Zacks: Analysts Set $8.00 Price Target for Purple Innovation Inc (PRPL)
Purple Innovation Inc (NASDAQ:PRPL) has received an average broker rating score of 1.00 (Strong Buy) from the one analysts that provide coverage for the stock, Zacks Investment Research reports. One analyst has rated the stock with a strong buy recommendation.
Brokers have set a 12 month consensus price objective of $8.00 for the company and are forecasting that the company will post ($0.02) earnings per share for the current quarter, according to Zacks. Zacks has also given Purple Innovation an industry rank of 43 out of 255 based on the ratings given to related companies.
A number of research firms recently issued reports on PRPL. Zacks Investment Research raised Purple Innovation from a “sell” rating to a “hold” rating in a research report on Wednesday, July 18th. Wedbush reduced their price objective on Purple Innovation from $11.00 to $8.00 and set an “outperform” rating for the company in a research report on Friday, August 10th.
Purple Innovation (NASDAQ:PRPL) last issued its earnings results on Thursday, August 9th. The company reported ($0.09) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.06) by ($0.03). The firm had revenue of $75.40 million during the quarter, compared to analyst estimates of $72.10 million. equities research analysts expect that Purple Innovation will post -0.1 EPS for the current year.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Coliseum Capital Management LLC acquired a new stake in Purple Innovation during the first quarter valued at $43,515,000. BlackRock Inc. acquired a new stake in Purple Innovation during the second quarter valued at $1,941,000. Northern Trust Corp acquired a new stake in Purple Innovation during the second quarter valued at $328,000. Finally, Millennium Management LLC acquired a new stake in Purple Innovation during the first quarter valued at $100,000. 12.68% of the stock is owned by hedge funds and other institutional investors.
Purple Innovation Company Profile
Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company markets and sells its products through direct-to-consumer and retail channels. Purple Innovation, Inc was founded in 2010 and is headquartered in Alpine, Utah.
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