Analysts Set Purple Innovation, Inc. (NASDAQ:PRPL) Target Price at $2.53

Purple Innovation, Inc. (NASDAQ:PRPL) has received an average rating of “Moderate Buy” from the five analysts that are covering the stock, Marketbeat.com reports. Two investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $2.53.

A number of brokerages have recently issued reports on PRPL. Craig Hallum cut their price objective on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Wedbush lowered shares of Purple Innovation from an “outperform” rating to a “neutral” rating and cut their price objective for the company from $1.75 to $1.10 in a report on Wednesday, September 4th.

Purple Innovation Stock Performance

PRPL stock opened at $0.82 on Tuesday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.30 and a quick ratio of 0.67. Purple Innovation has a 1 year low of $0.57 and a 1 year high of $2.33. The company has a market cap of $88.19 million, a P/E ratio of -0.82 and a beta of 2.08. The stock’s fifty day moving average price is $0.94 and its 200-day moving average price is $1.12.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Monday, November 4th. The company reported ($0.08) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.10) by $0.02. The business had revenue of $118.60 million for the quarter, compared to analysts’ expectations of $125.64 million. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. During the same period last year, the firm posted ($0.18) earnings per share. On average, equities analysts forecast that Purple Innovation will post -0.47 earnings per share for the current year.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors and hedge funds have recently made changes to their positions in PRPL. Price T Rowe Associates Inc. MD raised its position in shares of Purple Innovation by 51.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company’s stock valued at $105,000 after buying an additional 20,400 shares in the last quarter. Vanguard Group Inc. raised its position in Purple Innovation by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company’s stock valued at $5,053,000 after purchasing an additional 20,189 shares during the period. BNP Paribas Financial Markets lifted its stake in shares of Purple Innovation by 73.7% in the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock valued at $47,000 after purchasing an additional 11,405 shares during the last quarter. Virtu Financial LLC bought a new stake in shares of Purple Innovation in the 1st quarter valued at approximately $112,000. Finally, Divisadero Street Capital Management LP purchased a new position in shares of Purple Innovation in the 2nd quarter worth approximately $144,000. 88.41% of the stock is owned by hedge funds and other institutional investors.

Purple Innovation Company Profile

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.