Wedbush Reaffirms “Outperform” Rating for Purple Innovation (NASDAQ:PRPL)

Purple Innovation (NASDAQ:PRPL)‘s stock had its “outperform” rating restated by research analysts at Wedbush in a report released on Wednesday, Benzinga reports. They presently have a $2.25 target price on the stock. Wedbush’s price objective would indicate a potential upside of 47.54% from the stock’s previous close.

Several other analysts also recently weighed in on PRPL. Roth Mkm restated a “buy” rating and set a $2.50 price objective on shares of Purple Innovation in a research report on Thursday, March 21st. KeyCorp dropped their price objective on Purple Innovation from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Craig Hallum boosted their target price on Purple Innovation from $1.00 to $2.00 and gave the company a “hold” rating in a report on Wednesday, March 13th. Finally, Roth Capital upgraded Purple Innovation from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 13th. Two research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $3.95.

Purple Innovation Trading Down 9.2 %

Purple Innovation stock traded down $0.16 during trading on Wednesday, hitting $1.53. The company had a trading volume of 474,179 shares, compared to its average volume of 783,493. The stock has a market cap of $163.50 million, a price-to-earnings ratio of -1.37 and a beta of 1.96. The company has a current ratio of 1.28, a quick ratio of 0.68 and a debt-to-equity ratio of 0.23. The company’s 50 day simple moving average is $1.70 and its 200-day simple moving average is $1.24. Purple Innovation has a 1-year low of $0.55 and a 1-year high of $3.78.

Purple Innovation (NASDAQ:PRPL) last issued its earnings results on Tuesday, March 12th. The company reported ($0.15) earnings per share for the quarter, beating the consensus estimate of ($0.19) by $0.04. The firm had revenue of $145.94 million for the quarter, compared to analysts’ expectations of $145.43 million. Purple Innovation had a negative net margin of 22.31% and a negative return on equity of 42.60%. As a group, analysts expect that Purple Innovation will post -0.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of PRPL. BNP Paribas Financial Markets lifted its holdings in shares of Purple Innovation by 73.7% during the first quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after purchasing an additional 11,405 shares during the period. Caliber Wealth Management LLC raised its position in Purple Innovation by 32.3% during the 1st quarter. Caliber Wealth Management LLC now owns 33,082 shares of the company’s stock worth $58,000 after buying an additional 8,082 shares during the last quarter. Wasatch Advisors LP lifted its stake in shares of Purple Innovation by 2.0% in the 1st quarter. Wasatch Advisors LP now owns 2,251,234 shares of the company’s stock worth $3,917,000 after acquiring an additional 44,414 shares during the period. Dynamic Advisor Solutions LLC boosted its holdings in shares of Purple Innovation by 9.7% in the first quarter. Dynamic Advisor Solutions LLC now owns 751,778 shares of the company’s stock valued at $1,308,000 after acquiring an additional 66,256 shares in the last quarter. Finally, Sierra Summit Advisors LLC purchased a new stake in shares of Purple Innovation in the fourth quarter valued at about $1,000,000. Institutional investors and hedge funds own 88.41% of the company’s stock.

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.