After Wedbush and Oppenheimer gave Purple Innovation (NASDAQ: PRPL) a Buy rating last month, the company received another Buy, this time from Raymond James. Analyst Bobby Griffin maintained a Buy rating on Purple Innovation today. The company’s shares closed last Thursday at $17.28.
According to TipRanks.com, Griffin is a 5-star analyst with an average return of 18.3% and a 68.3% success rate. Griffin covers the Consumer Goods sector, focusing on stocks such as Alimentation Couche Tard, Bed Bath & Beyond, and Leggett & Platt.
The word on The Street in general, suggests a Strong Buy analyst consensus rating for Purple Innovation with a $27.00 average price target, implying a 46.5% upside from current levels. 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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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 1.21M.
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.
