Purple Innovation (NASDAQ:PRPL) Announces Quarterly Earnings Results

Purple Innovation (NASDAQ:PRPL) posted its earnings results on Monday. The company reported ($1.52) earnings per share for the quarter, beating the consensus estimate of ($1.91) by $0.39, Zacks reports.

Purple Innovation Price Performance

Shares of NASDAQ PRPL traded down $0.48 during trading hours on Monday, hitting $9.10. 59,621 shares of the company’s stock were exchanged, compared to its average volume of 15,006. Purple Innovation has a 1-year low of $6.12 and a 1-year high of $31.50. The stock has a market capitalization of $39.68 million, a price-to-earnings ratio of -0.63 and a beta of 1.46. The company’s 50-day moving average price is $9.03 and its 200-day moving average price is $13.25.

Wall Street Analyst Weigh In

Several research firms recently weighed in on PRPL. UBS Group reduced their target price on Purple Innovation from $21.25 to $16.25 and set a “neutral” rating for the company in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Purple Innovation from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research note on Friday, July 17th. Finally, KeyCorp downgraded shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 28th. Two research analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Reduce” and a consensus price target of $16.25.

Institutional Inflows and Outflows

Institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new stake in shares of Purple Innovation in the first quarter valued at approximately $28,000. XTX Topco Ltd acquired a new position in Purple Innovation during the 2nd quarter valued at $30,000. Bank of America Corp DE raised its stake in Purple Innovation by 45.1% during the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after purchasing an additional 17,406 shares during the last quarter. Virtu Financial LLC bought a new stake in Purple Innovation in the 3rd quarter valued at $53,000. Finally, Two Sigma Investments LP bought a new stake in Purple Innovation in the 3rd quarter valued at $57,000. 88.41% of the stock is owned by institutional investors.

About Purple Innovation

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company’s product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.