Wedbush Increases Purple Innovation (NASDAQ:PRPL) Price Target to $13.00

Purple Innovation (NASDAQ:PRPL) had its price objective hoisted by equities research analysts at Wedbush from $12.00 to $13.00 in a research report issued to clients and investors on Tuesday, BenzingaRatingsTable reports. The firm currently has an “outperform” rating on the stock. Wedbush’s target price indicates a potential upside of 16.28% from the company’s previous close. Wedbush also issued estimates for Purple Innovation’s Q4 2019 earnings at $0.03 EPS, Q1 2020 earnings at $0.12 EPS, Q3 2020 earnings at $0.30 EPS, Q4 2020 earnings at $0.07 EPS and FY2020 earnings at $0.54 EPS.

PRPL has been the topic of a number of other research reports. Oppenheimer initiated coverage on Purple Innovation in a report on Tuesday, November 26th. They set a “buy” rating and a $15.00 target price on the stock. ValuEngine lowered Purple Innovation from a “sell” rating to a “strong sell” rating in a research note on Wednesday, December 11th. Bank of America initiated coverage on Purple Innovation in a research note on Thursday, December 19th. They set a “buy” rating and a $10.00 price target on the stock. Roth Capital initiated coverage on Purple Innovation in a research note on Monday, October 28th. They set a “buy” rating and a $10.00 price target on the stock. Finally, KeyCorp initiated coverage on Purple Innovation in a research note on Monday, November 25th. They set an “overweight” rating and a $12.00 price target on the stock. Two investment analysts have rated the stock with a sell rating and six have issued a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $11.64.

NASDAQ:PRPL traded down $0.09 during trading hours on Tuesday, reaching $11.18. 117,893 shares of the company traded hands, compared to its average volume of 312,852. The firm’s 50-day moving average is $8.62 and its 200-day moving average is $7.74. The stock has a market cap of $219.57 million, a P/E ratio of -21.92, a P/E/G ratio of 1.14 and a beta of -0.33. The company has a debt-to-equity ratio of 4.32, a current ratio of 1.44 and a quick ratio of 0.93. Purple Innovation has a 1-year low of $4.20 and a 1-year high of $11.60.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, beating analysts’ consensus estimates of $0.02 by $0.17. The firm had revenue of $117.41 million for the quarter, compared to analysts’ expectations of $105.29 million. Purple Innovation had a negative return on equity of 57,779.57% and a negative net margin of 0.22%. As a group, research analysts predict that Purple Innovation will post 0.84 earnings per share for the current year.

In related news, major shareholder Innohold, Llc sold 7,552,136 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $7.00, for a total value of $52,864,952.00. Following the transaction, the insider now directly owns 7,552,136 shares of the company’s stock, valued at approximately $52,864,952. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CAO John W. Gann, Jr. sold 7,052 shares of the stock in a transaction on Tuesday, November 19th. The stock was sold at an average price of $52.97, for a total value of $373,544.44. Insiders sold a total of 10,283,120 shares of company stock worth $72,306,020 over the last ninety days. Corporate insiders own 78.80% of the company’s stock.

A hedge fund recently raised its stake in Purple Innovation stock. Wells Fargo & Company MN increased its position in Purple Innovation Inc (NASDAQ:PRPL) by 1,705.3% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 11,608 shares of the company’s stock after buying an additional 10,965 shares during the quarter. Wells Fargo & Company MN’s holdings in Purple Innovation were worth $78,000 as of its most recent filing with the Securities and Exchange Commission. Institutional investors own 34.59% of the company’s stock.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.

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Analyst Recommendations for Purple Innovation (NASDAQ:PRPL)

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