Purple Innovation (NASDAQ:PRPL) Stock Price Down 0.7% – Here’s Why

Purple Innovation, Inc. (NASDAQ:PRPL)’s stock price traded down 0.7% on Monday . The company traded as low as $0.7729 and last traded at $0.7851. 297,962 shares traded hands during trading, a decline of 44% from the average session volume of 535,974 shares. The stock had previously closed at $0.7907.

Analyst Ratings Changes

A number of research analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of Purple Innovation from a “sell” rating to a “hold” rating in a research report on Friday, August 22nd. Weiss Ratings reissued a “sell (e+)” rating on shares of Purple Innovation in a report on Wednesday, October 8th. One analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the company currently has an average rating of “Reduce” and a consensus target price of $1.00.

Purple Innovation Stock Down 0.7%

The company has a debt-to-equity ratio of 54.69, a quick ratio of 0.73 and a current ratio of 1.40. The firm has a 50 day simple moving average of $0.83 and a two-hundred day simple moving average of $0.86. The stock has a market cap of $85.11 million, a P/E ratio of -1.48 and a beta of 1.85.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings results on Tuesday, November 4th. The company reported ($0.08) EPS for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.01. Purple Innovation had a negative return on equity of 472.12% and a negative net margin of 12.40%.The company had revenue of $118.77 million for the quarter, compared to analyst estimates of $123.21 million. Purple Innovation has set its FY 2025 guidance at EPS. Equities research analysts predict that Purple Innovation, Inc. will post -0.47 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in PRPL. Bank of America Corp DE lifted its stake in Purple Innovation by 45.1% in the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after acquiring an additional 17,406 shares in the last quarter. Caprock Group LLC purchased a new position in Purple Innovation during the 3rd quarter valued at about $26,000. R Squared Ltd acquired a new position in shares of Purple Innovation in the 3rd quarter valued at about $33,000. AQR Capital Management LLC acquired a new position in shares of Purple Innovation in the 1st quarter valued at about $28,000. Finally, XTX Topco Ltd purchased a new stake in shares of Purple Innovation in the second quarter worth approximately $30,000. 88.41% of the stock is currently owned by institutional investors.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures sleep and other products in the United States and internationally. The company offers mattresses, pillows, cushions, bases, sheets, platforms, adjustable bases, mattress protectors, foundations, blankets, duvets, duvet covers, seat cushions, and pet beds under the Purple brand.