Purple Innovation (NASDAQ:PRPL) Downgraded to “Strong Sell” Rating by Wall Street Zen

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

Other equities analysts have also issued research reports about the company. KeyCorp lowered Purple Innovation from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 28th. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research note on Tuesday, April 21st. Finally, UBS Group cut their price target on Purple Innovation from $0.85 to $0.65 and set a “neutral” rating for the company in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, Purple Innovation has an average rating of “Reduce” and a consensus target price of $0.65.

Purple Innovation Stock Performance

NASDAQ PRPL opened at $0.50 on Friday. The stock has a 50-day simple moving average of $0.65 and a two-hundred day simple moving average of $0.71. The firm has a market capitalization of $54.52 million, a P/E ratio of -0.86 and a beta of 1.52. Purple Innovation has a fifty-two week low of $0.47 and a fifty-two week high of $1.26.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.13) earnings per share for the quarter, meeting analysts’ consensus estimates of ($0.13). The company had revenue of $95.73 million for the quarter, compared to analysts’ expectations of $100.92 million. As a group, analysts forecast that Purple Innovation will post -0.28 earnings per share for the current year.

Insider Buying and Selling at Purple Innovation

In other Purple Innovation news, CFO Robert Gerard Lucian purchased 60,000 shares of the business’s stock in a transaction that occurred on Monday, May 4th. The stock was purchased at an average price of $0.49 per share, for a total transaction of $29,400.00. Following the purchase, the chief financial officer directly owned 60,000 shares in the company, valued at approximately $29,400. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 53.90% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Purple Innovation

Several institutional investors and hedge funds have recently modified their holdings of the business. XTX Topco Ltd increased its stake in shares of Purple Innovation by 276.7% in the 4th quarter. XTX Topco Ltd now owns 115,357 shares of the company’s stock valued at $80,000 after purchasing an additional 84,735 shares in the last quarter. MML Investors Services LLC purchased a new stake in Purple Innovation during the 4th quarter worth approximately $84,000. State Street Corp increased its stake in Purple Innovation by 8.8% during the 4th quarter. State Street Corp now owns 259,838 shares of the company’s stock worth $179,000 after buying an additional 21,100 shares in the last quarter. Jane Street Group LLC increased its stake in Purple Innovation by 14.6% during the 4th quarter. Jane Street Group LLC now owns 150,197 shares of the company’s stock worth $104,000 after buying an additional 19,156 shares in the last quarter. Finally, Crumly & Associates Inc. increased its stake in Purple Innovation by 8.2% during the 4th quarter. Crumly & Associates Inc. now owns 275,613 shares of the company’s stock worth $190,000 after buying an additional 21,000 shares in the last quarter. Hedge funds and other institutional investors own 88.41% of the company’s stock.

About Purple Innovation

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company’s product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.