Purple Innovation, Inc. (NASDAQ:PRPL) Sees Large Drop in Short Interest

Purple Innovation, Inc. (NASDAQ:PRPL) was the recipient of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 3,540,000 shares, a decrease of 19.4% from the September 30th total of 4,390,000 shares. Based on an average trading volume of 306,600 shares, the short-interest ratio is currently 11.5 days.

Analysts Set New Price Targets

A number of research firms recently commented on PRPL. Craig Hallum dropped their price objective 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 lowered Purple Innovation from an “outperform” rating to a “neutral” rating and lowered their price objective for the company from $1.75 to $1.10 in a research note on Wednesday, September 4th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $2.53.

Purple Innovation Stock Performance

Shares of NASDAQ:PRPL traded down $0.04 on Friday, hitting $0.86. 430,607 shares of the company were exchanged, compared to its average volume of 286,998. Purple Innovation has a one year low of $0.55 and a one year high of $2.33. 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 firm has a market capitalization of $92.25 million, a price-to-earnings ratio of -0.87 and a beta of 2.07. The company’s 50 day moving average price is $1.03 and its two-hundred day moving average price is $1.20.

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

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets raised its holdings in shares of Purple Innovation by 73.7% in the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock valued at $47,000 after purchasing an additional 11,405 shares during the period. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Purple Innovation during the 2nd quarter worth $43,000. Price T Rowe Associates Inc. MD boosted its position in 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 valued at $105,000 after buying an additional 20,400 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Purple Innovation during the first quarter worth about $112,000. Finally, Crumly & Associates Inc. grew its position in shares of Purple Innovation by 35.5% in the 2nd quarter. Crumly & Associates Inc. now owns 66,763 shares of the company’s stock valued at $69,000 after buying an additional 17,500 shares during the last quarter. 88.41% of the stock is owned by institutional investors and hedge funds.

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.