Purple Innovation (PRPL) Downgraded to “Hold” at Zacks Investment Research

Purple Innovation (NASDAQ:PRPL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Saturday, Zacks.com reports.

According to Zacks, “Global Partner Acquisition Corp. is a blank check company. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Global Partner Acquisition Corp. is based in New York. “

Separately, Wedbush restated an “outperform” rating and issued a $6.50 price objective on shares of Purple Innovation in a research report on Wednesday, March 13th.

Shares of Purple Innovation stock opened at $5.10 on Friday. The stock has a market cap of $274.39 million, a P/E ratio of -10.00 and a beta of -0.30. The company has a quick ratio of 0.51, a current ratio of 0.98 and a debt-to-equity ratio of 6.41. Purple Innovation has a 12-month low of $4.20 and a 12-month high of $10.75.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, March 12th. The company reported ($0.12) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.14) by $0.02. The business had revenue of $78.46 million during the quarter, compared to analysts’ expectations of $77.10 million. Purple Innovation had a negative net margin of 1.39% and a negative return on equity of 63.22%. As a group, equities research analysts forecast that Purple Innovation will post -1.01 EPS for the current fiscal year.

Institutional investors and hedge funds have recently bought and sold shares of the business. Vanguard Group Inc increased its position in Purple Innovation by 112.0% in the 3rd quarter. Vanguard Group Inc now owns 41,721 shares of the company’s stock valued at $242,000 after acquiring an additional 22,043 shares in the last quarter. Royce & Associates LP increased its position in Purple Innovation by 22.2% in the 4th quarter. Royce & Associates LP now owns 275,000 shares of the company’s stock valued at $1,620,000 after acquiring an additional 50,000 shares in the last quarter. LPL Financial LLC increased its position in Purple Innovation by 347.2% in the 3rd quarter. LPL Financial LLC now owns 56,800 shares of the company’s stock valued at $329,000 after acquiring an additional 44,100 shares in the last quarter. Vanguard Group Inc. increased its position in Purple Innovation by 112.0% in the 3rd quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock valued at $242,000 after acquiring an additional 22,043 shares in the last quarter. Finally, Northern Trust Corp increased its position in Purple Innovation by 7.2% in the 4th quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock valued at $256,000 after acquiring an additional 2,897 shares in the last quarter. Hedge funds and other institutional investors own 13.00% of the company’s stock.

About Purple Innovation

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.

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