Equities analysts predict that Purple Innovation Inc (NASDAQ:PRPL) will announce sales of $118.95 million for the current fiscal quarter, according to Zacks. Five analysts have provided estimates for Purple Innovation’s earnings, with the lowest sales estimate coming in at $113.60 million and the highest estimate coming in at $124.50 million. Purple Innovation posted sales of $78.46 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 51.6%. The company is expected to announce its next quarterly earnings results on Tuesday, March 10th.
According to Zacks, analysts expect that Purple Innovation will report full year sales of $423.01 million for the current financial year, with estimates ranging from $417.70 million to $428.50 million. For the next financial year, analysts expect that the company will post sales of $542.40 million, with estimates ranging from $516.42 million to $563.80 million. Zacks’ sales calculations are a mean average based on a survey of research analysts that cover Purple Innovation.
A number of equities research analysts have recently commented on PRPL shares. Roth Capital started 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 on the stock. Oppenheimer restated a “buy” rating and set a $19.00 price objective (up previously from $15.00) on shares of Purple Innovation in a report on Friday. Raymond James upped their price objective on shares of Purple Innovation from $11.00 to $13.00 and gave the stock an “outperform” rating in a report on Thursday, January 16th. ValuEngine downgraded shares of Purple Innovation from a “sell” rating to a “strong sell” rating in a report on Wednesday, December 11th. Finally, KeyCorp raised their price objective on shares of Purple Innovation from $12.00 to $14.00 and gave the stock an “overweight” rating in a report on Monday, January 27th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and six have assigned a buy rating to the stock. The stock has a consensus rating of “Buy” and a consensus price target of $12.50.
In other Purple Innovation news, Director Tony Marion Pearce sold 1,500,000 shares of the stock in a transaction that occurred on Tuesday, December 17th. The stock was sold at an average price of $7.00, for a total transaction of $10,500,000.00. Following the completion of the sale, the director now directly owns 1,500,000 shares of the company’s stock, valued at approximately $10,500,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Innohold, Llc sold 7,552,136 shares of the stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $7.00, for a total value of $52,864,952.00. Following the sale, the insider now directly owns 7,552,136 shares of the company’s stock, valued at $52,864,952. The disclosure for this sale can be found here. In the last quarter, insiders sold 10,283,120 shares of company stock worth $72,306,020. 78.80% of the stock is currently owned by company insiders.
Institutional investors have recently bought and sold shares of the business. American International Group Inc. raised its stake in shares of Purple Innovation by 105.7% during the 4th quarter. American International Group Inc. now owns 4,856 shares of the company’s stock worth $42,000 after buying an additional 2,495 shares in the last quarter. Meeder Asset Management Inc. purchased a new position in Purple Innovation during the fourth quarter worth $52,000. Barclays PLC increased its position in Purple Innovation by 322.5% during the fourth quarter. Barclays PLC now owns 7,800 shares of the company’s stock worth $68,000 after buying an additional 5,954 shares in the last quarter. Russell Investments Group Ltd. purchased a new position in Purple Innovation during the fourth quarter worth $78,000. Finally, UBS Group AG increased its position in Purple Innovation by 238.6% during the fourth quarter. UBS Group AG now owns 9,568 shares of the company’s stock worth $83,000 after buying an additional 6,742 shares in the last quarter. 34.59% of the stock is owned by institutional investors.
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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