Oppenheimer analyst Brian Nagel assigned a Buy rating to Purple Innovation (PRPL) today and set a price target of $25.00. The company’s shares closed last Thursday at $24.35, close to its 52-week high of $27.75.
According to TipRanks.com, Nagel is a top 25 analyst with an average return of 25.5% and a 76.8% success rate. Nagel covers the Consumer Goods sector, focusing on stocks such as Dick’s Sporting Goods, Lululemon Athletica, and The Lovesac Company.
Currently, the analyst consensus on Purple Innovation is a Strong Buy with an average price target of $24.33, which is a -3.1% downside from current levels. In a report issued on August 3, Craig-Hallum also initiated coverage with a Buy rating on the stock with a $30.00 price target.
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The company has a one-year high of $27.75 and a one-year low of $4.42. Currently, Purple Innovation has an average volume of 1.09M.
Based on the recent corporate insider activity of 18 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PRPL in relation to earlier this year.
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Purple Innovation, Inc. engages in the design and manufacture of mattresses, cushions, pillows, and other comfort products. The firm uses Hyper-Elastic Polymer technology. Its products include mattresses, new purple mattress, original purple mattress, bed pillows, seat cushions, mattress protector, and bamboo sheets. The company was founded by Terry V. Pearce and Tony M. Pearce in 2010 and is headquartered in Alpine, Utah.
