Purple Innovation (PRPL) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Purple Innovation (NASDAQ:PRPL) from a buy rating to a hold rating in a research report report published 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 reissued an outperform rating and issued a $6.50 target price on shares of Purple Innovation in a report on Wednesday, March 13th.



PRPL stock opened at $5.15 on Friday. Purple Innovation has a fifty-two week low of $4.20 and a fifty-two week high of $10.75. The company has a quick ratio of 0.51, a current ratio of 0.98 and a debt-to-equity ratio of 6.41. The firm has a market capitalization of $282.45 million, a P/E ratio of -10.10 and a beta of -0.30.

Purple Innovation (NASDAQ:PRPL) last posted its earnings results on Tuesday, March 12th. The company reported ($0.12) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.02. Purple Innovation had a negative net margin of 1.39% and a negative return on equity of 63.22%. The firm had revenue of $78.46 million during the quarter, compared to analyst estimates of $77.10 million. Analysts predict that Purple Innovation will post -1.01 earnings per share for the current year.

Several hedge funds have recently bought and sold shares of PRPL. Vanguard Group Inc lifted its position in Purple Innovation by 112.0% in the third quarter. Vanguard Group Inc now owns 41,721 shares of the company’s stock worth $242,000 after buying an additional 22,043 shares during the last quarter. Vanguard Group Inc. lifted its position in Purple Innovation by 112.0% in the third quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock worth $242,000 after buying an additional 22,043 shares during the last quarter. Northern Trust Corp lifted its position in Purple Innovation by 7.2% in the fourth quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock worth $256,000 after buying an additional 2,897 shares during the last quarter. LPL Financial LLC lifted its position in Purple Innovation by 347.2% in the third quarter. LPL Financial LLC now owns 56,800 shares of the company’s stock worth $329,000 after buying an additional 44,100 shares during the last quarter. Finally, Royce & Associates LP lifted its position in Purple Innovation by 22.2% in the fourth quarter. Royce & Associates LP now owns 275,000 shares of the company’s stock worth $1,620,000 after buying an additional 50,000 shares during the last quarter. 13.00% of the stock is owned by hedge funds and other institutional investors.

Purple Innovation Company Profile

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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