After Wedbush and Raymond James gave Purple Innovation (NASDAQ: PRPL) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Brian Nagel maintained a Buy rating on Purple Innovation today. The company’s shares closed last Friday at $7.07.
According to TipRanks.com, Nagel is a 5-star analyst with an average return of 8.0% and a 61.4% success rate. Nagel covers the Services sector, focusing on stocks such as Dick’s Sporting Goods, Advance Auto Parts, and Lumber Liquidators.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Purple Innovation with a $12.50 average price target, representing a 75.1% upside. In a report issued on March 25, Raymond James also maintained a Buy rating on the stock with a $10.00 price target.
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Based on Purple Innovation’s latest earnings release for the quarter ending December 31, the company reported a quarterly revenue of $124 million and GAAP net loss of $4.15 million. In comparison, last year the company earned revenue of $78.46 million and had a GAAP net loss of $979K.
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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.
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