Purple Innovation Inc (NASDAQ:PRPL) Receives $11.21 Consensus PT from Brokerages – Week Herald

Posted on January 2, 2020 by Design in Design Innovation | 0 Comments

Shares of Purple Innovation Inc (NASDAQ:PRPL) have been assigned an average rating of “Buy” from the nine research firms that are currently covering the stock, MarketBeat.com reports. One research analyst has rated the stock with a sell rating and seven have given a buy rating to the company. The average twelve-month price target among brokers that have covered the stock in the last year is $11.21.

PRPL has been the subject of several recent research reports. Oppenheimer started coverage on Purple Innovation in a research report on Tuesday, November 26th. They issued a “buy” rating and a $15.00 price target for the company. TheStreet raised Purple Innovation from a “d+” rating to a “c-” rating in a report on Tuesday, September 10th. Raymond James started coverage on Purple Innovation in a research note on Tuesday, November 26th. They issued an “outperform” rating and a $11.00 target price for the company. ValuEngine lowered Purple Innovation from a “sell” rating to a “strong sell” rating in a report on Wednesday, December 11th. Finally, Wedbush upped their price target on Purple Innovation from $9.00 to $12.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd.

In other news, major shareholder Innohold, Llc sold 7,552,136 shares of Purple Innovation stock in a transaction dated Tuesday, November 19th. The stock was sold at an average price of $7.00, for a total transaction of $52,864,952.00. Following the completion of the sale, the insider now owns 7,552,136 shares in the company, valued at approximately $52,864,952. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Tony Marion Pearce sold 1,223,932 shares of Purple Innovation stock in a transaction dated Tuesday, November 19th. The shares were sold at an average price of $7.00, for a total value of $8,567,524.00. Following the sale, the director now owns 1,223,932 shares of the company’s stock, valued at approximately $8,567,524. The disclosure for this sale can be found here. Over the last three months, insiders sold 10,283,120 shares of company stock valued at $72,306,020. Insiders own 78.80% of the company’s stock.

An institutional investor recently raised its position in Purple Innovation stock. Wells Fargo & Company MN boosted its stake in Purple Innovation Inc (NASDAQ:PRPL) by 1,705.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 11,608 shares of the company’s stock after purchasing an additional 10,965 shares during the quarter. Wells Fargo & Company MN’s holdings in Purple Innovation were worth $78,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 34.59% of the company’s stock.

Purple Innovation stock traded down $0.08 during mid-day trading on Friday, reaching $8.20. The company’s stock had a trading volume of 39,413 shares, compared to its average volume of 291,817. The firm’s fifty day moving average price is $8.03 and its two-hundred day moving average price is $7.42. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.93 and a current ratio of 1.44. Purple Innovation has a 12-month low of $4.20 and a 12-month high of $11.04. The company has a market capitalization of $168.26 million, a P/E ratio of -16.08, a PEG ratio of 0.65 and a beta of -0.37.

Purple Innovation (NASDAQ:PRPL) last posted its earnings results on Wednesday, November 6th. The company reported $0.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.02 by $0.17. Purple Innovation had a negative return on equity of 57,779.57% and a negative net margin of 0.22%. The firm had revenue of $117.41 million for the quarter, compared to the consensus estimate of $105.29 million. On average, research analysts predict that Purple Innovation will post 0.84 EPS for the current fiscal year.

About Purple Innovation

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.