5 Best Furniture-Related Stocks to Buy Now

In this piece, we will take a look at the five best furniture-related stocks to buy now. For more stocks, and our introduction to the industry, take a look at 11 Best Furniture-Related Stocks to Buy Now.

5. Purple Innovation, Inc. (NASDAQ:PRPL)

Number of Hedge Fund Holders: 13

Purple Innovation, Inc. (NASDAQ:PRPL) is an American company that manufactures and sells a variety of products such as mattresses, pillows, bed frames, blankets, and duvets. The company is headquartered in Lehi, Utah.

Purple Innovation, Inc. (NASDAQ:PRPL) signed an agreement with another furniture company earlier this year, through which it will significantly expand its retail presence in the U.S. by adding 636 stores to its portfolio. The company also has a strong balance sheet, through which it holds total assets of $625 million compared to $140 million of operating leases and long term debt obligations.

Wedbush increased Purple Innovation, Inc. (NASDAQ:PRPL)’s share price target to $5 from $3.3 in September 2022, sharing that a recent buyout offer of $4.5 per share is still not enough, and is likely to be increased. By the end of this year’s second quarter, 13 out of the 895 hedge funds polled by Insider Monkey had owned the company’s shares.

Purple Innovation, Inc. (NASDAQ:PRPL)’s largest investor is Christopher Shackelton and Adam Gray’s Coliseum Capital which owns 40 million shares that are worth $125 million.