Purple Innovation Inc (NASDAQ:PRPL) Short Interest Down 7.7% in June

Purple Innovation Inc (NASDAQ:PRPL) saw a large decline in short interest in the month of June. As of June 15th, there was short interest totalling 174,700 shares, a decline of 7.7% from the May 15th total of 189,200 shares. Approximately 2.0% of the company’s shares are short sold. Based on an average daily trading volume, of 13,100 shares, the days-to-cover ratio is presently 13.3 days.

Several equities analysts recently issued reports on the company. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a research report on Wednesday, July 3rd. Wedbush restated an “outperform” rating on shares of Purple Innovation in a research note on Wednesday, May 8th.

NASDAQ PRPL opened at $6.60 on Friday. The company has a market cap of $355.09 million, a PE ratio of 60.00 and a beta of -0.26. The company has a 50 day moving average price of $6.58. Purple Innovation has a 52 week low of $4.20 and a 52 week high of $8.30.

Purple Innovation (NASDAQ:PRPL) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.81) by $1.22. Purple Innovation had a positive return on equity of 44.68% and a negative net margin of 0.87%. The company had revenue of $83.65 million for the quarter, compared to analysts’ expectations of $71.20 million. As a group, sell-side analysts expect that Purple Innovation will post -0.38 earnings per share for the current year.

In other Purple Innovation news, CEO Joseph B. Megibow acquired 7,291 shares of the firm’s stock in a transaction that occurred on Monday, May 13th. The stock was acquired at an average cost of $6.64 per share, for a total transaction of $48,412.24. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CEO Joseph B. Megibow acquired 22,709 shares of the firm’s stock in a transaction that occurred on Thursday, May 16th. The stock was acquired at an average price of $6.67 per share, with a total value of $151,469.03. The disclosure for this purchase can be found here. 78.80% of the stock is currently owned by insiders.

Institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. raised its stake in Purple Innovation by 112.0% in the 3rd quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock valued at $242,000 after acquiring an additional 22,043 shares during the period. Northern Trust Corp raised its stake in Purple Innovation by 7.2% in the 4th quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock valued at $256,000 after acquiring an additional 2,897 shares during the period. Finally, Royce & Associates LP raised its stake in Purple Innovation by 22.2% in the 4th quarter. Royce & Associates LP now owns 275,000 shares of the company’s stock valued at $1,620,000 after acquiring an additional 50,000 shares during the period. Institutional investors and hedge funds own 12.79% of the company’s stock.

About Purple Innovation

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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