43.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings data on Monday, August 5th. The company reported ($0.13) EPS for the quarter, missing the consensus estimate 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 for the quarter, compared to the consensus estimate of $127.41 million. During the same quarter last year, the business earned ($0.20) EPS. As a group, sell-side analysts forecast that Purple Innovation will post -0.48 earnings per share 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.