Purple Innovation (NASDAQ:PRPL) Cut to Neutral at Wedbush

Wedbush downgraded shares of Purple Innovation (NASDAQ:PRPL) from an outperform rating to a neutral rating in a research report released on Wednesday morning, MarketBeat.com reports. They currently have $1.10 price objective on the stock, down from their prior price objective of $1.75.

Separately, Craig Hallum decreased their target price on Purple Innovation from $2.00 to $1.50 and set a hold rating for the company in a research note on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus price target of $2.53.

Purple Innovation Stock Performance

Shares of PRPL opened at $1.02 on Wednesday. The firm has a market capitalization of $109.84 million, a PE ratio of -0.76 and a beta of 2.03. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69. The firm has a 50-day moving average price of $1.19 and a 200 day moving average price of $1.38. Purple Innovation has a 52-week low of $0.55 and a 52-week high of $2.37.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Monday, August 5th. The company reported ($0.13) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.11) by ($0.02). Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. The company had revenue of $120.27 million during the quarter, compared to the consensus estimate of $127.41 million. During the same quarter last year, the business earned ($0.20) earnings per share. On average, sell-side analysts anticipate that Purple Innovation will post -0.48 earnings per share for the current fiscal year.

Insider Transactions at Purple Innovation

In related news, CEO Robert Demartini bought 138,834 shares of the business’s stock in a transaction dated Friday, June 28th. The shares were bought at an average cost of $1.03 per share, with a total value of $142,999.02. Following the completion of the transaction, the chief executive officer now directly owns 663,669 shares of the company’s stock, valued at $683,579.07. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 54.30% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in PRPL. Sierra Summit Advisors LLC acquired a new position in Purple Innovation in the 4th quarter worth approximately $1,000,000. Wasatch Advisors LP boosted its position in shares of Purple Innovation by 34.1% in the fourth quarter. Wasatch Advisors LP now owns 2,206,820 shares of the company’s stock worth $2,273,000 after buying an additional 561,491 shares during the period. Divisadero Street Capital Management LP purchased a new position in shares of Purple Innovation during the second quarter valued at $144,000. Dynamic Advisor Solutions LLC raised its position in Purple Innovation by 9.7% during the first quarter. Dynamic Advisor Solutions LLC now owns 751,778 shares of the company’s stock valued at $1,308,000 after buying an additional 66,256 shares during the period. Finally, Virtu Financial LLC purchased a new stake in Purple Innovation in the 1st quarter worth about $112,000. 88.41% of the stock is owned by hedge funds and other institutional investors.

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.