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

Purple Innovation, Inc. (NASDAQ:PRPL) has been assigned an average rating of “Moderate Buy” from the five ratings firms that are presently covering the firm, MarketBeat reports. Two equities research analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 1 year price target among brokerages that have covered the stock in the last year is $2.53.

A number of analysts have weighed in on the company. Wedbush cut Purple Innovation from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $1.75 to $1.10 in a research report on Wednesday, September 4th. Craig Hallum lowered their price target 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.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors and hedge funds have recently bought and sold shares of PRPL. Wasatch Advisors LP boosted its stake in Purple Innovation by 25.0% in the third quarter. Wasatch Advisors LP now owns 2,800,109 shares of the company’s stock worth $2,768,000 after purchasing an additional 560,407 shares in the last quarter. Divisadero Street Capital Management LP acquired a new position in Purple Innovation in the second quarter worth $144,000. Virtu Financial LLC acquired a new position in shares of Purple Innovation during the first quarter valued at $112,000. Renaissance Technologies LLC lifted its stake 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 valued at $74,000 after acquiring an additional 54,116 shares during the period. Finally, Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Purple Innovation during the second quarter valued at $43,000. Institutional investors and hedge funds own 88.41% of the company’s stock.

Purple Innovation Stock Performance

PRPL opened at $0.85 on Tuesday. The stock has a market cap of $91.01 million, a PE ratio of -0.83 and a beta of 2.08. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 1.81. Purple Innovation has a 1 year low of $0.57 and a 1 year high of $2.33. The stock’s 50 day simple moving average is $0.95 and its 200-day simple moving average is $1.13.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings data on Monday, November 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates 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 analysts’ expectations of $125.64 million. During the same period in the previous year, the business posted ($0.18) earnings per share. Sell-side analysts forecast that Purple Innovation will post -0.47 EPS 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.