Purple Innovation (NASDAQ:PRPL – Get Rating) had its target price dropped by research analysts at UBS Group from $6.00 to $2.75 in a research note issued on Tuesday, The Fly reports. UBS Group’s price objective would suggest a potential upside of 5.77% from the company’s current price.
Other equities analysts also recently issued research reports about the company. KeyCorp increased their price target on Purple Innovation from $7.00 to $8.00 and gave the company an “overweight” rating in a report on Wednesday, February 1st. Bank of America lowered their price target on Purple Innovation from $3.60 to $3.00 in a report on Friday.
Purple Innovation Trading Down 1.9 %
Shares of PRPL stock opened at $2.60 on Tuesday. Purple Innovation has a 12 month low of $2.33 and a 12 month high of $7.90. The company has a quick ratio of 0.95, a current ratio of 1.79 and a debt-to-equity ratio of 0.15. The business’s 50 day moving average is $4.77 and its two-hundred day moving average is $4.40. The company has a market cap of $238.76 million, a PE ratio of -2.50 and a beta of 1.66.
Purple Innovation (NASDAQ:PRPL – Get Rating) last announced its quarterly earnings results on Thursday, March 16th. The company reported ($0.10) EPS for the quarter, missing the consensus estimate of ($0.06) by ($0.04). Purple Innovation had a negative net margin of 15.58% and a negative return on equity of 13.66%. The company had revenue of $145.10 million for the quarter, compared to analyst estimates of $143.48 million. During the same quarter last year, the business earned ($0.35) EPS. The company’s revenue for the quarter was down 22.2% on a year-over-year basis. Equities analysts predict that Purple Innovation will post -0.07 EPS for the current year.
Insider Activity
In other Purple Innovation news, Director Coliseum Capital Management, L acquired 5,960,320 shares of Purple Innovation stock in a transaction dated Monday, February 13th. The stock was bought at an average cost of $4.50 per share, with a total value of $26,821,440.00. Following the completion of the transaction, the director now owns 46,814,450 shares of the company’s stock, valued at $210,665,025. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 35.04% of the stock is owned by company insiders.
Institutional Inflows and Outflows
Several hedge funds and other institutional investors have recently bought and sold shares of PRPL. PenderFund Capital Management Ltd. bought a new position in Purple Innovation in the third quarter worth $28,000. Cetera Investment Advisers bought a new position in Purple Innovation in the second quarter worth $31,000. UBS Group AG lifted its position in Purple Innovation by 51.0% in the third quarter. UBS Group AG now owns 10,096 shares of the company’s stock worth $41,000 after purchasing an additional 3,409 shares during the period. Victory Capital Management Inc. bought a new position in Purple Innovation in the fourth quarter worth $49,000. Finally, Point72 Hong Kong Ltd bought a new position in Purple Innovation in the first quarter worth $52,000. 92.19% of the stock is owned by institutional investors.
Purple Innovation Company Profile
Purple Innovation, Inc engages in the design and manufacture of comfort technology products. It offers mattresses, bed pillows, seat cushions, mattress protector, and bamboo sheets. The company was founded by Terry V. Pearce and Tony Marion Pearce in 1989 and is headquartered in Lehi, Utah.