Shares of Purple Innovation, Inc. (NASDAQ:PRPL – Get Free Report) traded down 0.7% on Monday . The stock traded as low as $0.3911 and last traded at $0.3911. 223,343 shares changed hands during mid-day trading, a decline of 44% from the average session volume of 400,646 shares. The stock had previously closed at $0.3937.
Wall Street Analyst Weigh In
PRPL has been the subject of a number of recent research reports. UBS Group decreased their price target on shares of Purple Innovation from $0.85 to $0.65 and set a “neutral” rating for the company in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Purple Innovation in a report on Tuesday, April 21st. Wall Street Zen lowered Purple Innovation from a “hold” rating to a “strong sell” rating in a report on Saturday, May 9th. Finally, KeyCorp cut Purple Innovation from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 28th. Two analysts have rated the stock with a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, Purple Innovation has an average rating of “Reduce” and an average target price of $0.65.
Read Our Latest Stock Analysis on Purple Innovation
Purple Innovation Stock Performance
Purple Innovation (NASDAQ:PRPL – Get Free Report) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.13) earnings per share for the quarter, hitting analysts’ consensus estimates of ($0.13). The company had revenue of $95.73 million for the quarter, compared to analyst estimates of $100.92 million. Research analysts predict that Purple Innovation, Inc. will post -0.28 EPS for the current fiscal year.
Insider Activity at Purple Innovation
In related news, CFO Robert Gerard Lucian bought 60,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was bought at an average cost of $0.49 per share, with a total value of $29,400.00. Following the completion of the acquisition, the chief financial officer owned 60,000 shares in the company, valued at approximately $29,400. This represents a ∞ increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders own 53.90% of the company’s stock.
Institutional Inflows and Outflows
Several institutional investors have recently modified their holdings of PRPL. Caprock Group LLC acquired a new position in shares of Purple Innovation during the 3rd quarter worth approximately $26,000. AQR Capital Management LLC acquired a new position in shares of Purple Innovation during the 1st quarter worth approximately $28,000. XTX Topco Ltd acquired a new position in Purple Innovation in the 2nd quarter valued at $30,000. R Squared Ltd acquired a new position in Purple Innovation in the 3rd quarter valued at $33,000. Finally, Bank of America Corp DE raised its holdings in Purple Innovation by 45.1% in the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after acquiring an additional 17,406 shares during the last quarter. 88.41% of the stock is currently owned by institutional investors and hedge funds.
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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