Purple Innovation (PRPL) Receives a Rating Update from a Top Analyst

In a report released yesterday, Bobby Griffin from Raymond James maintained a Buy rating on Purple Innovation (PRPL). The company’s shares closed last Monday at $28.66.

According to TipRanks.com, Griffin is a top 100 analyst with an average return of 39.8% and a 83.9% success rate. Griffin covers the Consumer Goods sector, focusing on stocks such as Dick’s Sporting Goods, Advance Auto Parts, and Bed Bath & Beyond.

Currently, the analyst consensus on Purple Innovation is a Strong Buy with an average price target of $38.00, representing a 24.0% upside. In a report released today, Oppenheimer also assigned a Buy rating to the stock with a $45.00 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 $174 million and GAAP net loss of $2.04 million. In comparison, last year the company earned revenue of $124 million and had a GAAP net loss of $4.15 million.

Based on the recent corporate insider activity of 36 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying 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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