Purple Innovation (PRPL) Lowered to Hold at Zacks Investment Research

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.

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 decreased their price objective on shares of Purple Innovation from $11.00 to $8.00 and set an “outperform” rating for the company in a report on Friday, August 10th.

PRPL opened at $5.26 on Thursday. The company has a debt-to-equity ratio of 2.01, a quick ratio of 0.52 and a current ratio of 1.28. Purple Innovation has a twelve month low of $5.04 and a twelve month high of $13.90.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings data on Thursday, August 9th. The company reported ($0.09) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.03). The firm had revenue of $75.40 million for the quarter, compared to analysts’ expectations of $72.10 million. As a group, sell-side analysts expect that Purple Innovation will post -0.1 EPS for the current fiscal year.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Millennium Management LLC bought a new stake in Purple Innovation during the first quarter valued at approximately $100,000. Northern Trust Corp bought a new stake in Purple Innovation during the second quarter valued at approximately $328,000. Finally, BlackRock Inc. bought a new stake in Purple Innovation during the second quarter valued at approximately $1,941,000. Institutional investors own 12.68% of the company’s stock.

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.

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