Purple Innovation (NASDAQ:PRPL) Rating Reiterated by Wedbush

Purple Innovation (NASDAQ:PRPL)‘s stock had its “outperform” rating reiterated by stock analysts at Wedbush in a report released on Wednesday, Benzinga reports. They presently have a $2.25 price target on the stock. Wedbush’s price objective indicates a potential upside of 47.54% from the stock’s current price.

A number of other research analysts also recently weighed in on PRPL. Roth Capital upgraded Purple Innovation from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 13th. KeyCorp lowered their target price on shares of Purple Innovation from $6.00 to $5.00 and set an “overweight” rating on the stock in a report on Wednesday, January 24th. Roth Mkm reissued a “buy” rating and issued a $2.50 price objective on shares of Purple Innovation in a research report on Thursday, March 21st. Finally, Craig Hallum upped their target price on shares of Purple Innovation from $1.00 to $2.00 and gave the company a “hold” rating in a report on Wednesday, March 13th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $3.95.

Purple Innovation Stock Down 9.2 %

Shares of Purple Innovation stock traded down $0.16 on Wednesday, hitting $1.53. The company had a trading volume of 474,179 shares, compared to its average volume of 783,493. Purple Innovation has a twelve month low of $0.55 and a twelve month high of $3.78. The company has a debt-to-equity ratio of 0.23, a current ratio of 1.28 and a quick ratio of 0.68. The stock has a 50-day moving average of $1.70 and a 200-day moving average of $1.24. The firm has a market capitalization of $163.50 million, a P/E ratio of -1.37 and a beta of 1.96.

Purple Innovation (NASDAQ:PRPL) last released its earnings results on Tuesday, March 12th. The company reported ($0.15) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.19) by $0.04. Purple Innovation had a negative net margin of 22.31% and a negative return on equity of 42.60%. The business had revenue of $145.94 million during the quarter, compared to the consensus estimate of $145.43 million. Research analysts predict that Purple Innovation will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Platform Technology Partners acquired a new stake in shares of Purple Innovation during the 4th quarter worth approximately $31,000. Quadrant Capital Group LLC bought a new stake in shares of Purple Innovation during the fourth quarter worth about $32,000. BNP Paribas Financial Markets grew its holdings in Purple Innovation by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after acquiring an additional 11,405 shares during the last quarter. American Century Companies Inc. increased its position in Purple Innovation by 55.1% in the 3rd quarter. American Century Companies Inc. now owns 30,205 shares of the company’s stock valued at $52,000 after acquiring an additional 10,731 shares during the period. Finally, SG Americas Securities LLC raised its stake in shares of Purple Innovation by 36.6% during the fourth quarter. SG Americas Securities LLC now owns 51,847 shares of the company’s stock valued at $53,000 after acquiring an additional 13,905 shares during the last quarter. Institutional investors and hedge funds own 88.41% of the company’s stock.

About Purple Innovation

Purple Innovation, Inc designs and manufactures sleep and other products in the United States and internationally. The company offers mattresses, pillows, cushions, bases, sheets, platforms, adjustable bases, mattress protectors, foundations, blankets, duvets, duvet covers, seat cushions, and pet beds under the Purple brand.