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

PRPL opened at $5.17 on Friday. The company has a market cap of $277.07 million, a price-to-earnings ratio of -10.15 and a beta of -0.30. The company has a debt-to-equity ratio of 6.41, a current ratio of 0.98 and a quick ratio of 0.51. Purple Innovation has a one year low of $4.20 and a one year high of $10.75.

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

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Northern Trust Corp raised its position in Purple Innovation by 7.2% during the 4th quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock valued at $256,000 after purchasing an additional 2,897 shares during the last quarter. Vanguard Group Inc. raised its position in Purple Innovation by 112.0% during the 3rd quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock valued at $242,000 after purchasing an additional 22,043 shares during the last quarter. Vanguard Group Inc raised its position in Purple Innovation by 112.0% during the 3rd quarter. Vanguard Group Inc now owns 41,721 shares of the company’s stock valued at $242,000 after purchasing an additional 22,043 shares during the last quarter. LPL Financial LLC raised its position in Purple Innovation by 347.2% during the 3rd quarter. LPL Financial LLC now owns 56,800 shares of the company’s stock valued at $329,000 after purchasing an additional 44,100 shares during the last quarter. Finally, Royce & Associates LP raised its position in Purple Innovation by 22.2% during the 4th quarter. Royce & Associates LP now owns 275,000 shares of the company’s stock valued at $1,620,000 after purchasing an additional 50,000 shares during the last quarter. 13.00% of the stock is owned by institutional investors and hedge funds.

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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