Analysts Set Purple Innovation, Inc. (NASDAQ:PRPL) Price Target at $2.53

Purple Innovation, Inc. (NASDAQ:PRPL) has earned an average rating of “Moderate Buy” from the five ratings firms that are covering the firm, MarketBeat Ratings reports. Two research analysts have rated the stock with a hold recommendation and three have issued a buy recommendation on the company. The average 12-month price target among brokers that have updated their coverage on the stock in the last year is $2.53.

A number of analysts have recently commented on the stock. Craig Hallum dropped their target price on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Wedbush cut shares of Purple Innovation from an “outperform” rating to a “neutral” rating and cut their price objective for the stock from $1.75 to $1.10 in a report on Wednesday, September 4th.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Price T Rowe Associates Inc. MD raised its stake in shares of 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 worth $105,000 after purchasing an additional 20,400 shares during the last quarter. Vanguard Group Inc. raised its position in Purple Innovation by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company’s stock worth $5,053,000 after buying an additional 20,189 shares during the last quarter. BNP Paribas Financial Markets lifted its stake in Purple Innovation by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock valued at $47,000 after acquiring an additional 11,405 shares during the period. Virtu Financial LLC purchased a new stake in shares of Purple Innovation during the 1st quarter valued at about $112,000. Finally, Divisadero Street Capital Management LP purchased a new stake in shares of Purple Innovation during the 2nd quarter valued at about $144,000. 88.41% of the stock is owned by hedge funds and other institutional investors.

Purple Innovation Stock Down 3.1 %

Shares of NASDAQ PRPL opened at $0.82 on Tuesday. The firm has a fifty day simple moving average of $0.94 and a two-hundred day simple moving average of $1.12. Purple Innovation has a 12 month low of $0.57 and a 12 month high of $2.33. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 1.81. The firm has a market capitalization of $88.19 million, a PE ratio of -0.82 and a beta of 2.08.

Purple Innovation (NASDAQ:PRPL) last posted its earnings results on Monday, November 4th. The company reported ($0.08) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The firm had revenue of $118.60 million for the quarter, compared to the consensus estimate of $125.64 million. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. During the same quarter in the prior year, the business earned ($0.18) EPS. Equities analysts expect that Purple Innovation will post -0.47 earnings per share for the current year.

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.