Purple Innovation Inc (NASDAQ:PRPL) Short Interest Update

Purple Innovation Inc (NASDAQ:PRPL) was the target of a significant growth in short interest in the month of September. As of September 15th, there was short interest totalling 5,960,000 shares, a growth of 40.6% from the August 31st total of 4,240,000 shares. Based on an average trading volume of 1,490,000 shares, the days-to-cover ratio is presently 4.0 days.

A number of research firms have recently issued reports on PRPL. Zacks Investment Research lowered shares of Purple Innovation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Wedbush increased their target price on shares of Purple Innovation from $17.00 to $27.00 and gave the stock an “outperform” rating in a research report on Friday, August 7th. Roth Capital reissued a “buy” rating on shares of Purple Innovation in a research note on Thursday, September 3rd. BidaskClub downgraded shares of Purple Innovation from a “buy” rating to a “hold” rating in a research note on Monday, September 21st. Finally, TheStreet lowered Purple Innovation from a “c” rating to a “d+” rating in a report on Friday, August 14th. One analyst has rated the stock with a sell rating, two have given a hold rating and eight have assigned a buy rating to the company’s stock. The stock currently has an average rating of “Buy” and a consensus target price of $21.89.

In other news, insider Verdi Ray White III sold 17,000 shares of the firm’s stock in a transaction on Monday, August 24th. The stock was sold at an average price of $20.85, for a total value of $354,450.00. Following the completion of the sale, the insider now owns 17,000 shares of the company’s stock, valued at $354,450. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Paul J. Zepf sold 40,000 shares of Purple Innovation stock in a transaction on Wednesday, September 23rd. The shares were sold at an average price of $24.10, for a total value of $964,000.00. Following the transaction, the director now owns 141,883 shares in the company, valued at approximately $3,419,380.30. The disclosure for this sale can be found here. Insiders have sold 257,000 shares of company stock worth $6,052,430 in the last 90 days. 75.10% of the stock is owned by company insiders.

Several large investors have recently added to or reduced their stakes in PRPL. Marshall Wace North America L.P. bought a new stake in shares of Purple Innovation during the 2nd quarter worth $3,716,000. Russell Investments Group Ltd. bought a new stake in Purple Innovation during the second quarter valued at about $1,813,000. Cambridge Investment Research Advisors Inc. acquired a new stake in shares of Purple Innovation in the second quarter valued at about $371,000. Wells Fargo & Company MN boosted its stake in Purple Innovation by 679.5% during the 1st quarter. Wells Fargo & Company MN now owns 95,000 shares of the company’s stock valued at $539,000 after purchasing an additional 82,812 shares during the period. Finally, Principal Financial Group Inc. grew its holdings in Purple Innovation by 90.6% in the 2nd quarter. Principal Financial Group Inc. now owns 926,043 shares of the company’s stock valued at $16,669,000 after buying an additional 440,229 shares during the last quarter. 64.45% of the stock is currently owned by institutional investors.

Purple Innovation stock traded up $1.26 during mid-day trading on Thursday, hitting $26.12. 1,787,889 shares of the company’s stock were exchanged, compared to its average volume of 922,220. Purple Innovation has a 1-year low of $4.42 and a 1-year high of $27.75. The stock has a 50 day moving average of $21.48 and a two-hundred day moving average of $15.89. The company has a current ratio of 1.45, a quick ratio of 1.10 and a debt-to-equity ratio of 2.19. The stock has a market cap of $1.34 billion, a P/E ratio of -191.23, a P/E/G ratio of 2.90 and a beta of 1.70.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings data on Thursday, August 13th. The company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.29. Purple Innovation had a return on equity of 545.13% and a net margin of 0.81%. The business had revenue of $165.10 million for the quarter, compared to analyst estimates of $176.59 million. As a group, research analysts predict that Purple Innovation will post 0.54 EPS for the current fiscal year.

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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