Zacks Investment Research upgraded shares of Purple Innovation (NASDAQ:PRPL) from a hold rating to a buy rating in a research note published on Thursday. Zacks Investment Research currently has $6.25 price target on the stock.
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 set a $6.50 price target on shares of Purple Innovation in a research report on Wednesday.
Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings results on Tuesday, March 12th. The company reported ($0.12) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.14) by $0.02. Purple Innovation had a negative return on equity of 43.91% and a negative net margin of 1.39%. The business had revenue of $78.46 million for the quarter, compared to the consensus estimate of $77.10 million. On average, equities analysts expect that Purple Innovation will post -1.22 earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Cpwm LLC purchased a new stake in Purple Innovation during the third quarter valued at about $116,000. Vanguard Group Inc raised its position in Purple Innovation by 112.0% during the third 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 in the last quarter. Northern Trust Corp purchased a new position in shares of Purple Innovation in the second quarter worth about $328,000. Royce & Associates LP increased its holdings in shares of 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 period. Finally, LPL Financial LLC increased its holdings in shares of 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 period. Institutional investors and hedge funds own 13.00% of the company’s stock.
Purple Innovation Company Profile
Purple Innovation, Inc engages in the design and manufacture of products to improve how people sleep, sit, and stand. It offers mattresses, cushions, pillows, and other comfort products using its proprietary Hyper-Elastic Polymer technology. The company was founded by Terry V. Pearce and Tony M. Pearce in 2010 and is headquartered in Alpine, Utah.
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