Zacks: Analysts Set $6.50 Target Price for Purple Innovation Inc (PRPL)

Purple Innovation Inc (NASDAQ:PRPL) has been given a consensus broker rating score of 1.00 (Strong Buy) from the one brokers that cover the company, Zacks Investment Research reports.

Brokerages have set a 12-month consensus price target of $6.50 for the company and are predicting that the company will post ($0.81) earnings per share for the current quarter, according to Zacks. Zacks has also given Purple Innovation an industry rank of 91 out of 255 based on the ratings given to related companies.

PRPL has been the subject of a number of analyst reports. Zacks Investment Research lowered Purple Innovation from a “hold” rating to a “sell” rating in a research note on Friday, December 28th. Wedbush reiterated an “outperform” rating and issued a $6.50 price target on shares of Purple Innovation in a research note on Wednesday, March 13th.

Purple Innovation stock traded down $0.05 during trading on Friday, reaching $5.10. The company had a trading volume of 5,290 shares, compared to its average volume of 8,952. Purple Innovation has a 52 week low of $4.20 and a 52 week high of $10.75. The stock has a market cap of $274.39 million, a P/E ratio of -10.00 and a beta of -0.30. The company has a debt-to-equity ratio of 6.41, a quick ratio of 0.51 and a current ratio of 0.98.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, March 12th. The company reported ($0.12) EPS for the quarter, topping the Zacks’ consensus estimate of ($0.14) by $0.02. Purple Innovation had a negative return on equity of 63.22% and a negative net margin of 1.39%. The company had revenue of $78.46 million for the quarter, compared to analysts’ expectations of $77.10 million. Analysts predict that Purple Innovation will post -1.01 EPS for the current year.

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRPL. Royce & Associates LP grew its position in Purple Innovation by 22.2% in the fourth quarter. Royce & Associates LP now owns 275,000 shares of the company’s stock worth $1,620,000 after acquiring an additional 50,000 shares in the last quarter. LPL Financial LLC grew its position in Purple Innovation by 347.2% in the third quarter. LPL Financial LLC now owns 56,800 shares of the company’s stock worth $329,000 after acquiring an additional 44,100 shares in the last quarter. Vanguard Group Inc grew its position in Purple Innovation by 112.0% in the third quarter. Vanguard Group Inc now owns 41,721 shares of the company’s stock worth $242,000 after acquiring an additional 22,043 shares in the last quarter. Vanguard Group Inc. grew its position in Purple Innovation by 112.0% in the third quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock worth $242,000 after acquiring an additional 22,043 shares in the last quarter. Finally, Northern Trust Corp grew its position in Purple Innovation by 7.2% in the fourth quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock worth $256,000 after acquiring an additional 2,897 shares in the last quarter. Institutional investors own 13.00% of the company’s stock.

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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