Purple Innovation (NASDAQ:PRPL) Earns “Neutral” Rating from Wedbush

Purple Innovation (NASDAQ:PRPL)‘s stock had its “neutral” rating reiterated by research analysts at Wedbush in a research note issued on Wednesday,Benzinga reports. They presently have a $1.00 price objective on the stock. Wedbush’s price target would suggest a potential upside of 27.75% from the company’s current price.

Purple Innovation Stock Performance

Shares of PRPL opened at $0.78 on Wednesday. The firm has a market cap of $84.32 million, a price-to-earnings ratio of -0.78 and a beta of 2.37. The company’s fifty day moving average is $0.94 and its 200-day moving average is $0.93. 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 $0.65 and a 12 month high of $2.12.

Purple Innovation (NASDAQ:PRPL) last posted its earnings results on Thursday, March 13th. The company reported ($0.07) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.07. Purple Innovation had a negative net margin of 21.34% and a negative return on equity of 84.67%. The firm had revenue of $128.98 million for the quarter, compared to the consensus estimate of $129.39 million. Equities analysts expect that Purple Innovation will post -0.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Purple Innovation

A number of large investors have recently added to or reduced their stakes in PRPL. Barclays PLC raised its position in shares of Purple Innovation by 14.5% in the fourth quarter. Barclays PLC now owns 85,627 shares of the company’s stock valued at $67,000 after purchasing an additional 10,824 shares during the period. SG Americas Securities LLC grew its stake in Purple Innovation by 70.2% in the 4th quarter. SG Americas Securities LLC now owns 35,272 shares of the company’s stock valued at $28,000 after buying an additional 14,548 shares during the last quarter. Geode Capital Management LLC raised its holdings in Purple Innovation by 1.2% in the 3rd quarter. Geode Capital Management LLC now owns 1,346,073 shares of the company’s stock worth $1,331,000 after acquiring an additional 16,033 shares during the period. Charles Schwab Investment Management Inc. boosted its holdings in Purple Innovation by 3.9% during the third quarter. Charles Schwab Investment Management Inc. now owns 458,627 shares of the company’s stock valued at $453,000 after acquiring an additional 17,056 shares during the period. Finally, Bank of America Corp DE lifted its holdings in shares of Purple Innovation by 45.1% during the fourth quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after buying an additional 17,406 shares during the last quarter. Institutional investors own 88.41% of the company’s stock.

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.