Zacks Investment Research Downgrades Purple Innovation (NASDAQ:PRPL) to Hold


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Purple Innovation (NASDAQ:PRPL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a note issued to investors on Thursday, 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. “

Several other analysts have also recently commented on the company. KeyCorp raised their target price on Purple Innovation from $26.00 to $34.00 and gave the stock an “overweight” rating in a research report on Tuesday, November 10th. Raymond James raised their target price on Purple Innovation from $28.00 to $36.00 and gave the stock an “outperform” rating in a research report on Monday, October 26th. UBS Group initiated coverage on Purple Innovation in a research report on Tuesday, October 13th. They issued a “buy” rating and a $35.00 target price for the company. Truist initiated coverage on Purple Innovation in a research report on Wednesday, December 16th. They set a “buy” rating and a $35.00 price objective for the company. Finally, Oppenheimer initiated coverage on Purple Innovation in a research report on Wednesday, November 18th. They set a “buy” rating and a $37.00 price objective for the company. Two investment analysts have rated the stock with a hold rating and eleven have given a buy rating to the company. Purple Innovation presently has an average rating of “Buy” and an average price target of $36.70.

Shares of Purple Innovation stock opened at $34.48 on Thursday. The stock has a market cap of $2.12 billion, a PE ratio of -265.23, a price-to-earnings-growth ratio of 5.19 and a beta of 1.51. The business has a fifty day simple moving average of $30.83 and a 200-day simple moving average of $25.68. The company has a quick ratio of 1.10, a current ratio of 1.45 and a debt-to-equity ratio of 2.19. Purple Innovation has a 12 month low of $4.42 and a 12 month high of $37.80.

Purple Innovation (NASDAQ:PRPL) last issued its earnings results on Saturday, November 14th. The company reported $0.27 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.24 by $0.03. The business had revenue of $187.11 million during the quarter, compared to analysts’ expectations of $175.40 million. Purple Innovation had a return on equity of 545.13% and a net margin of 0.81%. The company’s revenue for the quarter was up 59.4% on a year-over-year basis. Analysts expect that Purple Innovation will post 0.41 EPS for the current fiscal year.

In other Purple Innovation news, insider Verdi Ray White III sold 10,000 shares of the firm’s stock in a transaction dated Tuesday, November 17th. The stock was sold at an average price of $28.51, for a total transaction of $285,100.00. Following the transaction, the insider now directly owns 10,000 shares in the company, valued at $285,100. The transaction was disclosed in a filing with the SEC, which is available through this link. 75.10% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently bought and sold shares of the business. Steward Partners Investment Advisory LLC bought a new position in Purple Innovation during the third quarter valued at about $30,000. Private Advisor Group LLC bought a new position in Purple Innovation during the second quarter valued at about $36,000. Point72 Hong Kong Ltd bought a new position in Purple Innovation during the third quarter valued at about $38,000. American International Group Inc. raised its holdings in Purple Innovation by 77.5% during the second quarter. American International Group Inc. now owns 8,744 shares of the company’s stock valued at $157,000 after buying an additional 3,818 shares in the last quarter. Finally, Advisor Group Holdings Inc. increased its stake in shares of Purple Innovation by 2,581.9% in the second quarter. Advisor Group Holdings Inc. now owns 9,923 shares of the company’s stock worth $179,000 after purchasing an additional 9,553 shares during the period. Institutional investors own 64.45% of the company’s stock.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protector, bed frames, seat cushions, and weighted blanket and duvets. The company markets and sells its products through direct-to-consumer online channels, retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through its factory outlet and the company owned showrooms.

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