Purple Innovation’s (PRPL) Outperform Rating Reaffirmed at Wedbush

Wedbush reiterated their outperform rating on shares of Purple Innovation (NASDAQ:PRPL) in a research report released on Wednesday, Benzinga reports. Wedbush currently has a $2.25 price target on the stock.

A number of other research firms also recently issued reports on PRPL. Craig Hallum raised their price target on Purple Innovation from $1.00 to $2.00 and gave the stock a hold rating in a research note on Wednesday, March 13th. KeyCorp dropped their price target on Purple Innovation from $6.00 to $5.00 and set an overweight rating on the stock in a research note on Wednesday, January 24th. Roth Mkm restated a buy rating and issued a $2.50 price target on shares of Purple Innovation in a research note on Thursday, March 21st. Finally, Roth Capital raised Purple Innovation from a neutral rating to a buy rating in a report 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 a consensus target price of $3.95.

Purple Innovation Stock Down 0.3 %

PRPL traded down $0.01 during trading on Wednesday, hitting $1.53. 52,091 shares of the company’s stock traded hands, compared to its average volume of 779,700. The company’s 50 day simple moving average is $1.70 and its two-hundred day simple moving average is $1.25. The company has a current ratio of 1.28, a quick ratio of 0.68 and a debt-to-equity ratio of 0.23. Purple Innovation has a 12-month low of $0.55 and a 12-month high of $3.78. The stock has a market capitalization of $163.50 million, a price-to-earnings ratio of -1.38 and a beta of 1.96.

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

Institutional Investors Weigh In On Purple Innovation

Several large investors have recently made changes to their positions in PRPL. SG Americas Securities LLC increased its holdings in shares of Purple Innovation by 113.2% in the third quarter. SG Americas Securities LLC now owns 37,942 shares of the company’s stock worth $65,000 after purchasing an additional 20,144 shares during the last quarter. Innovis Asset Management LLC grew its position in Purple Innovation by 189.5% in the third quarter. Innovis Asset Management LLC now owns 336,525 shares of the company’s stock worth $575,000 after acquiring an additional 220,275 shares in the last quarter. FMR LLC grew its position in Purple Innovation by 3.5% in the third quarter. FMR LLC now owns 11,702,309 shares of the company’s stock worth $20,011,000 after acquiring an additional 399,139 shares in the last quarter. Fuller & Thaler Asset Management Inc. purchased a new position in Purple Innovation in the third quarter worth about $568,000. Finally, AWH Capital L.P. grew its position in Purple Innovation by 16.5% in the third quarter. AWH Capital L.P. now owns 577,500 shares of the company’s stock worth $988,000 after acquiring an additional 82,000 shares in the last quarter. 88.41% of the stock is owned by 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.