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Purple Innovation (NASDAQ:PRPL) PT Lowered to $5.00

Financial News Live ·  Sep 24, 2022 01:41

Purple Innovation (NASDAQ:PRPL – Get Rating) had its price target decreased by KeyCorp from $10.00 to $5.00 in a report released on Tuesday, Marketbeat.com reports. KeyCorp currently has an overweight rating on the stock.

Separately, Oppenheimer decreased their price objective on Purple Innovation to $8.00 in a research note on Monday, August 22nd. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. According to data from MarketBeat.com, Purple Innovation presently has a consensus rating of Hold and an average price target of $7.56.

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Purple Innovation Price Performance

Shares of PRPL opened at $4.00 on Tuesday. The company has a market capitalization of $332.38 million, a price-to-earnings ratio of -5.41 and a beta of 1.91. The business has a 50-day moving average of $3.42 and a 200-day moving average of $4.42. The company has a debt-to-equity ratio of 0.17, a current ratio of 1.91 and a quick ratio of 0.95. Purple Innovation has a 1 year low of $2.65 and a 1 year high of $23.13.

Purple Innovation (NASDAQ:PRPL – Get Rating) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.11) EPS for the quarter, missing analysts' consensus estimates of ($0.05) by ($0.06). The firm had revenue of $144.10 million during the quarter, compared to analyst estimates of $155.79 million. Purple Innovation had a negative net margin of 6.39% and a negative return on equity of 28.60%. The company's revenue was down 21.1% on a year-over-year basis. During the same period last year, the business posted $0.05 EPS. As a group, equities research analysts anticipate that Purple Innovation will post -0.44 earnings per share for the current year.

Insider Buying and Selling

In related news, Director Gary T. Dicamillo bought 10,000 shares of the stock in a transaction that occurred on Wednesday, September 7th. The shares were bought at an average cost of $2.66 per share, for a total transaction of $26,600.00. Following the completion of the transaction, the director now owns 113,083 shares of the company's stock, valued at $300,800.78. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Purple Innovation news, Director Gary T. Dicamillo acquired 10,000 shares of the stock in a transaction dated Wednesday, September 7th. The shares were acquired at an average cost of $2.66 per share, for a total transaction of $26,600.00. Following the completion of the transaction, the director now directly owns 113,083 shares of the company's stock, valued at $300,800.78. The purchase was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, insider Casey Kale Mcgarvey bought 30,000 shares of the firm's stock in a transaction that occurred on Friday, September 16th. The stock was purchased at an average price of $2.85 per share, for a total transaction of $85,500.00. Following the completion of the transaction, the insider now directly owns 78,718 shares of the company's stock, valued at approximately $224,346.30. The disclosure for this purchase can be found here. Insiders bought 42,000 shares of company stock valued at $117,580 over the last 90 days. Company insiders own 24.92% of the company's stock.

Institutional Investors Weigh In On Purple Innovation

Large investors have recently added to or reduced their stakes in the stock. Coliseum Capital Management LLC grew its stake in shares of Purple Innovation by 32.1% during the second quarter. Coliseum Capital Management LLC now owns 40,854,130 shares of the company's stock valued at $125,014,000 after buying an additional 9,926,332 shares during the last quarter. FMR LLC lifted its holdings in Purple Innovation by 6.6% during the second quarter. FMR LLC now owns 12,151,872 shares of the company's stock worth $37,185,000 after buying an additional 749,328 shares during the period. Schwartz Investment Counsel Inc. lifted its holdings in shares of Purple Innovation by 4.4% during the 2nd quarter. Schwartz Investment Counsel Inc. now owns 4,100,000 shares of the company's stock valued at $12,546,000 after purchasing an additional 172,850 shares during the last quarter. BlackRock Inc. lifted its holdings in shares of Purple Innovation by 0.4% during the 1st quarter. BlackRock Inc. now owns 3,622,189 shares of the company's stock valued at $21,190,000 after purchasing an additional 15,241 shares during the last quarter. Finally, Bank of America Corp DE lifted its holdings in shares of Purple Innovation by 52.0% during the 1st quarter. Bank of America Corp DE now owns 3,232,656 shares of the company's stock valued at $18,911,000 after purchasing an additional 1,105,782 shares during the last quarter.

Purple Innovation Company Profile

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Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds. It markets and sells its products through its e-commerce online channels retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through Purple retail showrooms.

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