Purple Innovation (NASDAQ:PRPL) Downgraded by Wall Street Zen to "Strong Sell"

Purple Innovation (NASDAQ:PRPL - Get Free Report) was downgraded by research analysts at Wall Street Zen from a "hold" rating to a "strong sell" rating in a research note issued to investors on Saturday.

Several other research analysts have also weighed in on PRPL. KeyCorp lowered shares of Purple Innovation from an "overweight" rating to a "sector weight" rating in a research note on Tuesday, April 28th. Weiss Ratings reissued a "sell (e+)" rating on shares of Purple Innovation in a research note on Tuesday, April 21st. Finally, UBS Group decreased their price objective on shares of Purple Innovation from $0.85 to $0.65 and set a "neutral" rating on the stock in a report on Wednesday, April 29th. Two investment analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company's stock. According to MarketBeat.com, Purple Innovation currently has an average rating of "Reduce" and a consensus target price of $0.65.

Purple Innovation Stock Down 2.6%

PRPL stock opened at $0.50 on Friday. Purple Innovation has a 52-week low of $0.47 and a 52-week high of $1.26. The stock has a market cap of $54.52 million, a price-to-earnings ratio of -0.86 and a beta of 1.52. The business has a fifty day moving average of $0.65 and a two-hundred day moving average of $0.71.

Purple Innovation (NASDAQ:PRPL - Get Free Report) last announced its quarterly earnings results on Tuesday, April 28th. The company reported ($0.13) EPS for the quarter, meeting the consensus estimate of ($0.13). The business had revenue of $95.73 million during the quarter, compared to analyst estimates of $100.92 million. As a group, sell-side analysts anticipate that Purple Innovation will post -0.28 EPS for the current year.

Insider Buying and Selling

In other news, CFO Robert Gerard Lucian bought 60,000 shares of the company's stock in a transaction on Monday, May 4th. The stock was bought at an average cost of $0.49 per share, with a total value of $29,400.00. Following the transaction, the chief financial officer directly owned 60,000 shares in the company, valued at $29,400. The trade was a ∞ increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 53.90% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in PRPL. MML Investors Services LLC acquired a new position in shares of Purple Innovation in the fourth quarter valued at approximately $84,000. Jane Street Group LLC lifted its holdings 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. Virtu Financial LLC acquired a new stake in Purple Innovation during the 3rd quarter worth approximately $53,000. Two Sigma Investments LP purchased a new position in Purple Innovation in the 3rd quarter valued at approximately $57,000. Finally, Bridgeway Capital Management LLC purchased a new position in Purple Innovation in the 3rd quarter valued at approximately $70,000. 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.

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