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Purple Innovation, Inc. (NASDAQ:PRPL - Get Rating) has received an average recommendation of "Hold" from the twelve brokerages that are currently covering the firm, Marketbeat Ratings reports. One equities research analyst has rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $9.67.

A number of research analysts have recently weighed in on the company. Truist Financial cut their price target on Purple Innovation from $10.00 to $5.00 and set a "hold" rating on the stock in a research note on Wednesday, March 2nd. Roth Capital downgraded Purple Innovation from a "buy" rating to a "neutral" rating and cut their price target for the company from $10.00 to $6.00 in a research note on Wednesday, March 2nd. Bank of America cut their price target on Purple Innovation from $5.50 to $4.50 and set an "underperform" rating on the stock in a research note on Wednesday, March 2nd. KeyCorp dropped their price objective on Purple Innovation from $16.00 to $15.00 and set an "overweight" rating on the stock in a research note on Monday, March 28th. Finally, B. Riley dropped their price objective on Purple Innovation from $9.00 to $6.00 and set a "neutral" rating on the stock in a research note on Wednesday, March 2nd.

In other news, insider Jack Roddy purchased 6,000 shares of the company's stock in a transaction on Tuesday, May 17th. The shares were purchased at an average price of $4.85 per share, with a total value of $29,100.00. Following the purchase, the insider now directly owns 9,000 shares of the company's stock, valued at approximately $43,650. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Coliseum Capital Management, L purchased 2,083,347 shares of the company's stock in a transaction on Monday, May 16th. The stock was purchased at an average cost of $4.68 per share, for a total transaction of $9,750,063.96. Following the purchase, the director now directly owns 37,110,072 shares in the company, valued at $173,675,136.96. The disclosure for this purchase can be found here. Insiders acquired a total of 5,143,600 shares of company stock worth $25,102,609 in the last three months. Company insiders own 35.04% of the company's stock.

Several hedge funds and other institutional investors have recently made changes to their positions in PRPL. Strs Ohio bought a new position in shares of Purple Innovation in the 1st quarter valued at about $50,000. Point72 Hong Kong Ltd bought a new position in Purple Innovation during the first quarter worth about $52,000. Kestra Advisory Services LLC bought a new position in Purple Innovation during the first quarter worth about $68,000. Royal Bank of Canada grew its holdings in Purple Innovation by 63.5% during the second quarter. Royal Bank of Canada now owns 3,478 shares of the company's stock worth $92,000 after purchasing an additional 1,351 shares during the period. Finally, Macquarie Group Ltd. grew its holdings in Purple Innovation by 97.9% during the third quarter. Macquarie Group Ltd. now owns 4,429 shares of the company's stock worth $93,000 after purchasing an additional 2,191 shares during the period.

PRPL stock opened at $4.64 on Tuesday. The business's fifty day moving average is $5.04 and its 200-day moving average is $7.67. The company has a quick ratio of 0.94, a current ratio of 1.89 and a debt-to-equity ratio of 0.17. The company has a market cap of $310.74 million, a P/E ratio of -6.93 and a beta of 1.72. Purple Innovation has a twelve month low of $2.99 and a twelve month high of $29.52.

Purple Innovation (NASDAQ:PRPL - Get Rating) last posted its quarterly earnings results on Tuesday, May 10th. The company reported ($0.24) earnings per share for the quarter, beating analysts' consensus estimates of ($0.35) by $0.11. The company had revenue of $143.18 million for the quarter, compared to the consensus estimate of $130.12 million. Purple Innovation had a negative return on equity of 23.87% and a negative net margin of 4.44%. The firm's quarterly revenue was down 23.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.17 EPS. Research analysts anticipate that Purple Innovation will post -0.14 earnings per share for the current fiscal year.

About Purple Innovation (Get Rating)

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds. It markets and sells its products through its e-commerce online channels retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through Purple retail showrooms.

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