Wall Street Zen Upgrades Purple Innovation (NASDAQ:PRPL) to “Hold”

Wall Street Zen upgraded shares of Purple Innovation (NASDAQ:PRPL) from a sell rating to a hold rating in a research report report published on Saturday.

Separately, Wedbush reissued a “neutral” rating and set a $1.00 price target on shares of Purple Innovation in a research report on Wednesday, March 26th.

Purple Innovation Stock Up 0.1%

Shares of NASDAQ PRPL opened at $0.77 on Friday. The firm has a market cap of $83.35 million, a PE ratio of -0.77 and a beta of 1.56. Purple Innovation has a 12-month low of $0.56 and a 12-month high of $1.50. The company’s fifty day simple moving average is $0.73 and its 200 day simple moving average is $0.85. The company has a quick ratio of 0.67, a current ratio of 1.30 and a debt-to-equity ratio of 1.81.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.14) by $0.03. Purple Innovation had a negative net margin of 21.34% and a negative return on equity of 84.67%. The firm had revenue of $104.17 million for the quarter, compared to analyst estimates of $104.17 million. As a group, sell-side analysts forecast that Purple Innovation will post -0.47 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Purple Innovation

Large investors have recently modified their holdings of the company. SG Americas Securities LLC lifted its position in Purple Innovation by 70.2% during the fourth quarter. SG Americas Securities LLC now owns 35,272 shares of the company’s stock valued at $28,000 after purchasing an additional 14,548 shares during the last quarter. AQR Capital Management LLC bought a new stake in Purple Innovation during the first quarter valued at approximately $28,000. Bank of America Corp DE lifted its position in Purple Innovation by 45.1% during the fourth quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after purchasing an additional 17,406 shares during the last quarter. Barclays PLC lifted its position in Purple Innovation by 14.5% during the fourth quarter. Barclays PLC now owns 85,627 shares of the company’s stock valued at $67,000 after purchasing an additional 10,824 shares during the last quarter. Finally, Townsquare Capital LLC bought a new stake in Purple Innovation during the fourth quarter valued at approximately $73,000. 88.41% of the stock is currently owned by institutional investors.

About Purple Innovation

Purple Innovation, Inc designs and manufactures sleep and other products in the United States and internationally. The company offers mattresses, pillows, cushions, bases, sheets, platforms, adjustable bases, mattress protectors, foundations, blankets, duvets, duvet covers, seat cushions, and pet beds under the Purple brand.