Purple Innovation Inc. [NASDAQ: PRPL] stock went on an upward path that rose over 0.10% on Thursday, amounting to a one-week price decrease of less than -1.91%. The company report on October 19, 2020 that Purple Partners with Sleep Country Canada to Expand Retail Locations Outside of U.S..
Purple Introduces New Purple® Plus Mattress Exclusive to Canadian Market.
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Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple”), the leader in comfort innovation and the creator of the renowned Purple® Mattress today announced an exclusive partnership with Sleep Country Canada Holdings Inc. (TSX: ZZZ), to bring Purple products to all 280 of the leading mattress and bedding retailer’s locations across Canada. This is the first time Purple products will be available for purchase in physical retail locations outside of the U.S.
Over the last 12 months, PRPL stock rose by 322.87%. The one-year Purple Innovation Inc. stock forecast points to a potential upside of 2.19. The average equity rating for PRPL stock is currently 1.60, trading closer to a bullish pattern in the stock market.
The market cap for the stock reached $2.12 billion, with 29.28 million shares outstanding and 27.73 million shares in the current float. Compared to the average trading volume of 1.55M shares, PRPL stock reached a trading volume of 1007879 in the most recent trading day, which is why market watchdogs consider the stock to be active.
Guru’s Opinion on Purple Innovation Inc. [PRPL]:
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for PRPL shares is $31.00 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on PRPL stock is a recommendation set at 1.60. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
B. Riley Securities have made an estimate for Purple Innovation Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on October 14, 2020. While these analysts kept the previous recommendation, UBS raised their target price to Buy. The new note on the price target was released on October 13, 2020, representing the official price target for Purple Innovation Inc. stock. Previously, the target price had yet another raise from $25 to $37, while Oppenheimer kept a Outperform rating on PRPL stock.
The Average True Range (ATR) for Purple Innovation Inc. is set at 1.67, with the Price to Sales ratio for PRPL stock in the period of the last 12 months amounting to 4.01. The Price to Book ratio for the last quarter was 46.65, with the Price to Cash per share for the same quarter was set at 1.36. Price to Free Cash Flow for PRPL in the course of the last twelve months was 27.31 with Quick ratio for the last quarter at 1.10.
PRPL Stock Performance Analysis:
Purple Innovation Inc. [PRPL] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -1.91. With this latest performance, PRPL shares gained by 26.70% in over the last four-week period, additionally plugging by 189.31% over the last 6 months – not to mention a rise of 322.87% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for PRPL stock in for the last two-week period is set at 65.63, with the RSI for the last a single of trading hit 62.61, and the three-weeks RSI is set at 64.53 for Purple Innovation Inc. [PRPL]. The present Moving Average for the last 50 days of trading for this stock 23.85, while it was recorded at 31.21 for the last single week of trading, and 16.29 for the last 200 days.
Insight into Purple Innovation Inc. Fundamentals:
Purple Innovation Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.10 and a Current Ratio set at 1.50.
PRPL Stock EPS
With the latest financial reports released by the company, Purple Innovation Inc. posted 0.16/share EPS, while the average EPS was predicted by analysts to be reported at 0.02/share. When compared, the two values demonstrate that the company surpassed the estimates by a Surprise Factor of 700.00%. The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for PRPL. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Purple Innovation Inc. go to 42.10%.
Purple Innovation Inc. [PRPL] Insider Position Details
There are presently around $1,054 million, or 66.80% of PRPL stock, in the hands of institutional investors. The top three institutional holders of PRPL stocks are: COLISEUM CAPITAL MANAGEMENT, LLC with ownership of 10,029,975, which is approximately 21.928% of the company’s market cap and around 3.50% of the total institutional ownership; WOODSON CAPITAL MANAGEMENT, LP, holding 2,700,600 shares of the stock with an approximate value of $81.88 million in PRPL stocks shares; and HOOD RIVER CAPITAL MANAGEMENT LLC, currently with $59.03 million in PRPL stock with ownership of nearly 78.038% of the company’s market capitalization.
96 institutional holders increased their position in Purple Innovation Inc. [NASDAQ:PRPL] by around 15,385,323 shares. Additionally, 26 investors decreased positions by around 1,427,479 shares, while 5 investors held positions by with 17,943,483 shares. The mentioned changes placed institutional holdings at 34,756,285 shares, according to the latest SEC report filing. PRPL stock had 49 new institutional investments in for a total of 6,282,327 shares, while 11 institutional investors sold positions of 580,850 shares during the same period.