Purple Innovation (NASDAQ:PRPL) Stock Price Up 6.2%

Purple Innovation Inc (NASDAQ:PRPL) shares shot up 6.2% during mid-day trading on Wednesday . The company traded as high as $8.27 and last traded at $8.26, 289,200 shares changed hands during mid-day trading. An increase of 470% from the average session volume of 50,754 shares. The stock had previously closed at $7.78.

Several research firms have commented on PRPL. Wedbush increased their target price on Purple Innovation from $9.00 to $12.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. ValuEngine lowered Purple Innovation from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Zacks Investment Research cut Purple Innovation from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Roth Capital assumed coverage on Purple Innovation in a research note on Monday, October 28th. They issued a “buy” rating and a $10.00 price objective for the company. Finally, TheStreet upgraded shares of Purple Innovation from a “d+” rating to a “c-” rating in a report on Tuesday, September 10th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $10.00.

The stock has a market cap of $439.17 million, a P/E ratio of -16.20 and a beta of -0.44. The company’s 50 day moving average price is $7.52 and its 200-day moving average price is $7.16. The company has a quick ratio of 0.93, a current ratio of 1.44 and a debt-to-equity ratio of 4.32.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 earnings per share for the quarter, topping the consensus estimate of $0.02 by $0.17. Purple Innovation had a negative net margin of 0.22% and a negative return on equity of 57,779.57%. The company had revenue of $117.41 million for the quarter, compared to analysts’ expectations of $105.29 million. Equities research analysts anticipate that Purple Innovation Inc will post 0.52 earnings per share for the current year.

In related news, Director Coliseum Capital Management, L bought 97,867 shares of the stock in a transaction that occurred on Tuesday, August 27th. The stock was acquired at an average cost of $7.67 per share, with a total value of $750,639.89. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last ninety days, insiders have purchased 260,046 shares of company stock valued at $2,057,311. 78.80% of the stock is owned by corporate insiders.

A number of hedge funds have recently made changes to their positions in PRPL. Wells Fargo & Company MN boosted its holdings in 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 acquiring an additional 10,965 shares during the last quarter. Cpwm LLC raised its holdings in Purple Innovation by 150.0% during the 2nd quarter. Cpwm LLC now owns 50,000 shares of the company’s stock worth $338,000 after purchasing an additional 30,000 shares during the last quarter. Vanguard Group Inc. raised its holdings in Purple Innovation by 17.5% during the 2nd quarter. Vanguard Group Inc. now owns 52,910 shares of the company’s stock worth $357,000 after purchasing an additional 7,879 shares during the last quarter. Finally, Commonwealth Equity Services LLC bought a new position in Purple Innovation during the 2nd quarter worth approximately $567,000. Institutional investors and hedge funds own 12.68% of the company’s stock.

About Purple Innovation (NASDAQ:PRPL)

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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