Purple Innovation (PRPL) Received its Third Buy in a Row

After Raymond James and KeyBanc gave Purple Innovation (NASDAQ: PRPL) a Buy rating last month, the company received another Buy, this time from Oppenheimer. Analyst Brian Nagel reiterated a Buy rating on Purple Innovation today and set a price target of $19.00. The company’s shares closed last Monday at $14.82, close to its 52-week high of $14.83.

According to TipRanks.com, Nagel is a 5-star analyst with an average return of 12.2% and a 70.1% success rate. Nagel covers the Services sector, focusing on stocks such as Urban Outfitters, WW International, and Williams-Sonoma.

The word on The Street in general, suggests a Strong Buy analyst consensus rating for Purple Innovation with a $13.40 average price target.

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Based on Purple Innovation’s latest earnings release for the quarter ending September 30, the company reported a quarterly net profit of $1.59 million. In comparison, last year the company had a GAAP net loss of $979K.

Based on the recent corporate insider activity of 19 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PRPL in relation to earlier this year.

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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.