Purple Innovation, Inc. (NASDAQ:PRPL) Given Consensus Recommendation of “Moderate Buy” by Analysts

Purple Innovation, Inc. (NASDAQ:PRPL) has received a consensus rating of “Moderate Buy” from the six ratings firms that are presently covering the company, MarketBeat reports. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The average 1-year target price among brokerages that have issued a report on the stock in the last year is $2.53.

PRPL has been the topic of a number of research analyst reports. 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 report on Tuesday, August 6th. Wedbush downgraded 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 report on Wednesday, September 4th.

Hedge Funds Weigh In On Purple Innovation

Several institutional investors have recently added to or reduced their stakes in PRPL. Price T Rowe Associates Inc. MD boosted its holdings in shares of Purple Innovation by 51.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company’s stock worth $105,000 after purchasing an additional 20,400 shares during the period. Vanguard Group Inc. lifted its stake in shares of Purple Innovation by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company’s stock worth $5,053,000 after acquiring an additional 20,189 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in shares of Purple Innovation by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after acquiring an additional 11,405 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Purple Innovation during the 1st quarter worth approximately $112,000. Finally, Divisadero Street Capital Management LP bought a new stake in shares of Purple Innovation during the 2nd quarter worth approximately $144,000. Hedge funds and other institutional investors own 88.41% of the company’s stock.

Purple Innovation Price Performance

Shares of PRPL stock opened at $0.89 on Tuesday. The stock has a market cap of $95.86 million, a price-to-earnings ratio of -0.89 and a beta of 2.08. The business’s fifty day moving average is $0.97 and its 200 day moving average is $1.14. Purple Innovation has a twelve month low of $0.57 and a twelve month high of $2.33. 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 (NASDAQ:PRPL) last released its earnings results on Monday, November 4th. The company reported ($0.08) EPS for the quarter, topping 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 firm had revenue of $118.60 million for the quarter, compared to analysts’ expectations of $125.64 million. During the same period in the prior year, the firm posted ($0.18) earnings per share. Research analysts expect that Purple Innovation will post -0.47 EPS 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.