Purple Innovation, Inc. (NASDAQ:PRPL – Get Free Report) was the recipient of a significant decrease in short interest during the month of July. As of July 31st, there was short interest totaling 80,409 shares, a decrease of 95.6% from the July 15th total of 1,846,432 shares. Currently, 4.0% of the company’s stock are sold short. Based on an average daily trading volume, of 32,364 shares, the days-to-cover ratio is currently 2.5 days.
Purple Innovation Stock Performance
Shares of Purple Innovation stock traded up $0.14 on Thursday, reaching $6.66. 8,289 shares of the stock were exchanged, compared to its average volume of 15,581. Purple Innovation has a one year low of $6.12 and a one year high of $31.50. The firm has a market cap of $29.02 million, a PE ratio of -0.59 and a beta of 1.46. The firm’s 50 day moving average is $8.87 and its 200-day moving average is $13.03.
Purple Innovation (NASDAQ:PRPL – Get Free Report) last issued its earnings results on Monday, August 10th. The company reported ($1.52) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($2.18) by $0.66. The firm had revenue of $98.27 million during the quarter, compared to analyst estimates of $104.39 million. On average, equities research analysts expect that Purple Innovation will post -6.63 EPS for the current fiscal year.
Hedge Funds Weigh In On Purple Innovation
Wall Street Analyst Weigh In
A number of brokerages have recently issued reports on PRPL. UBS Group dropped their target price on Purple Innovation from $21.25 to $16.25 and set a “neutral” rating for the company in a report on Wednesday, April 29th. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a report on Friday, July 17th. KeyCorp lowered Purple Innovation from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 28th. Finally, Wall Street Zen cut Purple Innovation from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 9th. Two investment analysts have rated the stock with a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, Purple Innovation presently has a consensus rating of “Reduce” and an average target price of $16.25.
Read Our Latest Report on PRPL
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.
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