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

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) have been given a consensus rating of “Moderate Buy” by the six ratings firms that are covering the firm, Marketbeat Ratings reports. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $2.53.

A number of brokerages have weighed in on PRPL. Craig Hallum cut 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 report on Tuesday, August 6th. Wedbush downgraded 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 Investors Weigh In On Purple Innovation

A number of institutional investors and hedge funds have recently modified their holdings of the company. Divisadero Street Capital Management LP purchased a new stake in Purple Innovation in the 2nd quarter worth approximately $144,000. Renaissance Technologies LLC increased its holdings in shares of Purple Innovation by 316.3% in the second 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 period. Crumly & Associates Inc. raised its position in shares of Purple Innovation by 35.5% in the second quarter. Crumly & Associates Inc. now owns 66,763 shares of the company’s stock worth $69,000 after buying an additional 17,500 shares in the last quarter. Patriot Financial Group Insurance Agency LLC purchased a new position in Purple Innovation during the second quarter worth about $43,000. Finally, Virtu Financial LLC bought a new position in Purple Innovation in the 1st quarter worth about $112,000. 88.41% of the stock is owned by hedge funds and other institutional investors.

Purple Innovation Trading Up 1.6 %

Shares of PRPL stock opened at $0.94 on Friday. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69. The firm has a market cap of $101.05 million, a P/E ratio of -0.70 and a beta of 2.07. The company has a 50 day moving average of $1.05 and a 200-day moving average of $1.23. Purple Innovation has a 12-month low of $0.55 and a 12-month high of $2.33.

Purple Innovation (NASDAQ:PRPL) last issued its earnings results on Monday, August 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). The firm had revenue of $120.27 million during the quarter, compared to the consensus estimate of $127.41 million. Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. During the same quarter in the previous year, the firm earned ($0.20) earnings per share. Sell-side analysts anticipate that Purple Innovation will post -0.48 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.