Wedbush Reiterates Neutral Rating for Purple Innovation (NASDAQ:PRPL)

Purple Innovation (NASDAQ:PRPL)‘s stock had its “neutral” rating reissued by equities research analysts at Wedbush in a note issued to investors on Wednesday,Benzinga reports. They currently have a $1.00 price target on the stock. Wedbush’s price objective indicates a potential upside of 28.87% from the stock’s current price.

Purple Innovation Stock Performance

PRPL traded down $0.01 on Wednesday, hitting $0.78. 40,571 shares of the company traded hands, compared to its average volume of 488,732. Purple Innovation has a 12-month low of $0.65 and a 12-month high of $2.12. The company has a 50 day moving average of $0.95 and a 200-day moving average of $0.93. The company has a quick ratio of 0.67, a current ratio of 1.30 and a debt-to-equity ratio of 1.81. The stock has a market capitalization of $83.58 million, a PE ratio of -0.78 and a beta of 2.37.

Purple Innovation (NASDAQ:PRPL) last announced its quarterly earnings data on Thursday, March 13th. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.14) by $0.07. The company had revenue of $128.98 million for the quarter, compared to analysts’ expectations of $129.39 million. Purple Innovation had a negative net margin of 21.34% and a negative return on equity of 84.67%. Sell-side analysts anticipate that Purple Innovation will post -0.47 earnings per share for the current year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of PRPL. Barclays PLC increased its position in Purple Innovation by 14.5% during the fourth quarter. Barclays PLC now owns 85,627 shares of the company’s stock worth $67,000 after buying an additional 10,824 shares in the last quarter. SG Americas Securities LLC boosted its stake in shares of Purple Innovation by 70.2% during the fourth quarter. SG Americas Securities LLC now owns 35,272 shares of the company’s stock valued at $28,000 after acquiring an additional 14,548 shares during the last quarter. Geode Capital Management LLC increased its position in Purple Innovation by 1.2% during the 3rd quarter. Geode Capital Management LLC now owns 1,346,073 shares of the company’s stock worth $1,331,000 after purchasing an additional 16,033 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in Purple Innovation by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 458,627 shares of the company’s stock valued at $453,000 after purchasing an additional 17,056 shares during the last quarter. Finally, Bank of America Corp DE lifted 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 purchasing an additional 17,406 shares in the last quarter. 88.41% of the stock is owned by hedge funds and other institutional investors.

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.