Purple Innovation (NASDAQ:PRPL) had its price target lifted by research analysts at B. Riley from $20.00 to $41.00 in a research report issued on Tuesday, The Fly reports. The firm currently has a “buy” rating on the stock. B. Riley’s target price indicates a potential upside of 18.91% from the stock’s current price. B. Riley also issued estimates for Purple Innovation’s Q1 2021 earnings at $0.15 EPS, Q2 2021 earnings at $0.27 EPS, Q3 2021 earnings at $0.34 EPS, Q4 2021 earnings at $0.14 EPS and FY2022 earnings at $1.16 EPS.
PRPL has been the subject of a number of other research reports. KeyCorp increased their target price on shares of Purple Innovation from $26.00 to $34.00 and gave the company an “overweight” rating in a research report on Tuesday, November 10th. BidaskClub raised shares of Purple Innovation from a “hold” rating to a “buy” rating in a research report on Wednesday, January 6th. Oppenheimer began coverage on shares of Purple Innovation in a research report on Wednesday, November 18th. They set a “buy” rating and a $37.00 price objective for the company. Wedbush raised their price objective on shares of Purple Innovation from $32.00 to $38.00 and gave the stock an “outperform” rating in a research report on Tuesday. Finally, UBS Group began coverage on shares of Purple Innovation in a research report on Tuesday, October 13th. They set a “buy” rating and a $35.00 price objective for the company. Two equities research analysts have rated the stock with a hold rating and eleven have given a buy rating to the stock. Purple Innovation currently has a consensus rating of “Buy” and a consensus target price of $36.70.
Shares of NASDAQ PRPL opened at $34.48 on Tuesday. The company has a 50 day simple moving average of $30.83 and a 200 day simple moving average of $25.68. The firm has a market cap of $2.12 billion, a PE ratio of -265.23, a price-to-earnings-growth ratio of 5.19 and a beta of 1.51. Purple Innovation has a 1 year low of $4.42 and a 1 year high of $37.80. The company has a debt-to-equity ratio of 2.19, a current ratio of 1.45 and a quick ratio of 1.10.
In related news, insider Verdi Ray White III sold 10,000 shares of the stock in a transaction on Tuesday, November 17th. The stock was sold at an average price of $28.51, for a total value of $285,100.00. Following the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $285,100. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. 75.10% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently modified their holdings of PRPL. Wasatch Advisors Inc. lifted its holdings in shares of Purple Innovation by 199.0% in the 3rd quarter. Wasatch Advisors Inc. now owns 5,010,218 shares of the company’s stock worth $124,554,000 after purchasing an additional 3,334,630 shares in the last quarter. Woodson Capital Management LP lifted its holdings in shares of Purple Innovation by 59.2% in the 3rd quarter. Woodson Capital Management LP now owns 4,300,000 shares of the company’s stock worth $106,898,000 after purchasing an additional 1,599,400 shares in the last quarter. BlackRock Inc. lifted its holdings in shares of Purple Innovation by 53.7% in the 3rd quarter. BlackRock Inc. now owns 1,463,734 shares of the company’s stock worth $36,388,000 after purchasing an additional 511,332 shares in the last quarter. Federated Hermes Inc. lifted its stake in Purple Innovation by 45,054.6% during the 3rd quarter. Federated Hermes Inc. now owns 501,216 shares of the company’s stock valued at $12,460,000 after acquiring an additional 500,106 shares in the last quarter. Finally, ArrowMark Colorado Holdings LLC bought a new position in Purple Innovation during the 3rd quarter valued at $12,079,000. Institutional investors own 64.45% of the company’s stock.
Purple Innovation Company Profile
Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protector, bed frames, seat cushions, and weighted blanket and duvets. The company markets and sells its products through direct-to-consumer online channels, retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through its factory outlet and the company owned showrooms.
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