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

Purple Innovation, Inc. (NASDAQ:PRPL) has received a consensus rating of “Moderate Buy” from the six research firms that are covering the company, MarketBeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average twelve-month price objective among brokerages that have covered the stock in the last year is $2.53.

A number of research analysts have issued reports on the stock. Wedbush cut shares of Purple Innovation from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $1.75 to $1.10 in a report on Wednesday, September 4th. Craig Hallum cut their price objective on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th.

Purple Innovation Price Performance

Shares of PRPL opened at $1.02 on Monday. Purple Innovation has a fifty-two week low of $0.55 and a fifty-two week high of $2.33. The company has a 50 day moving average price of $1.15 and a 200-day moving average price of $1.31. 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 capitalization of $109.30 million, a PE ratio of -0.76 and a beta of 2.07.

Purple Innovation (NASDAQ:PRPL) last posted its earnings results on Monday, August 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The firm had revenue of $120.27 million for the quarter, compared to analysts’ expectations of $127.41 million. Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. During the same period in the previous year, the company earned ($0.20) EPS. Equities analysts predict that Purple Innovation will post -0.48 earnings per share for the current fiscal year.

Institutional Trading of Purple Innovation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Sierra Summit Advisors LLC acquired a new stake in Purple Innovation during the fourth quarter valued at $1,000,000. Dynamic Advisor Solutions LLC lifted its holdings in Purple Innovation by 9.7% during the first 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. Wasatch Advisors LP lifted its holdings 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 purchasing an additional 561,491 shares in the last quarter. Quadrant Capital Group LLC purchased a new position in Purple Innovation during the fourth quarter valued at $32,000. Finally, Price T Rowe Associates Inc. MD lifted its stake in shares of Purple Innovation by 51.5% in 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 in the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.

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.