Robert Gerard Lucian Acquires 60,000 Shares of Purple Innovation (NASDAQ:PRPL) Stock

Purple Innovation, Inc. (NASDAQ:PRPL) CFO Robert Gerard Lucian purchased 60,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were purchased at an average cost of $0.49 per share, for a total transaction of $29,400.00. Following the completion of the transaction, the chief financial officer directly owned 60,000 shares of the company’s stock, valued at $29,400. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website.

Purple Innovation Price Performance

PRPL opened at $0.51 on Friday. The company’s 50-day moving average is $0.65 and its 200 day moving average is $0.71. Purple Innovation, Inc. has a fifty-two week low of $0.47 and a fifty-two week high of $1.26. The firm has a market capitalization of $55.97 million, a P/E ratio of -0.89 and a beta of 1.52.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings results on Tuesday, April 28th. The company reported ($0.13) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.13). The firm had revenue of $95.73 million for the quarter, compared to the consensus estimate of $100.92 million. On average, equities research analysts expect that Purple Innovation, Inc. will post -0.28 earnings per share for the current year.

Analysts Set New Price Targets

Several analysts have commented on the stock. KeyCorp lowered shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 28th. Wall Street Zen raised shares of Purple Innovation to a “hold” rating in a research report on Saturday, April 11th. UBS Group lowered their price objective on shares of Purple Innovation from $0.85 to $0.65 and set a “neutral” rating on the stock in a research report on Wednesday, April 29th. Finally, Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Purple Innovation in a research report on Tuesday, April 21st. Two research analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat, Purple Innovation presently has an average rating of “Reduce” and a consensus target price of $0.65.

Institutional Trading of Purple Innovation

Hedge funds have recently added to or reduced their stakes in the stock. Jacobs Levy Equity Management Inc. purchased a new position in shares of Purple Innovation in the third quarter worth about $757,000. Wasatch Advisors LP increased its stake in shares of Purple Innovation by 16.1% in the second quarter. Wasatch Advisors LP now owns 4,627,934 shares of the company’s stock worth $3,375,000 after purchasing an additional 641,697 shares in the last quarter. Jane Street Group LLC purchased a new position in shares of Purple Innovation in the second quarter worth about $253,000. Marshall Wace LLP purchased a new position in shares of Purple Innovation in the second quarter worth about $128,000. Finally, Squarepoint Ops LLC purchased a new position in shares of Purple Innovation in the third quarter worth about $135,000. Institutional investors own 88.41% of the company’s stock.

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.