Purple Innovation, Inc. (NASDAQ:PRPL) Sees Significant Decline in Short Interest

Purple Innovation, Inc. (NASDAQ:PRPL) saw a significant decrease in short interest in the month of July. As of July 31st, there was short interest totalling 3,780,000 shares, a decrease of 19.9% from the July 15th total of 4,720,000 shares. Based on an average daily trading volume, of 453,300 shares, the short-interest ratio is presently 8.3 days.

Insider Transactions at Purple Innovation

In other news, CEO Robert Demartini bought 138,834 shares of the business’s stock in a transaction on Friday, June 28th. The shares were purchased at an average price of $1.03 per share, for a total transaction of $142,999.02. Following the purchase, the chief executive officer now owns 663,669 shares of the company’s stock, valued at approximately $683,579.07. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. 54.30% of the stock is owned by insiders.

Hedge Funds Weigh In On Purple Innovation

Hedge funds have recently bought and sold shares of the business. Platform Technology Partners acquired a new position in shares of Purple Innovation during the 4th quarter worth $31,000. Quadrant Capital Group LLC bought a new stake in shares of Purple Innovation during the fourth quarter worth $32,000. Patriot Financial Group Insurance Agency LLC acquired a new position in shares of Purple Innovation during the second quarter worth $43,000. BNP Paribas Financial Markets lifted its stake in shares of Purple Innovation by 73.7% in the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock valued at $47,000 after acquiring an additional 11,405 shares during the last quarter. Finally, SG Americas Securities LLC boosted its holdings in shares of Purple Innovation by 36.6% during the 4th quarter. SG Americas Securities LLC now owns 51,847 shares of the company’s stock valued at $53,000 after acquiring an additional 13,905 shares in the last quarter. 88.41% of the stock is owned by institutional investors.

Analyst Ratings Changes

Several brokerages have commented on PRPL. Wedbush reissued an “outperform” rating and set a $2.25 price target on shares of Purple Innovation in a research report on Wednesday, May 8th. Craig Hallum reduced their price target on Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Two investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $3.85.

Purple Innovation Stock Performance

Shares of PRPL stock traded down $0.02 on Friday, reaching $1.11. The stock had a trading volume of 35,575 shares, compared to its average volume of 631,962. Purple Innovation has a 12 month low of $0.55 and a 12 month high of $2.51. The firm has a market capitalization of $119.53 million, a price-to-earnings ratio of -0.84 and a beta of 2.03. The firm’s 50-day moving average is $1.14 and its two-hundred day moving average is $1.39. The company has a quick ratio of 0.75, a current ratio of 1.50 and a debt-to-equity ratio of 0.64.

Purple Innovation (NASDAQ:PRPL) last announced its quarterly earnings results on Monday, August 5th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Purple Innovation had a negative return on equity of 62.31% and a negative net margin of 26.97%. The business had revenue of $120.27 million for the quarter, compared to analyst estimates of $127.41 million. During the same period last year, the firm earned ($0.20) EPS. On average, research analysts expect that Purple Innovation will post -0.39 EPS for the current fiscal year.

About Purple Innovation

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.