Purple Innovation (NASDAQ:PRPL) Upgraded to Hold by Zacks Investment Research

Purple Innovation (NASDAQ:PRPL – Get Rating) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Thursday, Zacks.com reports.

According to Zacks, “Purple Innovation Inc. designs and manufactures products which include mattresses, pillows and cushions, using its patented Hyper-Elastic Polymer(R). The Company markets and sells its products through direct-to-consumer online channels, traditional retail partners and third party online retailers. Purple Innovation Inc., formerly known as Global Partner Acquisition Corp., is based in Alpine, Utah. “

Other analysts have also recently issued reports about the company. Truist Financial lowered their target price on Purple Innovation from $10.00 to $5.00 and set a “hold” rating for the company in a research note on Wednesday, March 2nd. Roth Capital cut Purple Innovation from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $6.00 in a research note on Wednesday, March 2nd. KeyCorp lowered their target price on Purple Innovation from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, March 28th. Bank of America lowered their target price on Purple Innovation from $5.50 to $4.50 and set an “underperform” rating for the company in a research note on Wednesday, March 2nd. Finally, UBS Group lowered their target price on Purple Innovation from $10.00 to $6.50 and set a “neutral” rating for the company in a research note on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $17.36.

Shares of PRPL stock opened at $3.27 on Thursday. The company has a debt-to-equity ratio of 0.64, a current ratio of 1.62 and a quick ratio of 0.92. The stock has a market cap of $218.99 million, a PE ratio of -10.90 and a beta of 1.74. The stock has a 50-day moving average of $5.80 and a 200-day moving average of $9.30. Purple Innovation has a one year low of $2.99 and a one year high of $33.22.

Purple Innovation (NASDAQ:PRPL – Get Rating) last announced its quarterly earnings results on Tuesday, May 10th. The company reported ($0.24) EPS for the quarter, beating analysts’ consensus estimates of ($0.35) by $0.11. The company had revenue of $143.18 million during the quarter, compared to analysts’ expectations of $130.12 million. Purple Innovation had a negative return on equity of 8.41% and a net margin of 0.56%. Purple Innovation’s revenue was down 23.2% on a year-over-year basis. During the same period in the prior year, the business posted $0.17 EPS. As a group, research analysts anticipate that Purple Innovation will post -0.12 earnings per share for the current year.

In related news, Director Coliseum Capital Management, L acquired 1,797,545 shares of the business’s stock in a transaction dated Thursday, March 3rd. The stock was bought at an average price of $7.23 per share, with a total value of $12,996,250.35. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. In the last three months, insiders bought 3,907,545 shares of company stock valued at $27,392,550. 35.04% of the stock is currently owned by insiders.

Institutional investors have recently made changes to their positions in the business. Assenagon Asset Management S.A. acquired a new stake in Purple Innovation during the 4th quarter valued at $2,362,000. Wasatch Advisors Inc. lifted its holdings in Purple Innovation by 29.0% during the 3rd quarter. Wasatch Advisors Inc. now owns 7,233,644 shares of the company’s stock valued at $152,051,000 after purchasing an additional 1,627,651 shares during the last quarter. Alberta Investment Management Corp acquired a new stake in Purple Innovation during the 3rd quarter valued at $3,784,000. Lord Abbett & CO. LLC lifted its holdings in Purple Innovation by 4.0% during the 3rd quarter. Lord Abbett & CO. LLC now owns 1,496,222 shares of the company’s stock valued at $31,451,000 after purchasing an additional 56,952 shares during the last quarter. Finally, Stony Point Capital LLC lifted its holdings in shares of Purple Innovation by 87.0% during the third quarter. Stony Point Capital LLC now owns 503,277 shares of the company’s stock worth $10,579,000 after buying an additional 234,113 shares in the last quarter.

About Purple Innovation (Get Rating)

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds. It markets and sells its products through its e-commerce online channels retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through Purple retail showrooms.

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