Purple Innovation, Inc. (NASDAQ:PRPL) – Wedbush decreased their Q4 2020 earnings per share estimates for shares of Purple Innovation in a report released on Tuesday, January 12th. Wedbush analyst S. Basham now forecasts that the company will earn $0.10 per share for the quarter, down from their previous estimate of $0.14. Wedbush currently has a “Outperform” rating and a $38.00 target price on the stock.
Other analysts have also issued research reports about the company. Craig Hallum raised their target price on Purple Innovation from $32.00 to $40.00 and gave the company a “buy” rating in a report on Tuesday, October 20th. Roth Capital raised their target price on Purple Innovation from $27.00 to $32.00 and gave the company a “buy” rating in a report on Thursday, November 12th. B. Riley lifted their price objective on Purple Innovation from $20.00 to $41.00 and gave the stock a “buy” rating in a report on Tuesday. BidaskClub raised Purple Innovation from a “hold” rating to a “buy” rating in a report on Wednesday, January 6th. Finally, Truist started coverage on Purple Innovation in a report on Wednesday, December 16th. They set a “buy” rating and a $35.00 price objective on the stock. Two analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. Purple Innovation presently has an average rating of “Buy” and a consensus price target of $37.10.
Purple Innovation (NASDAQ:PRPL) last released its earnings results on Saturday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.24 by $0.03. The firm had revenue of $187.11 million for the quarter, compared to analyst estimates of $175.40 million. Purple Innovation had a return on equity of 545.13% and a net margin of 0.81%. The business’s revenue for the quarter was up 59.4% compared to the same quarter last year.
Institutional investors have recently modified their holdings of the business. Steward Partners Investment Advisory LLC bought a new stake in shares of Purple Innovation in the 3rd quarter valued at about $30,000. Private Advisor Group LLC purchased a new position in shares of Purple Innovation in the 2nd quarter worth approximately $36,000. Point72 Hong Kong Ltd purchased a new position in shares of Purple Innovation in the 3rd quarter worth approximately $38,000. American International Group Inc. grew its position in shares of Purple Innovation by 77.5% in the 2nd quarter. American International Group Inc. now owns 8,744 shares of the company’s stock worth $157,000 after buying an additional 3,818 shares during the last quarter. Finally, Advisor Group Holdings Inc. grew its position in shares of Purple Innovation by 2,581.9% in the 2nd quarter. Advisor Group Holdings Inc. now owns 9,923 shares of the company’s stock worth $179,000 after buying an additional 9,553 shares during the last quarter. Hedge funds and other institutional investors own 64.45% of the company’s stock.
In other 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 completion of the transaction, the insider now directly owns 10,000 shares in the company, valued at approximately $285,100. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 75.10% 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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