Purple Innovation, Inc. (NASDAQ:PRPL) Short Interest Update

Purple Innovation, Inc. (NASDAQ:PRPL - Get Free Report) saw a large decrease in short interest in 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 daily trading volume, of 306,600 shares, the short-interest ratio is presently 11.5 days.

Purple Innovation Stock Performance

Purple Innovation stock traded down $0.04 during trading hours on Friday, hitting $0.86. 430,607 shares of the stock traded hands, compared to its average volume of 286,998. The firm's 50 day moving average price is $1.03 and its 200-day moving average price is $1.19. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.43 and a quick ratio of 0.67. The stock has a market capitalization of $92.25 million, a price-to-earnings ratio of -0.87 and a beta of 2.07. 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) 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 analysts' expectations of $127.41 million. During the same quarter in the prior year, the company earned ($0.20) EPS. As a group, equities analysts expect that Purple Innovation will post -0.48 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have weighed in on PRPL shares. Wedbush downgraded Purple Innovation from an "outperform" rating to a "neutral" rating and lowered their price target for the stock from $1.75 to $1.10 in a report on Wednesday, September 4th. Craig Hallum lowered their target price on shares of Purple Innovation from $2.00 to $1.50 and set a "hold" rating for the company in a research note on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the stock. According to MarketBeat, Purple Innovation presently has an average rating of "Moderate Buy" and an average price target of $2.53.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors have recently modified their holdings of PRPL. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Purple Innovation in the 2nd quarter valued at $43,000. BNP Paribas Financial Markets raised its position in shares of Purple Innovation by 73.7% in 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 period. Crumly & Associates Inc. boosted its stake in shares of Purple Innovation by 35.5% during the 2nd quarter. Crumly & Associates Inc. now owns 66,763 shares of the company's stock worth $69,000 after acquiring an additional 17,500 shares in the last quarter. Renaissance Technologies LLC grew its position in shares of Purple Innovation by 316.3% during the 2nd quarter. Renaissance Technologies LLC now owns 71,226 shares of the company's stock valued at $74,000 after acquiring an additional 54,116 shares during the period. Finally, Price T Rowe Associates Inc. MD increased its stake in shares of Purple Innovation by 51.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company's stock valued at $105,000 after purchasing an additional 20,400 shares in the last quarter. Hedge funds and other institutional investors 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.