Purple Innovation Inc (NASDAQ:PRPL) was the target of a large growth in short interest in October. As of October 31st, there was short interest totalling 419,100 shares, a growth of 12.8% from the September 30th total of 371,500 shares. Approximately 4.4% of the company’s stock are short sold. Based on an average daily volume of 75,900 shares, the short-interest ratio is presently 5.5 days.
Shares of Purple Innovation stock traded up $0.64 on Friday, reaching $8.15. 3,048,100 shares of the company traded hands, compared to its average volume of 98,184. The company has a 50 day moving average of $7.51 and a 200 day moving average of $7.11. The company has a debt-to-equity ratio of 4.32, a current ratio of 1.44 and a quick ratio of 0.93. The firm has a market capitalization of $404.68 million, a PE ratio of -15.98 and a beta of -0.44. Purple Innovation has a 52 week low of $4.20 and a 52 week high of $11.04.
A number of equities research analysts have issued reports on PRPL shares. Wedbush upped their price objective on shares of Purple Innovation from $9.00 to $12.00 and gave the stock an “outperform” rating in a research report on Monday, September 23rd. ValuEngine downgraded shares of Purple Innovation from a “hold” rating to a “sell” rating in a research report on Monday, November 4th. Roth Capital started coverage on shares of Purple Innovation in a research report on Monday, October 28th. They set a “buy” rating and a $10.00 target price for the company. TheStreet raised shares of Purple Innovation from a “d+” rating to a “c-” rating in a research report on Tuesday, September 10th. Finally, Zacks Investment Research downgraded shares of Purple Innovation from a “buy” rating to a “hold” rating in a research report on Friday, October 18th. One analyst has rated the stock with a sell rating, one has assigned a hold rating and two have issued a buy rating to the company. Purple Innovation has a consensus rating of “Hold” and an average price target of $10.00.
Several institutional investors have recently bought and sold shares of the company. Commonwealth Equity Services LLC purchased a new stake in shares of Purple Innovation during the 2nd quarter valued at $567,000. Vanguard Group Inc. grew its holdings in shares of Purple Innovation by 17.5% during the 2nd quarter. Vanguard Group Inc. now owns 52,910 shares of the company’s stock valued at $357,000 after purchasing an additional 7,879 shares during the last quarter. Cpwm LLC grew its holdings in shares of Purple Innovation by 150.0% during the 2nd quarter. Cpwm LLC now owns 50,000 shares of the company’s stock valued at $338,000 after purchasing an additional 30,000 shares during the last quarter. Finally, Wells Fargo & Company MN grew its holdings in shares of Purple Innovation by 1,705.3% during the 2nd quarter. Wells Fargo & Company MN now owns 11,608 shares of the company’s stock valued at $78,000 after purchasing an additional 10,965 shares during the last quarter. Hedge funds and other institutional investors own 12.66% of the company’s stock.
About Purple Innovation
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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