Wall Street Zen Downgrades PURPLE INNOVATION (NASDAQ:PRPL) to Sell

Wall Street Zen downgraded shares of PURPLE INNOVATION (NASDAQ:PRPL - Free Report) from a hold rating to a sell rating in a research report sent to investors on Friday.

Separately, Wedbush reaffirmed a "neutral" rating and issued a $1.00 price objective on shares of PURPLE INNOVATION in a report on Wednesday, March 26th.

PURPLE INNOVATION Trading Up 7.2%

NASDAQ PRPL traded up $0.06 during mid-day trading on Friday, hitting $0.82. The company's stock had a trading volume of 1,359,444 shares, compared to its average volume of 562,689. PURPLE INNOVATION has a 52-week low of $0.56 and a 52-week high of $1.50. The stock's fifty day simple moving average is $0.76 and its two-hundred day simple moving average is $0.81. The company has a debt-to-equity ratio of 54.69, a current ratio of 1.36 and a quick ratio of 0.64. The firm has a market capitalization of $88.32 million, a P/E ratio of -1.32 and a beta of 1.51.

PURPLE INNOVATION (NASDAQ:PRPL - Get Free Report) last posted its quarterly earnings data on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, beating analysts' consensus estimates of ($0.14) by $0.03. The company had revenue of $104.17 million for the quarter, compared to analyst estimates of $104.17 million. PURPLE INNOVATION had a negative net margin of 14.16% and a negative return on equity of 145.52%. Research analysts expect that PURPLE INNOVATION will post -0.47 EPS for the current year.

Hedge Funds Weigh In On PURPLE INNOVATION

Several hedge funds and other institutional investors have recently modified their holdings of the company. JPMorgan Chase & Co. raised its stake in shares of PURPLE INNOVATION by 2,140.2% during the fourth quarter. JPMorgan Chase & Co. now owns 608,144 shares of the company's stock valued at $474,000 after purchasing an additional 580,997 shares in the last quarter. Townsquare Capital LLC bought a new stake in shares of PURPLE INNOVATION during the fourth quarter valued at about $73,000. Barclays PLC raised its stake in shares of 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 in the last quarter. Bank of America Corp DE raised its stake in shares of 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 in the last quarter. Finally, Invenomic Capital Management LP bought a new stake in shares of PURPLE INNOVATION during the fourth quarter valued at about $620,000. Institutional investors and hedge funds own 88.41% of the company's stock.

PURPLE INNOVATION Company Profile

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.