A number of other brokerages also recently weighed in on PRPL. ValuEngine downgraded Purple Innovation from a “hold” rating to a “sell” rating in a report on Friday, August 14th. TheStreet cut Purple Innovation from a “c” rating to a “d+” rating in a research note on Friday, August 14th. Raymond James reissued a “buy” rating on shares of Purple Innovation in a research note on Wednesday, August 19th. Zacks Investment Research downgraded shares of Purple Innovation from a “buy” rating to a “hold” rating in a research report on Wednesday, August 19th. Finally, KeyCorp lifted their price objective on shares of Purple Innovation from $22.00 to $26.00 and gave the company an “overweight” rating in a research note on Friday, August 14th. One research analyst has rated the stock with a sell rating, one has given a hold rating and nine have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $21.89.
NASDAQ:PRPL opened at $25.62 on Friday. The company has a market capitalization of $1.38 billion, a PE ratio of -197.08, a P/E/G ratio of 2.90 and a beta of 1.70. The company has a 50 day simple moving average of $21.52 and a two-hundred day simple moving average of $16.07. The company has a debt-to-equity ratio of 2.19, a quick ratio of 1.10 and a current ratio of 1.45. Purple Innovation has a fifty-two week low of $4.42 and a fifty-two week high of $27.75.
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Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Thursday, August 13th. The company reported $0.49 EPS for the quarter, beating the Zacks’ consensus estimate of $0.20 by $0.29. Purple Innovation had a net margin of 0.81% and a return on equity of 545.13%. The company had revenue of $165.10 million for the quarter, compared to analyst estimates of $176.59 million. Research analysts predict that Purple Innovation will post 0.54 EPS for the current year.
In other Purple Innovation news, insider Verdi Ray White III sold 17,000 shares of the business’s stock in a transaction on Monday, August 24th. The shares were sold at an average price of $20.85, for a total transaction of $354,450.00. Following the completion of the sale, the insider now owns 17,000 shares in the company, valued at approximately $354,450. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Paul J. Zepf sold 40,000 shares of the company’s stock in a transaction on Wednesday, September 23rd. The stock was sold at an average price of $24.10, for a total transaction of $964,000.00. Following the transaction, the director now owns 141,883 shares in the company, valued at approximately $3,419,380.30. The disclosure for this sale can be found here. Over the last quarter, insiders sold 257,000 shares of company stock worth $6,052,430. 75.10% of the stock is owned by company insiders.
A number of hedge funds and other institutional investors have recently made changes to their positions in PRPL. Principal Financial Group Inc. boosted its stake in Purple Innovation by 90.6% during the 2nd quarter. Principal Financial Group Inc. now owns 926,043 shares of the company’s stock valued at $16,669,000 after purchasing an additional 440,229 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in Purple Innovation by 48.9% during the second quarter. Nuveen Asset Management LLC now owns 458,965 shares of the company’s stock worth $8,261,000 after buying an additional 150,751 shares in the last quarter. Charles Schwab Investment Management Inc. raised its position in Purple Innovation by 85.7% in the 2nd quarter. Charles Schwab Investment Management Inc. now owns 36,038 shares of the company’s stock valued at $649,000 after buying an additional 16,635 shares during the last quarter. AQR Capital Management LLC raised its position in Purple Innovation by 39.9% in the 2nd quarter. AQR Capital Management LLC now owns 84,239 shares of the company’s stock valued at $1,516,000 after buying an additional 24,039 shares during the last quarter. Finally, Engineers Gate Manager LP lifted its stake in Purple Innovation by 170.6% during the 2nd quarter. Engineers Gate Manager LP now owns 52,117 shares of the company’s stock valued at $938,000 after acquiring an additional 32,859 shares in the last quarter. 64.45% of the stock is currently owned by institutional investors and hedge funds.
About Purple Innovation
Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.
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Socially conscious investors may want to stop reading. But the fact is that gun stocks were some of the best-performing stocks at the onset of the coronavirus pandemic. And they continue their positive momentum.
Some of that may be historical. Firearms sales tend to increase during an election year. But of course, this has not started out as a normal election year.
In March, the nation was gripped by pictures of long lines outside gun stores in several U.S. states. The website Ammo.com reported that bullet sales increased by 222% in the period from February 23 through March 15 as opposed to the first three weeks in February.
And according to the Federal Bureau of Investigation’s (FBI) National Instant Criminal Background Check System (NICS), there was a 73% year-over-year increase in background checks in February.
“The world has never seen anything like this and people want to make sure they’re prepared for whatever lies ahead, whether that be food shortages, government shutdown, or worse,” a spokesperson for Ammo.com said in an emailed statement. “When everything around you is uncertain, having a supply of ammunition can make our customers feel safer.”
Given the likelihood of increased firearms sales, we’ve created this presentation that highlights seven gun stocks that you should consider for your portfolio.