Ergoteles LLC Purchases New Position in Purple Innovation, Inc. (NASDAQ:PRPL)

Ergoteles LLC purchased a new stake in Purple Innovation, Inc. (NASDAQ:PRPL – Get Rating) in the third quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 39,400 shares of the company’s stock, valued at approximately $160,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Freshford Capital Management LLC boosted its holdings in Purple Innovation by 101.2% in the third quarter. Freshford Capital Management LLC now owns 3,496,000 shares of the company’s stock valued at $14,159,000 after purchasing an additional 1,758,100 shares in the last quarter. Quent Capital LLC acquired a new position in shares of Purple Innovation in the 3rd quarter valued at $304,000. UBS Group AG raised its position in Purple Innovation by 51.0% in the 3rd quarter. UBS Group AG now owns 10,096 shares of the company’s stock valued at $41,000 after purchasing an additional 3,409 shares during the last quarter. Full Sail Capital LLC boosted its stake in Purple Innovation by 9.4% during the 3rd quarter. Full Sail Capital LLC now owns 116,030 shares of the company’s stock worth $470,000 after purchasing an additional 10,000 shares during the period. Finally, Keebeck Alpha LP acquired a new stake in Purple Innovation during the 3rd quarter worth $506,000. 92.19% of the stock is owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

A number of research analysts have commented on PRPL shares. Bank of America started coverage on shares of Purple Innovation in a research note on Monday, January 16th. They issued an “underperform” rating on the stock. Craig Hallum upgraded shares of Purple Innovation from a “hold” rating to a “buy” rating and lifted their price objective for the company from $4.00 to $6.00 in a research note on Thursday, November 10th. Finally, KeyCorp lifted their price objective on shares of Purple Innovation from $7.00 to $8.00 and gave the company an “overweight” rating in a research note on Wednesday, February 1st.

Insider Activity

In other news, Director Coliseum Capital Management, L bought 5,960,320 shares of the stock in a transaction dated Monday, February 13th. The shares were acquired at an average price of $4.50 per share, with a total value of $26,821,440.00. Following the completion of the acquisition, the director now directly owns 46,814,450 shares in the company, valued at $210,665,025. The acquisition was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders own 35.04% of the company’s stock.

Purple Innovation Stock Up 2.5 %

Shares of NASDAQ:PRPL opened at $4.13 on Wednesday. The company has a market cap of $379.26 million, a price-to-earnings ratio of -6.26 and a beta of 1.66. The firm’s 50-day simple moving average is $5.05 and its 200-day simple moving average is $4.39. The company has a quick ratio of 0.95, a current ratio of 1.79 and a debt-to-equity ratio of 0.15. Purple Innovation, Inc. has a fifty-two week low of $2.65 and a fifty-two week high of $7.97.

About Purple Innovation

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Purple Innovation, Inc engages in the design and manufacture of comfort technology products. It offers mattresses, bed pillows, seat cushions, mattress protector, and bamboo sheets. The company was founded by Terry V. Pearce and Tony Marion Pearce in 1989 and is headquartered in Lehi, Utah.