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

Purple Innovation, Inc. (NASDAQ:PRPL) saw a significant decline in short interest during the month of July. As of July 31st, there was short interest totaling 80,409 shares, a decline of 95.6% from the July 15th total of 1,846,432 shares. Currently, 4.0% of the shares of the company are sold short. Based on an average daily trading volume, of 32,364 shares, the short-interest ratio is presently 2.5 days.

Institutional Trading of Purple Innovation

Several hedge funds and other institutional investors have recently modified their holdings of PRPL. BlackRock Inc. purchased a new position in Purple Innovation in the second quarter valued at about $373,000. GSA Capital Partners LLP purchased a new stake in shares of Purple Innovation during the 2nd quarter worth about $26,000. Crumly & Associates Inc. raised its stake in shares of Purple Innovation by 14.1% during the 2nd quarter. Crumly & Associates Inc. now owns 333,263 shares of the company’s stock worth $119,000 after purchasing an additional 41,200 shares in the last quarter. XTX Topco Ltd lifted its holdings in shares of Purple Innovation by 276.7% during the 4th quarter. XTX Topco Ltd now owns 115,357 shares of the company’s stock valued at $80,000 after buying an additional 84,735 shares during the last quarter. Finally, MML Investors Services LLC acquired a new stake in shares of Purple Innovation during the 4th quarter valued at about $84,000. 88.41% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the stock. UBS Group cut their price objective on shares of Purple Innovation from $21.25 to $16.25 and set a “neutral” rating on the stock in a research note on Wednesday, April 29th. Wall Street Zen cut shares of Purple Innovation from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 9th. KeyCorp downgraded shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 28th. Finally, Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research report on Friday, July 17th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $16.25.

Purple Innovation Stock Down 7.6%

Shares of Purple Innovation stock traded down $0.55 during trading on Wednesday, hitting $6.70. The stock had a trading volume of 24,336 shares, compared to its average volume of 15,559. Purple Innovation has a 1 year low of $6.12 and a 1 year high of $31.50. The stock has a 50 day simple moving average of $8.94 and a 200 day simple moving average of $13.11. The company has a market capitalization of $29.21 million, a PE ratio of -0.60 and a beta of 1.46.

Purple Innovation (NASDAQ:PRPL) last announced its quarterly earnings data on Monday, August 10th. The company reported ($1.52) EPS for the quarter, topping analysts’ consensus estimates of ($2.18) by $0.66. The business had revenue of $98.27 million for the quarter, compared to analyst estimates of $104.39 million. As a group, equities analysts expect that Purple Innovation will post -6.63 earnings per share for the current fiscal year.

About Purple Innovation

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.