Invenomic Capital Management LP Makes New $620,000 Investment in Purple Innovation, Inc. (NASDAQ:PRPL)

Invenomic Capital Management LP acquired a new stake in shares of Purple Innovation, Inc. (NASDAQ:PRPL) during the fourth quarter, Holdings Channel.com reports. The firm acquired 795,176 shares of the company’s stock, valued at approximately $620,000.

Several other hedge funds and other institutional investors have also made changes to their positions in PRPL. JPMorgan Chase & Co. grew its holdings in Purple Innovation by 2,140.2% during the 4th quarter. JPMorgan Chase & Co. now owns 608,144 shares of the company’s stock valued at $474,000 after purchasing an additional 580,997 shares during the last quarter. Barclays PLC boosted its position in shares of Purple Innovation by 283.1% during the third quarter. Barclays PLC now owns 74,803 shares of the company’s stock valued at $74,000 after buying an additional 55,275 shares during the period. Truist Financial Corp grew its stake in shares of Purple Innovation by 32.4% during the fourth quarter. Truist Financial Corp now owns 629,032 shares of the company’s stock valued at $491,000 after buying an additional 154,032 shares during the last quarter. SG Americas Securities LLC raised its holdings in shares of Purple Innovation by 70.2% in the fourth quarter. SG Americas Securities LLC now owns 35,272 shares of the company’s stock worth $28,000 after buying an additional 14,548 shares during the period. Finally, Dynamic Advisor Solutions LLC raised its holdings in shares of Purple Innovation by 27.5% in the fourth quarter. Dynamic Advisor Solutions LLC now owns 901,176 shares of the company’s stock worth $703,000 after buying an additional 194,398 shares during the period. Hedge funds and other institutional investors own 88.41% of the company’s stock.

Purple Innovation Stock Down 2.4%

Shares of Purple Innovation stock opened at $0.79 on Monday. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.30 and a quick ratio of 0.67. The stock has a market cap of $85.05 million, a price-to-earnings ratio of -0.79 and a beta of 1.62. The firm’s 50-day moving average is $0.71 and its two-hundred day moving average is $0.86. Purple Innovation, Inc. has a 1 year low of $0.56 and a 1 year high of $1.56.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.14) by $0.03. The firm had revenue of $104.17 million during the quarter, compared to analyst estimates of $104.17 million. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. As a group, research analysts expect that Purple Innovation, Inc. will post -0.47 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Separately, Wedbush reaffirmed a “neutral” rating and issued a $1.00 price objective on shares of Purple Innovation in a research report on Wednesday, March 26th.

About Purple Innovation

Purple Innovation, Inc designs and manufactures sleep and other products in the United States and internationally. The company offers mattresses, pillows, cushions, bases, sheets, platforms, adjustable bases, mattress protectors, foundations, blankets, duvets, duvet covers, seat cushions, and pet beds under the Purple brand.