Fintel reports that on August 10, 2023, Wedbush maintained coverage of Purple Innovation Inc - (NASDAQ:PRPL) with a Outperform recommendation.
Analyst Price Forecast Suggests 109.04% Upside
As of August 2, 2023, the average one-year price target for Purple Innovation Inc - is 4.95. The forecasts range from a low of 2.52 to a high of $8.40. The average price target represents an increase of 109.04% from its latest reported closing price of 2.37.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Purple Innovation Inc - is 625MM, an increase of 20.49%. The projected annual non-GAAP EPS is -0.06.
What is the Fund Sentiment?
There are 242 funds or institutions reporting positions in Purple Innovation Inc -. This is a decrease of 11 owner(s) or 4.35% in the last quarter. Average portfolio weight of all funds dedicated to PRPL is 0.08%, a decrease of 41.73%. Total shares owned by institutions increased in the last three months by 13.30% to 100,225K shares. 
The put/call ratio of PRPL is 0.36, indicating a bullish outlook.
What are Other Shareholders Doing?
Coliseum Capital Management holds 46,814K shares representing 44.56% ownership of the company. In it's prior filing, the firm reported owning 40,854K shares, representing an increase of 12.73%. The firm decreased its portfolio allocation in PRPL by 35.77% over the last quarter.
No Street GP holds 5,150K shares representing 4.90% ownership of the company. In it's prior filing, the firm reported owning 4,100K shares, representing an increase of 20.39%. The firm decreased its portfolio allocation in PRPL by 32.92% over the last quarter.
FDGRX - Fidelity Growth Company Fund holds 3,399K shares representing 3.24% ownership of the company. In it's prior filing, the firm reported owning 3,291K shares, representing an increase of 3.18%. The firm decreased its portfolio allocation in PRPL by 26.44% over the last quarter.
Freshford Capital Management holds 3,271K shares representing 3.11% ownership of the company. In it's prior filing, the firm reported owning 3,317K shares, representing a decrease of 1.42%. The firm decreased its portfolio allocation in PRPL by 60.47% over the last quarter.
Brandywine Global Investment Management holds 2,823K shares representing 2.69% ownership of the company. In it's prior filing, the firm reported owning 2,785K shares, representing an increase of 1.35%. The firm decreased its portfolio allocation in PRPL by 42.25% over the last quarter.
Purple Innovation Background Information
(This description is provided by the company.)
Purple is a digitally-native vertical brand with a mission to help people feel and live better through innovative comfort solutions. Purple designs and manufactures a variety of innovative, premium, branded comfort products, including mattresses, pillows, cushions, frames, sheets and more. Its products are the result of over 25 years of innovation and investment in proprietary and patented comfort technologies and the development of its own manufacturing processes. Its proprietary gel technology, Hyper-Elastic Polymer®, underpins many of Its comfort products and provides a range of benefits that differentiate its offerings from other competitors' products. Purple markets and sells its products through its direct-to-consumer online channels, traditional retail partners, third-party online retailers and its owned retail showrooms.
Additional reading:
- CREDIT AGREEMENT Dated as of August 7, 2023 PURPLE INNOVATION, LLC, as a Borrower, PURPLE INNOVATION, INC., as Guarantor, CERTAIN FINANCIAL INSTITUTIONS, as Lenders, BANK OF MONTREAL, as Administrative Agent and Swing Line Lender BMO Capital Markets,
- PLEDGE AND SECURITY AGREEMENT dated as of August 7, 2023 PURPLE INNOVATION, LLC, PURPLE INNOVATION, INC. INTELLIBED, LLC, as Grantors, BANK OF MONTREAL, as the Administrative Agent Table of Contents
- TERM LOAN CREDIT AGREEMENT Dated as of August 7, 2023 PURPLE INNOVATION, LLC, as a Borrower, PURPLE INNOVATION, INC., as Guarantor, CERTAIN FINANCIAL INSTITUTIONS, as Lenders, CALLODINE COMMERCIAL FINANCE, LLC, as Administrative Agent Table of Conten
- PLEDGE AND SECURITY AGREEMENT dated as of August 7, 2023 PURPLE INNOVATION, LLC, PURPLE INNOVATION, INC. INTELLIBED, LLC, as Grantors, CALLODINE COMMERCIAL FINANCE, LLC, as the Administrative Agent
- Purple Innovation Reports Second Quarter 2023 Results Largest Product Introduction Points Business in the Right Direction
This story originally appeared on Fintel.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
