Purple Innovation Inc (NASDAQ:PRPL) shares shot up 6.2% on Thursday . The company traded as high as $7.85 and last traded at $7.51, 434,002 shares traded hands during trading. An increase of 1,182% from the average session volume of 33,843 shares. The stock had previously closed at $7.07.
A number of brokerages have recently weighed in on PRPL. Roth Capital began coverage on shares of Purple Innovation in a research note on Monday, October 28th. They set a “buy” rating and a $10.00 price objective for the company. Zacks Investment Research cut shares of Purple Innovation from a “buy” rating to a “hold” rating in a research note on Friday, October 18th. Wedbush raised their price objective on shares of Purple Innovation from $9.00 to $12.00 and gave the stock an “outperform” rating in a research note on Monday, September 23rd. ValuEngine cut shares of Purple Innovation from a “hold” rating to a “sell” rating in a research note on Monday, November 4th. Finally, TheStreet raised shares of Purple Innovation from a “d+” rating to a “c-” rating in a research note on Tuesday, September 10th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have assigned a buy rating to the company. The company has a consensus rating of “Hold” and a consensus price target of $10.00.
The stock’s 50-day moving average is $7.50 and its 200-day moving average is $7.10. The stock has a market cap of $429.56 million, a price-to-earnings ratio of -14.73 and a beta of -0.44. The company has a debt-to-equity ratio of 4.32, a current ratio of 1.44 and a quick ratio of 0.93.
Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, August 13th. The company reported $0.18 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of ($0.27) by $0.45. Purple Innovation had a negative net margin of 0.22% and a negative return on equity of 57,779.57%. The firm had revenue of $103.00 million for the quarter, compared to analyst estimates of $94.90 million. Analysts predict that Purple Innovation Inc will post 0.52 EPS for the current fiscal year.
In other news, Director Coliseum Capital Management, L bought 97,867 shares of the firm’s stock in a transaction that occurred on Tuesday, August 27th. The shares were purchased at an average price of $7.67 per share, for a total transaction of $750,639.89. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In the last 90 days, insiders have purchased 263,026 shares of company stock worth $2,082,224. 78.80% of the stock is owned by company insiders.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. Wells Fargo & Company MN boosted its position in Purple Innovation by 1,705.3% during the second quarter. Wells Fargo & Company MN now owns 11,608 shares of the company’s stock worth $78,000 after acquiring an additional 10,965 shares during the last quarter. Cpwm LLC boosted its holdings in shares of Purple Innovation by 150.0% in the 2nd quarter. Cpwm LLC now owns 50,000 shares of the company’s stock valued at $338,000 after purchasing an additional 30,000 shares during the last quarter. Vanguard Group Inc. boosted its holdings in shares of Purple Innovation by 17.5% in the 2nd quarter. Vanguard Group Inc. now owns 52,910 shares of the company’s stock valued at $357,000 after purchasing an additional 7,879 shares during the last quarter. Finally, Commonwealth Equity Services LLC acquired a new position in shares of Purple Innovation in the 2nd quarter valued at $567,000. Hedge funds and other institutional investors own 12.66% of the company’s stock.
Purple Innovation Company Profile (NASDAQ:PRPL)
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.
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