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

Purple Innovation (NASDAQ:PRPL)‘s stock had its “neutral” rating reiterated by stock analysts at Wedbush in a report issued on Wednesday,Benzinga reports. They currently have a $1.00 price target on the stock. Wedbush’s price target would suggest a potential upside of 28.87% from the company’s current price.

Purple Innovation Trading Down 1.8 %

Purple Innovation stock traded down $0.01 during trading on Wednesday, hitting $0.78. The company’s stock had a trading volume of 40,571 shares, compared to its average volume of 488,732. The stock’s fifty day moving average is $0.95 and its 200 day moving average is $0.93. Purple Innovation has a 1-year low of $0.65 and a 1-year high of $2.12. The stock has a market capitalization of $83.58 million, a price-to-earnings ratio of -0.78 and a beta of 2.37. The company has a debt-to-equity ratio of 1.81, a quick ratio of 0.67 and a current ratio of 1.30.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings results on Thursday, March 13th. The company reported ($0.07) EPS for the quarter, beating the consensus estimate of ($0.14) by $0.07. The company had revenue of $128.98 million during the quarter, compared to analysts’ expectations of $129.39 million. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. As a group, equities research analysts predict that Purple Innovation will post -0.47 EPS for the current year.

Hedge Funds Weigh In On Purple Innovation

A number of large investors have recently modified their holdings of PRPL. SG Americas Securities LLC boosted its position 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. Bank of America Corp DE lifted its stake in shares of Purple Innovation by 45.1% in the fourth quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after acquiring an additional 17,406 shares in the last quarter. Barclays PLC boosted its holdings in 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 last quarter. Legacy Investment Solutions LLC acquired a new stake in Purple Innovation during the 3rd quarter valued at approximately $70,000. Finally, Townsquare Capital LLC acquired a new stake in Purple Innovation during the 4th quarter valued at approximately $73,000. 88.41% of the stock is currently owned by hedge funds and other institutional investors.

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.