Renaissance Technologies LLC Sells 90,841 Shares of Purple Innovation, Inc. $PRPL

Renaissance Technologies LLC decreased its stake in Purple Innovation, Inc. (NASDAQ:PRPL) by 11.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 677,654 shares of the company’s stock after selling 90,841 shares during the quarter. Renaissance Technologies LLC owned 0.62% of Purple Innovation worth $448,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Wasatch Advisors LP increased its stake in shares of Purple Innovation by 10.6% in the 3rd quarter. Wasatch Advisors LP now owns 5,116,685 shares of the company’s stock valued at $4,780,000 after acquiring an additional 488,751 shares during the last quarter. Jacobs Levy Equity Management Inc. bought a new position in Purple Innovation during the 3rd quarter worth approximately $757,000. Jane Street Group LLC acquired a new position in Purple Innovation during the second quarter valued at approximately $253,000. State Street Corp grew its holdings in Purple Innovation by 8.8% during the fourth quarter. State Street Corp now owns 259,838 shares of the company’s stock valued at $179,000 after purchasing an additional 21,100 shares during the period. Finally, Marshall Wace LLP bought a new stake in Purple Innovation in the second quarter valued at approximately $128,000. Institutional investors own 88.41% of the company’s stock.

Wall Street Analyst Weigh In

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

Purple Innovation Stock Down 7.5%

Shares of PRPL stock opened at $6.31 on Tuesday. Purple Innovation, Inc. has a 12-month low of $6.12 and a 12-month high of $31.50. The firm has a fifty day moving average of $8.67 and a 200-day moving average of $12.79. The company has a market capitalization of $27.51 million, a price-to-earnings ratio of -0.56 and a beta of 1.46.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Monday, August 10th. The company reported ($1.52) EPS for the quarter, beating the consensus estimate of ($2.18) by $0.66. The company had revenue of $98.27 million during the quarter, compared to the consensus estimate of $104.39 million. On average, equities analysts expect that Purple Innovation, Inc. will post -6.63 EPS for the current year.

Purple Innovation Company Profile

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.