Purple Innovation, Inc. (NASDAQ:PRPL) Receives $2.53 Average Target Price from Analysts

Shares of Purple Innovation, Inc. (NASDAQ:PRPL - Get Free Report) have been assigned an average recommendation of "Moderate Buy" from the six ratings firms that are currently covering the company, MarketBeat Ratings reports. Three analysts have rated the stock with a hold recommendation and three have given a buy recommendation to the company. The average 12-month price objective among brokers that have covered the stock in the last year is $2.53.

PRPL has been the subject of a number of recent analyst reports. Craig Hallum dropped their price objective on Purple Innovation from $2.00 to $1.50 and set a "hold" rating for the company in a report on Tuesday, August 6th. Wedbush cut Purple Innovation from an "outperform" rating to a "neutral" rating and reduced their price objective for the stock from $1.75 to $1.10 in a research report on Wednesday, September 4th.

Institutional Trading of Purple Innovation

Several institutional investors and hedge funds have recently bought and sold shares of PRPL. Patriot Financial Group Insurance Agency LLC acquired a new stake in Purple Innovation during the second quarter worth approximately $43,000. BNP Paribas Financial Markets raised its position in Purple Innovation by 73.7% during the 1st 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 last quarter. Crumly & Associates Inc. raised its position in 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 purchasing an additional 17,500 shares during the last quarter. Renaissance Technologies LLC raised its position in Purple Innovation by 316.3% during the 2nd quarter. Renaissance Technologies LLC now owns 71,226 shares of the company's stock worth $74,000 after purchasing an additional 54,116 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD raised its position in Purple Innovation by 51.5% during the 1st 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. Institutional investors own 88.41% of the company's stock.

Purple Innovation Price Performance

PRPL stock traded down $0.02 during midday trading on Tuesday, reaching $0.87. 121,022 shares of the company's stock traded hands, compared to its average volume of 543,935. The company has a 50-day simple moving average of $0.97 and a two-hundred day simple moving average of $1.14. Purple Innovation has a 1-year low of $0.57 and a 1-year high of $2.33. The company has a market cap of $93.37 million, a price-to-earnings ratio of -0.89 and a beta of 2.08. The company has a quick ratio of 0.67, a current ratio of 1.30 and a debt-to-equity ratio of 1.81.

Purple Innovation (NASDAQ:PRPL - Get Free Report) last released its quarterly earnings results on Monday, November 4th. The company reported ($0.08) earnings per share for the quarter, beating analysts' consensus estimates of ($0.10) by $0.02. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. The firm had revenue of $118.60 million during the quarter, compared to analysts' expectations of $125.64 million. During the same period last year, the firm posted ($0.18) EPS. On average, analysts anticipate 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.