Truist Financial Corp Decreases Stock Holdings in Purple Innovation, Inc. (NASDAQ:PRPL)

Truist Financial Corp cut its holdings in Purple Innovation, Inc. (NASDAQ:PRPL) by 26.5% in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 530,000 shares of the company’s stock after selling 190,603 shares during the quarter. Truist Financial Corp owned 0.49% of Purple Innovation worth $551,000 at the end of the most recent quarter.

Several other large investors also recently bought and sold shares of the business. Dynamic Advisor Solutions LLC increased its stake in Purple Innovation by 9.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 751,778 shares of the company’s stock worth $1,308,000 after acquiring an additional 66,256 shares during the last quarter. Wasatch Advisors LP raised its holdings in Purple Innovation by 2.0% during the 1st quarter. Wasatch Advisors LP now owns 2,251,234 shares of the company’s stock valued at $3,917,000 after buying an additional 44,414 shares during the period. BNP Paribas Financial Markets lifted its position in Purple Innovation by 73.7% in 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 during the last quarter. Vanguard Group Inc. boosted its stake in Purple Innovation by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company’s stock worth $5,053,000 after buying an additional 20,189 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its position 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 valued at $105,000 after acquiring an additional 20,400 shares during the last quarter. Institutional investors own 88.41% of the company’s stock.

Wall Street Analysts Forecast Growth

PRPL has been the subject of several recent analyst reports. Craig Hallum dropped their target price on 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 cut Purple Innovation from an “outperform” rating to a “neutral” rating and dropped their price objective for the company from $1.75 to $1.10 in a report on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Purple Innovation presently has a consensus rating of “Moderate Buy” and an average target price of $2.53.

Purple Innovation Stock Up 1.4 %

Shares of NASDAQ PRPL opened at $0.91 on Wednesday. Purple Innovation, Inc. has a 52-week low of $0.55 and a 52-week high of $2.33. The firm has a market capitalization of $98.26 million, a price-to-earnings ratio of -0.68 and a beta of 2.07. The stock has a 50 day moving average price of $1.06 and a 200 day moving average price of $1.25. 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 announced its quarterly earnings results on Monday, August 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The business had revenue of $120.27 million during the quarter, compared to analysts’ expectations of $127.41 million. Purple Innovation had a negative return on equity of 72.81% and a negative net margin of 19.86%. During the same period in the previous year, the company posted ($0.20) EPS. Sell-side analysts expect that Purple Innovation, Inc. will post -0.48 earnings per share for the current 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.