Craig Hallum slashes price target on Purple Innovation Inc. [PRPL] – find out why.

Purple Innovation Inc. [NASDAQ: PRPL] jumped around 1.06 points on Thursday, while shares priced at $4.47 at the close of the session, up 31.09%. The company report on November 9, 2022 that Purple Innovation Reports Third Quarter 2022 Results.


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Purple Innovation, Inc. (NASDAQ: PRPL) (“Purple”), a comfort innovation company known for creating the “World’s First No Pressure ™ Mattress,” today announced results for the third quarter ended September 30, 2022.

Third Quarter Financial Summary (Comparisons versus Third Quarter 2021 and Second Quarter 2022)1.

Purple Innovation Inc. stock is now -66.31% down from its year-to-date (YTD) trading value. PRPL Stock saw the intraday high of $4.66 and lowest of $4.035 per share. The company’s 52-week high price is 16.51, which means current price is +68.68% above from all time high which was touched on 01/04/22.

Compared to the average trading volume of 2.35M shares, PRPL reached a trading volume of 4126606 in the most recent trading day, which is why market watchdogs consider the stock to be active.

What do top market gurus say about 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 $4.81 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 2.40. 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.

Craig Hallum have made an estimate for Purple Innovation Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 10, 2022. While these analysts kept the previous recommendation, UBS raised their target price from $10 to $6.50. The new note on the price target was released on March 02, 2022, representing the official price target for Purple Innovation Inc. stock. Previously, the target price had yet another drop from $10 to $5, while Truist kept a Hold rating on PRPL stock. On March 02, 2022, analysts decreased their price target for PRPL shares from 22 to 16.

The Average True Range (ATR) for Purple Innovation Inc. is set at 0.30, with the Price to Sales ratio for PRPL stock in the period of the last 12 months amounting to 0.57. The Price to Book ratio for the last quarter was 1.69, with the Price to Cash per share for the same quarter was set at 0.50.

How has PRPL stock performed recently?

Purple Innovation Inc. [PRPL] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 28.82. With this latest performance, PRPL shares gained by 12.59% in over the last four-week period, additionally plugging by 9.02% over the last 6 months – not to mention a drop of -69.17% 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 65.03, with the RSI for the last a single of trading hit 69.60, and the three-weeks RSI is set at 61.47 for Purple Innovation Inc. [PRPL]. The present Moving Average for the last 50 days of trading for this stock 3.66, while it was recorded at 3.79 for the last single week of trading, and 4.64 for the last 200 days.

Purple Innovation Inc. [PRPL]: Deeper insight into the fundamentals

Operating Margin for any stock indicates how profitable investing would be, and Purple Innovation Inc. [PRPL] shares currently have an operating margin of -3.22 and a Gross Margin at +40.62. Purple Innovation Inc.’s Net Margin is presently recorded at +0.56.

Return on Equity for this stock inclined to 3.79, with Return on Assets sitting at 0.67.

Purple Innovation Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.90 and a Current Ratio set at 1.90.

Earnings analysis for Purple Innovation Inc. [PRPL]

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 14.60%.

Insider trade positions for Purple Innovation Inc. [PRPL]

There are presently around $405 million, in the hands of institutional investors. The top three institutional holders of PRPL stocks are: COLISEUM CAPITAL MANAGEMENT, LLC with ownership of 40,854,130, which is approximately 32.095% of the company’s market cap and around 0.50% of the total institutional ownership; FMR LLC, holding 10,936,516 shares of the stock with an approximate value of $48.89 million in PRPL stocks shares; and NO STREET GP LP, currently with $19.45 million in PRPL stock with ownership of nearly 43.802% of the company’s market capitalization.

Positions in Purple Innovation Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 56 institutional holders increased their position in Purple Innovation Inc. [NASDAQ:PRPL] by around 17,111,388 shares. Additionally, 77 investors decreased positions by around 18,892,969 shares, while 17 investors held positions by with 54,580,517 shares. The mentioned changes placed institutional holdings at 90,584,874 shares, according to the latest SEC report filing. PRPL stock had 20 new institutional investments in for a total of 1,251,781 shares, while 34 institutional investors sold positions of 6,038,058 shares during the same period.

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