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

Zacks Investment Research lowered shares of Purple Innovation (NASDAQ:PRPL) from a hold rating to a sell rating in a research note issued to investors on Wednesday, 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 equities research analysts have also issued reports on PRPL. Bank of America initiated coverage on shares of Purple Innovation in a research report on Thursday, December 19th. They set a buy rating and a $10.00 target price for the company. KeyCorp initiated coverage on shares of Purple Innovation in a research report on Monday, November 25th. They set an overweight rating and a $12.00 target price for the company. Roth Capital initiated coverage on shares of Purple Innovation in a research report on Monday, October 28th. They set a buy rating and a $10.00 target price for the company. Oppenheimer initiated coverage on shares of Purple Innovation in a research report on Tuesday, November 26th. They set a buy rating and a $15.00 target price for the company. Finally, Raymond James lifted their target price on shares of Purple Innovation from $11.00 to $13.00 and gave the company an outperform rating in a research report on Thursday, January 16th. Two analysts have rated the stock with a sell rating and six have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and a consensus target price of $11.64.

Purple Innovation stock traded down $0.25 during mid-day trading on Wednesday, hitting $11.16. 283,186 shares of the company traded hands, compared to its average volume of 401,752. Purple Innovation has a one year low of $4.20 and a one year high of $11.92. The stock has a market cap of $229.32 million, a price-to-earnings ratio of -79.71, a price-to-earnings-growth ratio of 1.29 and a beta of -0.33. The company has a debt-to-equity ratio of 4.32, a quick ratio of 0.93 and a current ratio of 1.44. The stock has a fifty day moving average price of $9.03 and a 200-day moving average price of $7.89.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Wednesday, November 6th. The company reported $0.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.02 by $0.17. Purple Innovation had a negative net margin of 0.22% and a negative return on equity of 57,779.57%. The business had revenue of $117.41 million during the quarter, compared to analyst estimates of $105.29 million. Sell-side analysts predict that Purple Innovation will post 0.92 EPS for the current year.

In other news, CAO John W. Gann, Jr. sold 7,052 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The shares were sold at an average price of $52.97, for a total value of $373,544.44. Also, major shareholder Innohold, Llc sold 7,552,136 shares of the business’s stock in a transaction that occurred on Tuesday, November 19th. The stock was sold at an average price of $7.00, for a total transaction of $52,864,952.00. Following the completion of the sale, the insider now owns 7,552,136 shares of the company’s stock, valued at $52,864,952. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 10,283,120 shares of company stock valued at $72,306,020. Company insiders own 78.80% of the company’s stock.

A hedge fund recently raised its stake in Purple Innovation stock. Vanguard Group Inc. boosted its position in shares of Purple Innovation Inc (NASDAQ:PRPL) by 17.5% in the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 52,910 shares of the company’s stock after buying an additional 7,879 shares during the quarter. Vanguard Group Inc. owned approximately 0.10% of Purple Innovation worth $357,000 as of its most recent filing with the Securities & Exchange Commission. Institutional investors and hedge funds own 34.59% of the company’s stock.

About Purple Innovation

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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