Purple Innovation (PRPL) Received its Third Buy in a Row


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 assigned a Buy rating to Purple Innovation today and set a price target of $25.00. The company’s shares closed last Thursday at $17.28.

According to TipRanks.com, Nagel is a top 25 analyst with an average return of 24.7% and a 77.3% success rate. Nagel covers the Consumer Goods sector, focusing on stocks such as Dick’s Sporting Goods, Lululemon Athletica, and The Lovesac Company.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Purple Innovation with a $27.00 average price target, representing a 46.5% upside. In a report released yesterday, Roth Capital also initiated coverage with a Buy rating on the stock with a $27.00 price target.

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Based on Purple Innovation’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $122 million and net profit of $8.84 million. In comparison, last year the company earned revenue of $103 million and had a GAAP net loss of $1.34 million.

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.

TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.

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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