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


Purple Innovation, Inc. (NASDAQ: PRPL – Get Rating) was the target of a large growth in short interest in July. As of July 15th, there was short interest totaling 10,400,000 shares, a growth of 16.5% from the June 30th total of 8,930,000 shares. Based on an average trading volume of 2,060,000 shares, the days-to-cover ratio is currently 5.0 days.

Analysts Set New Price Targets

Several research firms have issued reports on PRPL. Oppenheimer reduced their price objective on Purple Innovation from $45.00 to $12.00 in a report on Friday, May 13th. KeyCorp set a $10.00 target price on shares of Purple Innovation in a research report on Tuesday, July 19th. One analyst has rated the stock with a sell rating, six have assigned a hold rating and two have assigned a buy rating to the stock. According to data from MarketBeat, Purple Innovation currently has an average rating of “Hold” and a consensus target price of $9.11.

Purple Innovation Price Performance

PRPL opened at $3.72 on Friday. The company has a quick ratio of 0.94, a current ratio of 1.89 and a debt-to-equity ratio of 0.17. Purple Innovation has a 12 month low of $2.90 and a 12 month high of $27.84. The company has a fifty day simple moving average of $3.84 and a 200 day simple moving average of $5.36. The stock has a market cap of $309.11 million, a P/E ratio of -5.55 and a beta of 1.88.

Purple Innovation (NASDAQ:PRPL – Get Rating) last released its quarterly earnings data on Tuesday, May 10th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.12. Purple Innovation had a negative net margin of 4.44% and a negative return on equity of 23.87%. The business had revenue of $143.18 million during the quarter, compared to analysts’ expectations of $130.12 million. During the same quarter in the previous year, the company earned $0.17 EPS. The firm’s quarterly revenue was down 23.2% on a year-over-year basis. On average, research analysts expect that Purple Innovation will post -0.16 EPS for the current year.

Insider Transactions at Purple Innovation

In other Purple Innovation news, Director Coliseum Capital Management, L bought 960,394 shares of Purple Innovation stock in a transaction dated Tuesday, May 24th. The shares were acquired at an average cost of $4.57 per share, with a total value of $4,389,000.58. Following the acquisition, the director now directly owns 40,137,850 shares of the company’s stock, valued at $183,429,974.50. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, insider Jack Roddy acquired 6,000 shares of Purple Innovation stock in a transaction on Tuesday, May 17th. The shares were purchased at an average price of $4.85 per share, with a total value of $29,100.00. Following the acquisition, the insider now owns 9,000 shares in the company, valued at $43,650. The transaction was disclosed in a document filed with the SEC, which is available through this link. Also, Director Coliseum Capital Management, L acquired 960,394 shares of Purple Innovation stock in a transaction on Tuesday, May 24th. The shares were purchased at an average cost of $4.57 per share, for a total transaction of $4,389,000.58. Following the acquisition, the director now owns 40,137,850 shares in the company, valued at approximately $183,429,974.50. The disclosure for this purchase can be found here. Insiders have acquired 4,493,600 shares of company stock valued at $20,897,109 in the last three months. 24.92% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Purple Innovation

Large investors have recently added to or reduced their stakes in the company. Assenagon Asset Management SA bought a new position in Purple Innovation during the 4th quarter worth about $2,362,000. Monaco Asset Management SAM bought a new position in Purple Innovation during the 1st quarter worth about $540,000. Ironwood Investment Management LLC bought a new position in Purple Innovation during the 4th quarter worth about $393,000. EMC Capital Management boosted its stake in shares of Purple Innovation by 38.9% during the 4th quarter. EMC Capital Management now owns 53,626 shares of the company’s stock worth $712,000 after buying an additional 15,022 shares during the last quarter. Finally, CTF Capital Management LP acquired a new position in shares of Purple Innovation during the 4th quarter worth about $3,776,000.

About Purple Innovation

(Get Rating)

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.

Recommended Stories



Receive News & Ratings for Purple Innovation Daily – Enter your email address below to receive a concise daily summary of the latest news and analysts’ ratings for Purple Innovation and related companies with MarketBeat.com’s FREE daily email newsletter.

.

Leave a Reply

Your email address will not be published.

Back to top button

Adblock Detected

Please consider supporting us by disabling your ad blocker