KeyCorp Lowers Purple Innovation (NASDAQ:PRPL) Price Target to $5.00

Purple Innovation (NASDAQ:PRPLGet Rating) had its target price trimmed by KeyCorp from $10.00 to $5.00 in a research report released on Tuesday, MarketBeat.com reports. The firm currently has an overweight rating on the stock.

Separately, Oppenheimer decreased their price target on Purple Innovation to $8.00 in a research note on Monday, August 22nd. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of Hold and an average price target of $7.56.

Purple Innovation Trading Down 4.2 %

NASDAQ:PRPL opened at $3.91 on Tuesday. Purple Innovation has a 1 year low of $2.65 and a 1 year high of $23.13. The stock has a market cap of $324.90 million, a price-to-earnings ratio of -5.28 and a beta of 1.91. The business has a fifty day moving average of $3.41 and a 200-day moving average of $4.44. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.95 and a current ratio of 1.91.

Purple Innovation (NASDAQ:PRPLGet Rating) last released its quarterly earnings results on Tuesday, August 9th. The company reported ($0.11) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.05) by ($0.06). Purple Innovation had a negative return on equity of 28.60% and a negative net margin of 6.39%. The business had revenue of $144.10 million during the quarter, compared to the consensus estimate of $155.79 million. During the same period in the previous year, the company posted $0.05 EPS. The company’s revenue for the quarter was down 21.1% compared to the same quarter last year. Equities analysts predict that Purple Innovation will post -0.45 earnings per share for the current year.

Insider Activity

In related news, Director Gary T. Dicamillo bought 10,000 shares of Purple Innovation stock in a transaction dated Wednesday, September 7th. The stock was acquired at an average cost of $2.66 per share, with a total value of $26,600.00. Following the completion of the acquisition, the director now directly owns 113,083 shares in the company, valued at approximately $300,800.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Gary T. Dicamillo bought 10,000 shares of Purple Innovation stock in a transaction dated Wednesday, September 7th. The stock was acquired at an average cost of $2.66 per share, with a total value of $26,600.00. Following the completion of the acquisition, the director now directly owns 113,083 shares in the company, valued at approximately $300,800.78. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Casey Kale Mcgarvey acquired 30,000 shares of Purple Innovation stock in a transaction that occurred on Friday, September 16th. The stock was acquired at an average cost of $2.85 per share, with a total value of $85,500.00. Following the completion of the purchase, the insider now owns 78,718 shares in the company, valued at approximately $224,346.30. The disclosure for this purchase can be found here. Insiders purchased a total of 42,000 shares of company stock valued at $117,580 over the last three months. Insiders own 24.92% of the company’s stock.

Institutional Investors Weigh In On Purple Innovation

Hedge funds have recently bought and sold shares of the business. Blueshift Asset Management LLC lifted its stake in Purple Innovation by 212.7% in the 1st quarter. Blueshift Asset Management LLC now owns 46,671 shares of the company’s stock worth $273,000 after acquiring an additional 31,744 shares in the last quarter. Monaco Asset Management SAM purchased a new stake in Purple Innovation in the 1st quarter worth about $540,000. CTF Capital Management LP purchased a new stake in Purple Innovation in the 4th quarter worth about $3,776,000. Penserra Capital Management LLC raised its stake in shares of Purple Innovation by 21.2% during the 4th quarter. Penserra Capital Management LLC now owns 674,376 shares of the company’s stock worth $8,948,000 after purchasing an additional 117,943 shares in the last quarter. Finally, Shay Capital LLC purchased a new stake in shares of Purple Innovation during the 4th quarter worth about $180,000.

About Purple Innovation

(Get Rating)

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds. It markets and sells its products through its e-commerce online channels retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through Purple retail showrooms.

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Analyst Recommendations for Purple Innovation (NASDAQ:PRPL)

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