PURPLE INNOVATION (NASDAQ:PRPL) Upgraded at Wall Street Zen

Key Points

• PURPLE INNOVATION has been upgraded from a "sell" rating to a "hold" rating by Wall Street Zen, which could indicate more stability for the stock moving forward.
• The company reported a revenue of $105.10 million in its last quarterly earnings, surpassing analysts' expectations of $103.69 million.
• Several institutional investors have increased their stakes in PURPLE INNOVATION, with hedge funds and other investors owning 88.41% of the company's stock.

PURPLE INNOVATION (NASDAQ:PRPL - Get Free Report) was upgraded by Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Friday.

PURPLE INNOVATION Price Performance

Shares of NASDAQ PRPL opened at $1.13 on Friday. The company has a current ratio of 1.49, a quick ratio of 0.77 and a debt-to-equity ratio of 54.69. PURPLE INNOVATION has a twelve month low of $0.56 and a twelve month high of $1.37. The stock has a 50 day moving average of $0.82 and a two-hundred day moving average of $0.80. The stock has a market cap of $122.50 million, a P/E ratio of -1.45 and a beta of 1.42.

PURPLE INNOVATION (NASDAQ:PRPL - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.11) EPS for the quarter, topping the consensus estimate of ($0.12) by $0.01. PURPLE INNOVATION had a negative return on equity of 472.12% and a negative net margin of 18.43%.The business had revenue of $105.10 million during the quarter, compared to analysts' expectations of $103.69 million. PURPLE INNOVATION has set its FY 2025 guidance at EPS. On average, research analysts forecast that PURPLE INNOVATION will post -0.47 earnings per share for the current year.

Institutional Investors Weigh In On PURPLE INNOVATION

Several large investors have recently modified their holdings of PRPL. AQR Capital Management LLC purchased a new stake in shares of PURPLE INNOVATION during the first quarter worth approximately $28,000. XTX Topco Ltd purchased a new stake in shares of PURPLE INNOVATION during the second quarter worth approximately $30,000. MAI Capital Management purchased a new stake in shares of PURPLE INNOVATION during the second quarter worth approximately $36,000. 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 worth $44,000 after purchasing an additional 17,406 shares during the last quarter. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of PURPLE INNOVATION during the second quarter worth approximately $63,000. Hedge funds and other institutional investors 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.