Purple Innovation (PRPL) Stock Rating Lowered by Zacks Investment Research

Zacks Investment Research lowered shares of Purple Innovation (NASDAQ:PRPL) from a hold rating to a sell rating in a report issued on Friday.

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 lowered their price target on shares of Purple Innovation from $8.00 to $6.50 and set an outperform rating for the company in a research note on Thursday, November 15th.

Purple Innovation stock opened at $7.16 on Friday. The company has a debt-to-equity ratio of 6.41, a quick ratio of 0.43 and a current ratio of 1.10. Purple Innovation has a twelve month low of $4.45 and a twelve month high of $13.90.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings results on Wednesday, November 14th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.02) by ($0.07). The business had revenue of $70.81 million for the quarter, compared to analyst estimates of $86.20 million. Research analysts anticipate that Purple Innovation will post -1.54 EPS for the current fiscal year.

A number of institutional investors have recently bought and sold shares of PRPL. Millennium Management LLC bought a new stake in Purple Innovation in the first quarter worth $100,000. BlackRock Inc. bought a new stake in Purple Innovation in the second quarter worth $1,941,000. Northern Trust Corp bought a new stake in Purple Innovation in the second quarter worth $328,000. Cpwm LLC bought a new stake in Purple Innovation in the third quarter worth $116,000. Finally, LPL Financial LLC lifted its stake 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 purchasing an additional 44,100 shares during the last quarter. 12.80% 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. The company markets and sells its products through direct-to-consumer and retail channels. Purple Innovation, Inc was founded in 2010 and is headquartered in Alpine, Utah.

Further Reading: Derivative

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