Brokerages Set Purple Innovation, Inc. (NASDAQ:PRPL) PT at $2.53

Purple Innovation, Inc. (NASDAQ:PRPL - Get Free Report) has been assigned an average rating of "Moderate Buy" from the six analysts that are presently covering the company, Marketbeat reports. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average twelve-month target price among analysts that have updated their coverage on the stock in the last year is $2.53.

Several analysts have issued reports on the stock. Wedbush downgraded shares of Purple Innovation from an "outperform" rating to a "neutral" rating and reduced their price target for the company from $1.75 to $1.10 in a report on Wednesday, September 4th. Craig Hallum lowered their target price on Purple Innovation from $2.00 to $1.50 and set a "hold" rating on the stock in a report on Tuesday, August 6th.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the stock. Patriot Financial Group Insurance Agency LLC purchased a new stake in shares of Purple Innovation during the second quarter worth about $43,000. BNP Paribas Financial Markets increased its position 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 acquiring an additional 11,405 shares during the last quarter. Crumly & Associates Inc. increased its position in shares of Purple Innovation by 35.5% during the second quarter. Crumly & Associates Inc. now owns 66,763 shares of the company's stock worth $69,000 after acquiring an additional 17,500 shares during the last quarter. Renaissance Technologies LLC increased its position in shares of Purple Innovation by 316.3% during the second quarter. Renaissance Technologies LLC now owns 71,226 shares of the company's stock worth $74,000 after acquiring an additional 54,116 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD increased its position in shares of Purple Innovation by 51.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company's stock worth $105,000 after acquiring an additional 20,400 shares during the last quarter. 88.41% of the stock is owned by hedge funds and other institutional investors.

Purple Innovation Stock Performance

Shares of NASDAQ:PRPL traded up $0.01 during midday trading on Friday, hitting $0.94. The stock had a trading volume of 220,003 shares, compared to its average volume of 559,543. The company has a market capitalization of $101.05 million, a PE ratio of -0.70 and a beta of 2.07. The stock has a 50 day moving average price of $1.05 and a two-hundred day moving average price of $1.24. The company has a current ratio of 1.43, a quick ratio of 0.67 and a debt-to-equity ratio of 0.69. Purple Innovation has a 1 year low of $0.55 and a 1 year high of $2.33.

Purple Innovation (NASDAQ:PRPL - Get Free Report) last issued its earnings results on Monday, August 5th. The company reported ($0.13) earnings per share for the quarter, missing the consensus estimate 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 analysts' expectations of $127.41 million. During the same period in the previous year, the firm earned ($0.20) EPS. As a group, equities analysts predict that Purple Innovation will post -0.48 earnings per share for the current fiscal year.

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.