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 released on Friday morning.

Separately, Wedbush reissued a "neutral" rating and set a $1.00 target price on shares of PURPLE INNOVATION in a report on Wednesday, March 26th.

PURPLE INNOVATION Stock Up 7.3%

Shares of PURPLE INNOVATION stock traded up $0.05 on Friday, reaching $0.70. 310,217 shares of the stock were exchanged, compared to its average volume of 554,244. The firm's 50 day moving average is $0.77 and its 200-day moving average is $0.81. The company has a debt-to-equity ratio of 54.69, a quick ratio of 0.64 and a current ratio of 1.36. PURPLE INNOVATION has a one year low of $0.56 and a one year high of $1.50.

PURPLE INNOVATION (NASDAQ:PRPL - Get Free Report) last released its quarterly earnings results on Tuesday, May 6th. The company reported ($0.11) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.14) by $0.03. The firm had revenue of $104.17 million during 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%. On average, sell-side analysts forecast that PURPLE INNOVATION will post -0.47 EPS for the current fiscal year.

Hedge Funds Weigh In On PURPLE INNOVATION

Large investors have recently made changes to their positions in the business. AQR Capital Management LLC purchased a new stake in shares of PURPLE INNOVATION during the first quarter valued at approximately $28,000. Bank of America Corp DE increased its holdings in PURPLE INNOVATION by 45.1% in the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company's stock worth $44,000 after buying an additional 17,406 shares in the last quarter. Barclays PLC raised its position in PURPLE INNOVATION by 14.5% in the 4th quarter. Barclays PLC now owns 85,627 shares of the company's stock worth $67,000 after buying an additional 10,824 shares during the last quarter. Townsquare Capital LLC purchased a new stake in shares of PURPLE INNOVATION during the 4th quarter valued at about $73,000. Finally, Midwest Financial Group LLC bought a new stake in shares of PURPLE INNOVATION in the second quarter worth approximately $84,000. 88.41% of the stock is currently owned by hedge funds and other institutional investors.

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.