Purple Innovation (NASDAQ:PRPL – Get Free Report) posted its quarterly earnings data on Monday. The company reported ($1.52) earnings per share for the quarter, topping the consensus estimate of ($1.91) by $0.39, Zacks reports.
Purple Innovation Stock Performance
Shares of NASDAQ:PRPL traded down $0.48 during midday trading on Monday, hitting $9.10. 59,621 shares of the stock were exchanged, compared to its average volume of 15,006. Purple Innovation has a 52-week low of $6.12 and a 52-week high of $31.50. The business’s fifty day simple moving average is $9.03 and its two-hundred day simple moving average is $13.25. The company has a market capitalization of $39.68 million, a PE ratio of -0.63 and a beta of 1.46.
Wall Street Analysts Forecast Growth
PRPL has been the topic of several recent analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Purple Innovation in a research report on Friday, July 17th. UBS Group dropped their target price on Purple Innovation from $21.25 to $16.25 and set a “neutral” rating on the stock in a report on Wednesday, April 29th. Wall Street Zen lowered shares of Purple Innovation from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 9th. Finally, KeyCorp cut shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 28th. Two equities 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 currently has an average rating of “Reduce” and an average price target of $16.25.
Institutional Inflows and Outflows
Several hedge funds have recently bought and sold shares of the company. Bank of America Corp DE lifted its holdings in shares of Purple Innovation by 45.1% during the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after buying an additional 17,406 shares during the last quarter. AQR Capital Management LLC bought a new position in Purple Innovation during the first quarter valued at approximately $28,000. XTX Topco Ltd acquired a new stake in Purple Innovation in the second quarter valued at approximately $30,000. Marshall Wace LLP acquired a new stake in Purple Innovation in the second quarter valued at approximately $128,000. Finally, Qube Research & Technologies Ltd bought a new stake in Purple Innovation in the second quarter worth approximately $63,000. 88.41% of the stock is owned by institutional investors and hedge funds.
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.
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