Zacks: Purple Innovation Inc (PRPL) Given $6.50 Consensus Target Price by Brokerages

Shares of Purple Innovation Inc (NASDAQ:PRPL) have earned a consensus broker rating score of 1.00 (Strong Buy) from the one analysts that cover the stock, Zacks Investment Research reports. One equities research analyst has rated the stock with a strong buy rating.

Analysts have set a twelve-month consensus price objective of $6.50 for the company and are forecasting that the company will post ($0.27) earnings per share for the current quarter, according to Zacks. Zacks has also assigned Purple Innovation an industry rank of 107 out of 256 based on the ratings given to related companies.

A number of equities analysts recently weighed in on the stock. Zacks Investment Research downgraded shares of Purple Innovation from a “buy” rating to a “hold” rating in a research note on Saturday, April 13th. Wedbush reissued an “outperform” rating on shares of Purple Innovation in a research note on Wednesday, May 8th.

In related news, CEO Joseph B. Megibow purchased 7,291 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was purchased at an average cost of $6.64 per share, with a total value of $48,412.24. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Joseph B. Megibow purchased 22,709 shares of the firm’s stock in a transaction on Thursday, May 16th. The stock was bought at an average cost of $6.67 per share, with a total value of $151,469.03. The disclosure for this purchase can be found here. Insiders own 65.80% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of PRPL. Royce & Associates LP increased its stake in Purple Innovation by 22.2% in the fourth quarter. Royce & Associates LP now owns 275,000 shares of the company’s stock valued at $1,620,000 after purchasing an additional 50,000 shares in the last quarter. Vanguard Group Inc increased its stake in Purple Innovation by 112.0% in the third quarter. Vanguard Group Inc now owns 41,721 shares of the company’s stock valued at $242,000 after purchasing an additional 22,043 shares in the last quarter. Vanguard Group Inc. increased its stake in Purple Innovation by 112.0% in the third quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock valued at $242,000 after purchasing an additional 22,043 shares in the last quarter. Finally, Northern Trust Corp increased its stake in Purple Innovation by 7.2% in the fourth quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock valued at $256,000 after purchasing an additional 2,897 shares in the last quarter. 12.79% of the stock is owned by hedge funds and other institutional investors.

Shares of NASDAQ PRPL opened at $6.79 on Tuesday. Purple Innovation has a twelve month low of $4.20 and a twelve month high of $8.83. The firm has a market cap of $365.31 million, a P/E ratio of -13.31 and a beta of -0.08. The company has a quick ratio of 0.74, a current ratio of 1.29 and a debt-to-equity ratio of 6.41.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, May 7th. The company reported $0.41 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.81) by $1.22. Purple Innovation had a negative net margin of 0.87% and a positive return on equity of 44.68%. The business had revenue of $83.65 million during the quarter, compared to the consensus estimate of $71.20 million. On average, research analysts predict that Purple Innovation will post -0.38 EPS for the current fiscal year.

Purple Innovation Company Profile

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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