Zacks Investment Research lowered shares of Purple Innovation (NASDAQ:PRPL) from a hold rating to a sell rating in a report released 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 cut their price objective on shares of Purple Innovation from $11.00 to $8.00 and set an outperform rating on the stock in a research report on Friday, August 10th.
Shares of PRPL stock opened at $7.16 on Friday. The company has a quick ratio of 0.43, a current ratio of 1.10 and a debt-to-equity ratio of 6.41. Purple Innovation has a 12 month low of $4.45 and a 12 month high of $13.90.
Purple Innovation (NASDAQ:PRPL) last announced its quarterly earnings data on Wednesday, November 14th. The company reported ($0.09) EPS for the quarter, missing the Zacks’ consensus estimate of ($0.02) by ($0.07). The firm had revenue of $70.81 million for the quarter, compared to analyst estimates of $86.20 million. As a group, analysts predict that Purple Innovation will post -1.54 earnings per share for the current fiscal year.
Several hedge funds have recently made changes to their positions in the company. BlackRock Inc. bought a new stake in shares of Purple Innovation in the second quarter worth $1,941,000. LPL Financial LLC lifted its position 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 purchasing an additional 44,100 shares in the last quarter. Vanguard Group Inc. lifted its position in shares of Purple Innovation by 112.0% in the third quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock worth $242,000 after purchasing an additional 22,043 shares in the last quarter. Northern Trust Corp bought a new stake in shares of Purple Innovation in the second quarter worth $328,000. Finally, Cpwm LLC bought a new stake in shares of Purple Innovation in the third quarter worth $116,000. 12.80% of the stock is currently 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.
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