Purple Innovation (NASDAQ:PRPL) Downgraded by Zacks Investment Research to Sell

Zacks Investment Research cut shares of Purple Innovation (NASDAQ:PRPL) from a hold rating to a sell rating in a report published on Wednesday morning, 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 issued research reports about the company. Roth Capital increased their price objective on Purple Innovation from $31.00 to $34.00 and gave the company a buy rating in a research note on Wednesday, August 11th. Truist dropped their price objective on Purple Innovation from $40.00 to $35.00 and set a buy rating for the company in a research note on Thursday, July 1st. TheStreet lowered Purple Innovation from a c rating to a d rating in a research note on Tuesday, June 22nd. Raymond James dropped their price objective on Purple Innovation from $38.00 to $35.00 and set an outperform rating for the company in a research note on Wednesday, June 30th. Finally, Oppenheimer initiated coverage on Purple Innovation in a research note on Tuesday, June 29th. They set a buy rating and a $45.00 price objective for the company. One research analyst has rated the stock with a sell rating, one has issued a hold rating and ten have issued a buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of Buy and a consensus price target of $35.00.

Shares of NASDAQ PRPL opened at $20.25 on Wednesday. Purple Innovation has a one year low of $19.99 and a one year high of $41.08. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.80 and a quick ratio of 1.26. The firm’s 50 day simple moving average is $23.71 and its two-hundred day simple moving average is $27.46. The stock has a market capitalization of $1.35 billion, a P/E ratio of 225.00, a PEG ratio of 2.00 and a beta of 1.26.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings results on Monday, August 9th. The company reported $0.05 EPS for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.08). Purple Innovation had a net margin of 2.79% and a return on equity of 35.36%. The business had revenue of $182.60 million for the quarter, compared to the consensus estimate of $181.70 million. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. As a group, equities analysts expect that Purple Innovation will post 0.7 earnings per share for the current fiscal year.

Institutional investors have recently made changes to their positions in the business. SG Americas Securities LLC lifted its position in Purple Innovation by 3,129.9% during the second quarter. SG Americas Securities LLC now owns 217,858 shares of the company’s stock valued at $5,754,000 after buying an additional 211,113 shares during the period. Ameritas Investment Partners Inc. lifted its position in Purple Innovation by 49.2% during the second quarter. Ameritas Investment Partners Inc. now owns 3,938 shares of the company’s stock valued at $104,000 after buying an additional 1,299 shares during the period. Friess Associates LLC purchased a new position in Purple Innovation during the first quarter valued at $2,119,000. BlackRock Inc. lifted its position in Purple Innovation by 106.1% during the first quarter. BlackRock Inc. now owns 2,699,239 shares of the company’s stock valued at $85,431,000 after buying an additional 1,389,589 shares during the period. Finally, Argent Capital Management LLC purchased a new position in Purple Innovation during the second quarter valued at $236,000. 98.14% of the stock is owned by institutional investors and hedge funds.

Purple Innovation Company Profile

Purple Innovation, Inc engages in the design and manufacture of comfort technology products. It offers mattresses, bed pillows, seat cushions, mattress protector, and bamboo sheets. The company was founded by Terry V. Pearce and Tony Marion Pearce in 1989 and is headquartered in Lehi, Utah.

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