Purple Innovation, Inc. (NASDAQ:PRPL) Short Interest Down 26.7% in April

Purple Innovation, Inc. (NASDAQ:PRPL) was the target of a large decline in short interest in the month of April. As of April 15th, there was short interest totalling 4,250,000 shares, a decline of 26.7% from the March 31st total of 5,800,000 shares. Based on an average daily volume of 851,900 shares, the days-to-cover ratio is presently 5.0 days.

Purple Innovation Trading Up 1.0 %

Shares of PRPL traded up $0.01 during midday trading on Friday, hitting $1.52. The stock had a trading volume of 221,022 shares, compared to its average volume of 462,100. The business has a 50-day simple moving average of $1.67 and a two-hundred day simple moving average of $1.23. The firm has a market cap of $162.42 million, a P/E ratio of -1.36 and a beta of 1.98. The company has a current ratio of 1.28, a quick ratio of 0.68 and a debt-to-equity ratio of 0.23. Purple Innovation has a fifty-two week low of $0.55 and a fifty-two week high of $3.78.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Tuesday, March 12th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.19) by $0.04. Purple Innovation had a negative net margin of 22.31% and a negative return on equity of 42.60%. The firm had revenue of $145.94 million during the quarter, compared to analyst estimates of $145.43 million. As a group, equities analysts forecast that Purple Innovation will post -0.34 EPS for the current year.

Analyst Ratings Changes

Several equities research analysts have weighed in on the company. Wedbush increased their target price on Purple Innovation from $1.25 to $2.25 and gave the stock an “outperform” rating in a research report on Wednesday, March 13th. KeyCorp dropped their price target on shares of Purple Innovation from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Craig Hallum boosted their price objective on Purple Innovation from $1.00 to $2.00 and gave the stock a “hold” rating in a research report on Wednesday, March 13th. Roth Capital raised Purple Innovation from a “neutral” rating to a “buy” rating in a report on Wednesday, March 13th. Finally, Roth Mkm reaffirmed a “buy” rating and set a $2.50 target price on shares of Purple Innovation in a research note on Thursday, March 21st. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $3.95.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of PRPL. Sierra Summit Advisors LLC acquired a new position in Purple Innovation in the 4th quarter valued at approximately $1,000,000. Wasatch Advisors LP raised its holdings in shares of Purple Innovation by 34.1% during the fourth quarter. Wasatch Advisors LP now owns 2,206,820 shares of the company’s stock worth $2,273,000 after acquiring an additional 561,491 shares in the last quarter. FMR LLC raised its holdings in shares of Purple Innovation by 3.5% during the third quarter. FMR LLC now owns 11,702,309 shares of the company’s stock worth $20,011,000 after acquiring an additional 399,139 shares in the last quarter. Fuller & Thaler Asset Management Inc. acquired a new stake in Purple Innovation during the third quarter valued at $568,000. Finally, Innovis Asset Management LLC grew its stake in Purple Innovation by 189.5% in the third quarter. Innovis Asset Management LLC now owns 336,525 shares of the company’s stock valued at $575,000 after purchasing an additional 220,275 shares in the last quarter. Hedge funds and other institutional investors own 88.41% of the company’s stock.

About Purple Innovation

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.