Woodson Capital Management LP recently announced the acquisition of new stake in Purple Innovation Inc. (NASDAQ:PRPL). The institutional investor has increased its shareholding in the Consumer Cyclical company by 15.63% to 2.7 million shares with purchase of 0.36 million shares. This fresh investment now brings its stake to 11.43% valued currently at $65.81 million. In addition, Scopus Asset Management LP raised its holdings by 1.12 million to 1.12 million shares. And Hood River Capital Management LLC has lifted its position by 78.04% or 0.85 million shares – to 1.95 million shares.
With over 2.08 million Purple Innovation Inc. (PRPL) shares trading Tuesday and a closing price of $17.89 on the day, the dollar volume was approximately $37.18 million. The shares have shown a negative weekly performance of -8.49% and its price on 09/01/20 lost nearly -5.39%. Currently, there are 29.28M common shares owned by the public and among those 9.78M shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 7 analysts who have offered their price forecasts for PRPL have a consensus price objective of $27.71. The analysts have set the share’s price value over the next 12 months at a high of $31.00 and a low of $25.00 should the stock experience a downside. Incidentally, analysts’ outlook for the Purple Innovation Inc. stock is 1.60 for the next 12 months. The average price target is 35.44% above its last price level and an upside to the estimated low will see the stock gain 28.44% over that period. But an upside of 42.29% will see the stock hit the forecast high price target while mean target price for the stock is $27.00.
Insiders at the company have transacted a total of 17 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 16 of these insider trades were purchases, accounting for 11,438,941 shares. Insider sales of the common stock occurred on 1 occasions, with total insider shares sold totaling 7,552,136 shares.
The top 3 mutual fund holders in Purple Innovation Inc. are Wasatch Ultra Growth Fund, Wasatch Micro Cap Fund, and iShares Russell 2000 ETF. Wasatch Ultra Growth Fund owns 0.9 million shares of the company’s stock, all valued at over $22.02 million. The company bought an additional 0.9 million shares recently to bring their total holdings to about 3.83% of the shares outstanding. Wasatch Micro Cap Fund bought 0.18 million shares to see its total holdings expand to 0.77 million shares valued at over $18.66 million and representing 3.24% of the shares outstanding. iShares Russell 2000 ETF sold 14280.0 shares to bring its total holdings to over 0.3 million shares at a value of $7.4 million. iShares Russell 2000 ETF now owns shares totaling to 1.29% of the shares outstanding.
Shares of Purple Innovation Inc. (NASDAQ: PRPL) opened at $18.40, down -$0.51 from a prior closing price of $18.91. However, the script later closed the day at $17.89, down -5.39%. The company’s stock has a 5-day price change of -8.49% and 21.21% over the past three months. PRPL shares are trading 105.40% year to date (YTD), with the 12-month market performance up to 112.98% higher. It has a 12-month low price of $4.42 and touched a high of $27.75 over the same period. Currently, 2.08 million shares have been traded, compared to an average intraday trading volume of 1.19 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by -18.62%, -12.70%, and 35.61% respectively.
Institutional ownership of Purple Innovation Inc. (NASDAQ: PRPL) shares accounts for 67.00% of the company’s 29.28M shares outstanding. Mutual fund holders own 46.25%, while other institutional holders and individual stakeholders account for 65.07% and 22.08% respectively.
It has a market capitalization of $1.27B and a beta (3y monthly) value of 1.71. The stock’s trailing 12-month PE ratio is 121.70, while the earnings-per-share (ttm) stands at $0.15. The company has a PEG of 2.89 and a Quick Ratio of 1.10 with the debt-to-equity ratio at 0.00. Price movements for the stock have been influenced by the stock’s volatility, which stands at 4.84% over the week and 7.20% over the month.
Analysts forecast that Purple Innovation Inc. (PRPL) will achieve an EPS of $0.21 for the current quarter, $0.14 for the next quarter and $0.79 for 2021. The lowest estimate earnings-per-share for the quarter is $0.1 while analysts give the company a high EPS estimate of $0.3. Comparatively, EPS for the current quarter was $0.16 a year ago. Earnings per share for the fiscal year are expected to increase by 21.60%, and 6.00% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 7 brokerage firm advisors rate Purple Innovation Inc. (PRPL) as a “Strong Buy” at a consensus score of 1.60. Specifically, 6 Wall Street analysts polled rate the stock as a buy, while 0 of the 7 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the PRPL, a number of firms have released research notes about the stock. B. Riley FBR stated their Buy rating for the stock in a research note on August 14, 2020, with the firm’s price target at $23-$26. Craig Hallum coverage for the Purple Innovation Inc. (PRPL) stock in a research note released on August 03, 2020 offered a Buy rating with a price target of $30. B. Riley FBR was of a view on June 16, 2020 that the stock is Buy, while BofA/Merrill gave the stock Buy rating on December 19, 2019, issuing a price target of $10. Raymond James on their part issued Outperform rating on November 26, 2019.