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 equities researchers at Wall Street Zen from a "sell" rating to a "hold" rating in a report issued on Friday.

PURPLE INNOVATION Stock Performance

PRPL stock remained flat at $1.11 during midday trading on Friday. 285,352 shares of the company's stock were exchanged, compared to its average volume of 763,902. PURPLE INNOVATION has a 12 month low of $0.56 and a 12 month high of $1.31. The company has a debt-to-equity ratio of 54.69, a current ratio of 1.49 and a quick ratio of 0.77. The stock has a market capitalization of $120.34 million, a P/E ratio of -1.42 and a beta of 1.42. The company's 50-day moving average price is $0.85 and its 200 day moving average price is $0.80.

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

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the business. AQR Capital Management LLC bought a new position in shares of PURPLE INNOVATION during the 1st quarter valued at $28,000. XTX Topco Ltd bought a new position in shares of PURPLE INNOVATION during the 2nd quarter valued at $30,000. MAI Capital Management bought a new position in shares of PURPLE INNOVATION during the 2nd quarter valued at $36,000. Bank of America Corp DE raised its holdings in shares of PURPLE INNOVATION by 45.1% during the 4th 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, Qube Research & Technologies Ltd bought a new position in shares of PURPLE INNOVATION during the 2nd quarter valued at $63,000. Institutional investors own 88.41% of the company's stock.

About PURPLE INNOVATION

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.