Purple Innovation, Inc. (NASDAQ:PRPL) Sees Large Decrease in Short Interest

Purple Innovation, Inc. (NASDAQ:PRPL) was the recipient of a large drop in short interest in the month of April. As of April 15th, there was short interest totalling 4,250,000 shares, a drop of 26.7% from the March 31st total of 5,800,000 shares. Based on an average daily trading volume, of 851,900 shares, the short-interest ratio is currently 5.0 days.

Purple Innovation Stock Up 1.0 %

NASDAQ PRPL traded up $0.01 during trading hours on Friday, hitting $1.52. 221,022 shares of the company traded hands, compared to its average volume of 462,100. The stock has a market capitalization of $162.42 million, a price-to-earnings ratio of -1.36 and a beta of 1.98. Purple Innovation has a twelve month low of $0.55 and a twelve month high of $3.78. The business’s 50-day moving average is $1.67 and its 200-day moving average is $1.23. The company has a debt-to-equity ratio of 0.23, a quick ratio of 0.68 and a current ratio of 1.28.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings data on Tuesday, March 12th. The company reported ($0.15) EPS for the quarter, beating the consensus estimate of ($0.19) by $0.04. The company had revenue of $145.94 million during the quarter, compared to the consensus estimate of $145.43 million. Purple Innovation had a negative return on equity of 42.60% and a negative net margin of 22.31%. Sell-side analysts anticipate that Purple Innovation will post -0.34 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the company. Platform Technology Partners bought a new position in shares of Purple Innovation during the 4th quarter worth approximately $31,000. American Century Companies Inc. boosted its position in Purple Innovation by 55.1% during the third quarter. American Century Companies Inc. now owns 30,205 shares of the company’s stock worth $52,000 after purchasing an additional 10,731 shares during the period. Quadrant Capital Group LLC acquired a new position in shares of Purple Innovation in the fourth quarter valued at $32,000. Caliber Wealth Management LLC increased its holdings 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, SG Americas Securities LLC raised its position in shares of Purple Innovation by 113.2% in the third quarter. SG Americas Securities LLC now owns 37,942 shares of the company’s stock valued at $65,000 after purchasing an additional 20,144 shares during the period. Institutional investors own 88.41% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages recently commented on PRPL. Roth Mkm restated a “buy” rating and set a $2.50 price objective on shares of Purple Innovation in a report on Thursday, March 21st. KeyCorp dropped their price target on Purple Innovation from $6.00 to $5.00 and set an “overweight” rating on the stock in a research note on Wednesday, January 24th. Wedbush boosted their price target on Purple Innovation from $1.25 to $2.25 and gave the company an “outperform” rating in a report on Wednesday, March 13th. Craig Hallum increased their price objective on Purple Innovation from $1.00 to $2.00 and gave the stock a “hold” rating in a report on Wednesday, March 13th. Finally, Roth Capital upgraded Purple Innovation from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 13th. Two analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average price target of $3.95.

Purple Innovation Company Profile

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.