Purple Innovation (NASDAQ:PRPL) Given New $13.00 Price Target at Raymond James

Purple Innovation (NASDAQ:PRPL) had its price objective increased by Raymond James from $11.00 to $13.00 in a report released on Thursday morning, The Fly reports. They currently have an outperform rating on the stock.

Other analysts have also recently issued research reports about the stock. Roth Capital began coverage on shares of Purple Innovation in a research note on Monday, October 28th. They issued a buy rating and a $10.00 price objective for the company. Wedbush lifted their price objective on shares of Purple Innovation from $12.00 to $13.00 and gave the stock an outperform rating in a research note on Tuesday. ValuEngine cut shares of Purple Innovation from a sell rating to a strong sell rating in a research note on Wednesday, December 11th. Bank of America began coverage on shares of Purple Innovation in a research note on Thursday, December 19th. They issued a buy rating and a $10.00 price objective for the company. Finally, KeyCorp initiated coverage on shares of Purple Innovation in a research note on Monday, November 25th. They issued an overweight rating and a $12.00 price objective for the company. Two analysts have rated the stock with a sell rating and six have given a buy rating to the company. The stock presently has a consensus rating of Buy and a consensus target price of $11.64.

Purple Innovation stock traded down $0.15 during midday trading on Thursday, hitting $10.97. The company’s stock had a trading volume of 322,600 shares, compared to its average volume of 416,608. Purple Innovation has a 1-year low of $4.20 and a 1-year high of $11.74. The company has a debt-to-equity ratio of 4.32, a current ratio of 1.44 and a quick ratio of 0.93. The company has a 50-day moving average price of $8.73 and a two-hundred day moving average price of $7.78. The company has a market cap of $219.57 million, a price-to-earnings ratio of -21.51, a PEG ratio of 1.14 and a beta of -0.33.

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 business had revenue of $117.41 million during the quarter, compared to analysts’ expectations of $105.29 million. Sell-side analysts forecast that Purple Innovation will post 0.84 EPS for the current year.

In other news, major shareholder Innohold, Llc sold 7,552,136 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $7.00, for a total value of $52,864,952.00. Following the completion of the transaction, the insider now directly owns 7,552,136 shares in the company, valued at approximately $52,864,952. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Tony Marion Pearce sold 1,223,932 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $7.00, for a total transaction of $8,567,524.00. Following the completion of the transaction, the director now owns 1,223,932 shares of the company’s stock, valued at $8,567,524. The disclosure for this sale can be found here. Insiders sold a total of 10,283,120 shares of company stock valued at $72,306,020 over the last 90 days. Corporate insiders own 78.80% of the company’s stock.

An institutional investor recently raised its position in Purple Innovation stock. Wells Fargo & Company MN raised its holdings in Purple Innovation Inc (NASDAQ:PRPL) by 1,705.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 11,608 shares of the company’s stock after acquiring an additional 10,965 shares during the quarter. Wells Fargo & Company MN’s holdings in Purple Innovation were worth $78,000 as of its most recent SEC filing. Institutional investors own 34.59% of the company’s stock.

About Purple Innovation

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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