Purple Innovation (NASDAQ:PRPL) Trading Down 5.6%

Purple Innovation Inc (NASDAQ:PRPL)’s stock price dropped 5.6% during trading on Wednesday . The stock traded as low as $22.79 and last traded at $22.93. Approximately 2,366,062 shares were traded during trading, an increase of 166% from the average daily volume of 890,992 shares. The stock had previously closed at $24.29.

Several research firms have issued reports on PRPL. BidaskClub upgraded Purple Innovation from a “hold” rating to a “buy” rating in a report on Tuesday. B. Riley upped their price objective on Purple Innovation from $23.00 to $26.00 and gave the company a “buy” rating in a report on Friday, August 14th. KeyCorp boosted their target price on Purple Innovation from $22.00 to $26.00 and gave the stock an “overweight” rating in a research report on Friday, August 14th. Raymond James reaffirmed a “buy” rating on shares of Purple Innovation in a research report on Wednesday, August 19th. Finally, Craig Hallum upped their price target on Purple Innovation from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday, August 14th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have given a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus price target of $21.89.

The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.10 and a current ratio of 1.45. The firm’s 50 day simple moving average is $21.63 and its 200-day simple moving average is $15.10. The company has a market cap of $1.24 billion, a price-to-earnings ratio of -186.85, a PEG ratio of 2.90 and a beta of 1.70.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Pathstone Family Office LLC bought a new stake in shares of Purple Innovation in the first quarter valued at approximately $28,000. Private Advisor Group LLC acquired a new stake in Purple Innovation in the 2nd quarter worth about $36,000. GSA Capital Partners LLP acquired a new position in shares of Purple Innovation in the 1st quarter valued at about $60,000. Lido Advisors LLC acquired a new position in Purple Innovation during the 1st quarter worth approximately $61,000. Finally, Hancock Whitney Corp acquired a new position in Purple Innovation during the 1st quarter worth approximately $73,000. 64.45% of the stock is currently owned by institutional investors.

Purple Innovation Company Profile (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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