Purple Innovation (NASDAQ:PRPL) Lowered to “Sell” Rating by Wall Street Zen

Purple Innovation (NASDAQ:PRPL) was downgraded by analysts at Wall Street Zen from a “hold” rating to a “sell” rating in a research report issued to clients and investors on Friday.

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

Purple Innovation Trading Up 7.3%

PRPL opened at $0.70 on Friday. The stock has a market cap of $75.12 million, a PE ratio of -1.12 and a beta of 1.51. The company has a quick ratio of 0.64, a current ratio of 1.36 and a debt-to-equity ratio of 54.69. The business has a 50 day moving average of $0.77 and a 200-day moving average of $0.81. Purple Innovation has a 52 week low of $0.56 and a 52 week high of $1.50.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03. The company 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 145.52% and a negative net margin of 14.16%. Equities research analysts predict that Purple Innovation will post -0.47 earnings per share for the current fiscal year.

Institutional Trading of Purple Innovation

Hedge funds have recently bought and sold shares of the stock. AQR Capital Management LLC purchased a new stake in Purple Innovation during the first quarter worth $28,000. Bank of America Corp DE increased its position in shares of Purple Innovation by 45.1% in the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after acquiring an additional 17,406 shares during the period. Barclays PLC increased its position in shares of Purple Innovation by 14.5% in the 4th quarter. Barclays PLC now owns 85,627 shares of the company’s stock valued at $67,000 after acquiring an additional 10,824 shares during the period. Townsquare Capital LLC acquired a new position in shares of Purple Innovation in the 4th quarter valued at $73,000. Finally, Midwest Financial Group LLC acquired a new stake in Purple Innovation during the 2nd quarter worth about $84,000. Hedge funds and other institutional investors own 88.41% of the company’s stock.

Purple Innovation Company Profile

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.