Purple Innovation Inc (NASDAQ:PRPL) – Wedbush cut their Q4 2020 earnings per share estimates for Purple Innovation in a report issued on Thursday, November 7th. Wedbush analyst S. Basham now expects that the company will post earnings of $0.17 per share for the quarter, down from their prior forecast of $0.18. Wedbush currently has a “Outperform” rating and a $12.00 target price on the stock.
PRPL has been the subject of several other research reports. Roth Capital initiated coverage on shares of Purple Innovation in a research note on Monday, October 28th. They set a “buy” rating and a $10.00 target price for the company. ValuEngine lowered shares of Purple Innovation from a “hold” rating to a “sell” rating in a research note on Monday. TheStreet raised shares of Purple Innovation from a “d+” rating to a “c-” rating in a research note on Tuesday, September 10th. Finally, Zacks Investment Research lowered shares of Purple Innovation from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. One analyst has rated the stock with a sell rating, one has issued a hold rating and two have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $10.00.
Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, August 13th. The company reported $0.18 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.27) by $0.45. The company had revenue of $103.00 million during the quarter, compared to analyst estimates of $94.90 million. Purple Innovation had a negative net margin of 0.96% and a negative return on equity of 275.80%.
In related news, Director Coliseum Capital Management, L bought 97,867 shares of the stock in a transaction on Tuesday, August 27th. The stock was bought at an average price of $7.67 per share, with a total value of $750,639.89. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In the last ninety days, insiders have acquired 263,026 shares of company stock valued at $2,082,224. 78.80% of the stock is currently owned by insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Vanguard Group Inc. boosted its stake in shares of Purple Innovation by 17.5% in the second quarter. Vanguard Group Inc. now owns 52,910 shares of the company’s stock valued at $357,000 after purchasing an additional 7,879 shares during the period. Wells Fargo & Company MN boosted its stake in shares of Purple Innovation by 1,705.3% in the second quarter. Wells Fargo & Company MN now owns 11,608 shares of the company’s stock valued at $78,000 after purchasing an additional 10,965 shares during the period. Cpwm LLC boosted its stake in shares of Purple Innovation by 150.0% in the second quarter. Cpwm LLC now owns 50,000 shares of the company’s stock valued at $338,000 after purchasing an additional 30,000 shares during the period. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Purple Innovation in the second quarter valued at approximately $567,000. 12.74% of the stock is owned by institutional investors and hedge funds.
Purple Innovation Company Profile
Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.
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