Purple Innovation (NASDAQ:PRPL) Stock Rating Lowered by Wedbush

Wedbush downgraded shares of Purple Innovation (NASDAQ:PRPL) from an outperform rating to a neutral rating in a research note issued to investors on Wednesday morning, Marketbeat.com reports. The firm currently has $1.10 price target on the stock, down from their previous price target of $1.75.

Separately, Craig Hallum dropped their price objective on Purple Innovation from $2.00 to $1.50 and set a hold rating on the stock in a report on Tuesday, August 6th. Three equities research analysts have rated the stock with a hold rating and three have issued a buy rating to the company. Based on data from MarketBeat.com, Purple Innovation has a consensus rating of Moderate Buy and a consensus target price of $2.53.

Purple Innovation Trading Down 5.6 %

Purple Innovation stock opened at $1.02 on Wednesday. Purple Innovation has a 12 month low of $0.55 and a 12 month high of $2.37. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69. The stock has a market cap of $109.84 million, a P/E ratio of -0.76 and a beta of 2.03. The company’s fifty day simple moving average is $1.19 and its 200-day simple moving average is $1.38.

Purple Innovation (NASDAQ:PRPL) last issued its earnings results on Monday, August 5th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. The firm had revenue of $120.27 million during the quarter, compared to analysts’ expectations of $127.41 million. During the same quarter last year, the firm earned ($0.20) EPS. As a group, sell-side analysts forecast that Purple Innovation will post -0.48 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, CEO Robert Demartini acquired 138,834 shares of the stock in a transaction dated Friday, June 28th. The shares were acquired at an average price of $1.03 per share, with a total value of $142,999.02. Following the acquisition, the chief executive officer now owns 663,669 shares in the company, valued at approximately $683,579.07. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 54.30% of the company’s stock.

Hedge Funds Weigh In On Purple Innovation

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets lifted its stake in shares of Purple Innovation by 73.7% in the first quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after buying an additional 11,405 shares during the last quarter. Platform Technology Partners acquired a new position in Purple Innovation during the 4th quarter worth $31,000. Quadrant Capital Group LLC bought a new stake in Purple Innovation during the fourth quarter valued at about $32,000. Caliber Wealth Management LLC grew its position in shares of Purple Innovation by 32.3% in the first quarter. Caliber Wealth Management LLC now owns 33,082 shares of the company’s stock valued at $58,000 after purchasing an additional 8,082 shares during the last quarter. Finally, Patriot Financial Group Insurance Agency LLC bought a new position in shares of Purple Innovation in the second quarter worth about $43,000. Institutional investors and hedge funds own 88.41% of the company’s stock.

About Purple Innovation

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.