Roth Capital Cuts Purple Innovation (NASDAQ:PRPL) Price Target to $31.00 | MarketBeat
Purple Innovation (NASDAQ:PRPL) had its price target reduced by investment analysts at Roth Capital from $37.00 to $31.00 in a research note issued on Thursday, Benzinga reports. The brokerage presently has a “buy” rating on the stock. Roth Capital’s price objective would suggest a potential upside of 14.90% from the stock’s current price.
Other equities analysts have also issued reports about the company. KeyCorp reduced their price target on Purple Innovation from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Friday, March 5th. TheStreet downgraded Purple Innovation from a “c” rating to a “d” rating in a report on Tuesday, June 22nd. B. Riley boosted their price target on Purple Innovation from $33.00 to $38.00 and gave the company a “buy” rating in a report on Tuesday, April 20th. UBS Group lowered their price objective on Purple Innovation from $44.00 to $32.00 and set a “buy” rating for the company in a research note on Friday, March 5th. Finally, Wedbush increased their price target on Purple Innovation from $32.00 to $37.00 and gave the stock an “outperform” rating in a research note on Tuesday, May 18th. One research analyst has rated the stock with a hold rating and ten have issued a buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $36.90.
Purple Innovation stock traded up $0.57 during midday trading on Thursday, reaching $26.98. The company’s stock had a trading volume of 5,119 shares, compared to its average volume of 1,470,778. The company has a market capitalization of $1.80 billion, a price-to-earnings ratio of 2,689.00, a PEG ratio of 1.87 and a beta of 1.28. The company has a quick ratio of 1.35, a current ratio of 1.90 and a debt-to-equity ratio of 0.26. Purple Innovation has a fifty-two week low of $17.01 and a fifty-two week high of $41.08. The company’s 50 day simple moving average is $29.84.
Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Monday, May 17th. The company reported $0.17 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.06. The firm had revenue of $186.40 million during the quarter, compared to analysts’ expectations of $166.25 million. Purple Innovation had a return on equity of 91.36% and a net margin of 2.21%. The company’s quarterly revenue was up 52.3% on a year-over-year basis. As a group, equities analysts predict that Purple Innovation will post 0.99 EPS for the current year.
In other news, Director Pano Anthos sold 7,735 shares of the firm’s stock in a transaction on Wednesday, June 9th. The stock was sold at an average price of $29.00, for a total value of $224,315.00. Following the transaction, the director now directly owns 19,274 shares in the company, valued at approximately $558,946. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders sold a total of 15,534 shares of company stock valued at $451,396 over the last three months. Insiders own 24.92% of the company’s stock.
Institutional investors have recently modified their holdings of the company. Principal Financial Group Inc. increased its position in Purple Innovation by 7.9% during the first quarter. Principal Financial Group Inc. now owns 914,170 shares of the company’s stock worth $28,933,000 after buying an additional 66,589 shares during the last quarter. Virtu Financial LLC acquired a new position in shares of Purple Innovation during the first quarter worth $222,000. D. E. Shaw & Co. Inc. acquired a new position in shares of Purple Innovation during the first quarter worth $591,000. Tudor Investment Corp Et Al acquired a new position in shares of Purple Innovation during the first quarter worth $430,000. Finally, Cubist Systematic Strategies LLC increased its holdings in Purple Innovation by 94.9% in the first quarter. Cubist Systematic Strategies LLC now owns 34,550 shares of the company’s stock valued at $1,094,000 after purchasing an additional 16,825 shares during the period. Institutional investors own 98.44% of the company’s stock.
Purple Innovation Company Profile
Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, bed frames, seat cushions, and weighted blankets 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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