Wall Street Zen Upgrades Purple Innovation (NASDAQ:PRPL) to Hold

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

Separately, Wedbush restated a "neutral" rating and issued a $1.00 price target on shares of Purple Innovation in a report on Wednesday, March 26th.

Purple Innovation Stock Performance

NASDAQ PRPL traded up $0.02 on Friday, hitting $0.79. 151,208 shares of the company's stock were exchanged, compared to its average volume of 538,181. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.30 and a quick ratio of 0.67. The firm's 50-day moving average price is $0.73 and its two-hundred day moving average price is $0.85. Purple Innovation has a fifty-two week low of $0.56 and a fifty-two week high of $1.50. The firm has a market cap of $85.09 million, a price-to-earnings ratio of -0.79 and a beta of 1.56.

Purple Innovation (NASDAQ:PRPL - Get Free Report) last released its 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. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. The company had revenue of $104.17 million for the quarter, compared to analysts' expectations of $104.17 million. On average, 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 have recently added to or reduced their stakes in PRPL. SG Americas Securities LLC increased its holdings in Purple Innovation by 70.2% during the 4th quarter. SG Americas Securities LLC now owns 35,272 shares of the company's stock valued at $28,000 after acquiring an additional 14,548 shares in the last quarter. Truist Financial Corp grew its holdings in Purple Innovation by 32.4% during the 4th quarter. Truist Financial Corp now owns 629,032 shares of the company's stock valued at $491,000 after buying an additional 154,032 shares during the last quarter. JPMorgan Chase & Co. grew its holdings in Purple Innovation by 2,140.2% during the 4th quarter. JPMorgan Chase & Co. now owns 608,144 shares of the company's stock valued at $474,000 after buying an additional 580,997 shares during the last quarter. Townsquare Capital LLC acquired a new stake in Purple Innovation during the 4th quarter valued at $73,000. Finally, Barclays PLC grew its holdings in Purple Innovation by 14.5% during the 4th quarter. Barclays PLC now owns 85,627 shares of the company's stock valued at $67,000 after buying an additional 10,824 shares during the last quarter. 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.