Wedbush Reiterates Neutral Rating for Purple Innovation (NASDAQ:PRPL)

Wedbush restated their neutral rating on shares of Purple Innovation (NASDAQ:PRPL) in a research report sent to investors on Wednesday morning,Benzinga reports. The firm currently has a $1.00 target price on the stock.

Purple Innovation Stock Down 2.9 %

PRPL stock opened at $0.77 on Wednesday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.30 and a quick ratio of 0.67. The stock has a market capitalization of $82.61 million, a P/E ratio of -0.77 and a beta of 2.37. Purple Innovation has a fifty-two week low of $0.65 and a fifty-two week high of $2.12. The business has a 50-day moving average of $0.95 and a 200-day moving average of $0.93.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings results on Thursday, March 13th. The company reported ($0.07) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.07. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. The firm had revenue of $128.98 million during the quarter, compared to the consensus estimate of $129.39 million. On average, sell-side analysts anticipate that Purple Innovation will post -0.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Purple Innovation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in PRPL. Squarepoint Ops LLC grew its holdings in shares of Purple Innovation by 219.7% in the 4th quarter. Squarepoint Ops LLC now owns 178,052 shares of the company’s stock valued at $139,000 after acquiring an additional 122,358 shares in the last quarter. Invenomic Capital Management LP bought a new position in Purple Innovation in the fourth quarter valued at approximately $620,000. Bank of America Corp DE increased its position in shares of Purple Innovation by 45.1% during the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after purchasing an additional 17,406 shares during the last quarter. Barclays PLC raised its stake in shares of Purple Innovation by 14.5% during the 4th quarter. Barclays PLC now owns 85,627 shares of the company’s stock worth $67,000 after purchasing an additional 10,824 shares in the last quarter. Finally, Townsquare Capital LLC bought a new position in shares of Purple Innovation in the fourth quarter valued at $73,000. 88.41% of the stock is currently owned by institutional investors and hedge funds.

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.