UBS Group Has Lowered Expectations for Purple Innovation (NASDAQ:PRPL) Stock Price

Purple Innovation (NASDAQ:PRPL) had its target price cut by investment analysts at UBS Group from $1.00 to $0.85 in a research note issued to investors on Wednesday,Benzinga reports. The firm currently has a “neutral” rating on the stock. UBS Group’s price target points to a potential upside of 30.11% from the stock’s previous close.

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Purple Innovation in a research report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus price target of $0.85.

Purple Innovation Stock Performance

Shares of PRPL opened at $0.65 on Wednesday. The stock has a 50 day simple moving average of $0.69 and a 200 day simple moving average of $0.77. Purple Innovation has a 52-week low of $0.56 and a 52-week high of $1.26. The firm has a market capitalization of $70.82 million, a PE ratio of -1.36 and a beta of 1.83.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, March 31st. The company reported ($0.02) EPS for the quarter, topping the consensus estimate of ($0.04) by $0.02. The company had revenue of $140.69 million for the quarter, compared to analyst estimates of $139.81 million. Equities research analysts predict that Purple Innovation will post -0.47 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Caprock Group LLC acquired a new stake in Purple Innovation in the 3rd quarter valued at approximately $26,000. R Squared Ltd bought a new stake in Purple Innovation in the 3rd quarter valued at approximately $33,000. AQR Capital Management LLC acquired a new position in Purple Innovation during the 1st quarter worth approximately $28,000. XTX Topco Ltd acquired a new position in Purple Innovation during the 2nd quarter worth approximately $30,000. Finally, Bank of America Corp DE grew its stake in shares of Purple Innovation by 45.1% during the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after acquiring an additional 17,406 shares in the last quarter. 88.41% of the stock is currently owned by institutional investors.

Purple Innovation Company Profile

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company’s product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.