A number of other research analysts also recently issued reports on PRPL. Truist assumed coverage on Purple Innovation in a research note on Wednesday, December 16th. They set a buy rating and a $35.00 price target on the stock. Roth Capital lifted their target price on Purple Innovation from $27.00 to $32.00 and gave the company a buy rating in a research note on Thursday, November 12th. KeyCorp lifted their target price on Purple Innovation from $26.00 to $34.00 and gave the company an overweight rating in a research note on Tuesday, November 10th. Craig Hallum lifted their target price on Purple Innovation from $32.00 to $40.00 and gave the company a buy rating in a research note on Tuesday, October 20th. Finally, B. Riley lifted their target price on Purple Innovation from $26.00 to $33.00 and gave the company a buy rating in a research note on Wednesday, October 14th. Two analysts have rated the stock with a hold rating and eleven have issued a buy rating to the stock. The stock has an average rating of Buy and an average price target of $32.30.
NASDAQ:PRPL opened at $34.31 on Wednesday. The stock’s 50 day moving average price is $30.28 and its 200 day moving average price is $25.18. The company has a market capitalization of $2.11 billion, a PE ratio of -263.92, a P/E/G ratio of 5.19 and a beta of 1.51. The company has a quick ratio of 1.10, a current ratio of 1.45 and a debt-to-equity ratio of 2.19. Purple Innovation has a 52-week low of $4.42 and a 52-week high of $36.32.
Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings results on Saturday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.24 by $0.03. The firm had revenue of $187.11 million for the quarter, compared to the consensus estimate of $175.40 million. Purple Innovation had a return on equity of 545.13% and a net margin of 0.81%. The company’s quarterly revenue was up 59.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Purple Innovation will post 0.41 EPS for the current fiscal year.
In related news, insider Verdi Ray White III sold 10,000 shares of Purple Innovation stock in a transaction that occurred on Tuesday, November 17th. The stock was sold at an average price of $28.51, for a total value of $285,100.00. Following the sale, the insider now directly owns 10,000 shares in the company, valued at $285,100. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 75.10% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of PRPL. Steward Partners Investment Advisory LLC acquired a new position in Purple Innovation during the third quarter worth $30,000. Private Advisor Group LLC acquired a new position in Purple Innovation during the second quarter worth $36,000. Point72 Hong Kong Ltd acquired a new position in Purple Innovation during the third quarter worth $38,000. American International Group Inc. raised its holdings in Purple Innovation by 77.5% during the second quarter. American International Group Inc. now owns 8,744 shares of the company’s stock worth $157,000 after purchasing an additional 3,818 shares during the last quarter. Finally, Advisor Group Holdings Inc. raised its holdings in Purple Innovation by 2,581.9% during the second quarter. Advisor Group Holdings Inc. now owns 9,923 shares of the company’s stock worth $179,000 after purchasing an additional 9,553 shares during the last quarter. 64.45% of the stock is owned by hedge funds and other institutional investors.
About Purple Innovation
Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protector, bed frames, seat cushions, and weighted blanket and duvets. The company markets and sells its products through direct-to-consumer online channels, retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through its factory outlet and the company owned showrooms.
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