Weiss Ratings Reaffirms "Sell (E+)" Rating for PURPLE INNOVATION (NASDAQ:PRPL)

Key Points

• Weiss Ratings has reaffirmed a "Sell (E+)" rating for PURPLE INNOVATION (NASDAQ: PRPL), indicating ongoing concerns about the firm's stock performance.
• Recently, Wall Street Zen upgraded PURPLE INNOVATION from a "sell" to a "hold" rating, though the stock maintains an average rating of "Reduce" with a target price of $1.00.
• PURPLE INNOVATION reported better-than-expected earnings with a revenue of $105.10 million last quarter, exceeding analyst estimates, but continues to struggle with negative margins and return on equity.

PURPLE INNOVATION (NASDAQ:PRPL - Get Free Report)'s stock had its "sell (e+)" rating reissued by investment analysts at Weiss Ratings in a note issued to investors on Wednesday,Weiss Ratings reports.

Separately, Wall Street Zen raised PURPLE INNOVATION from a "sell" rating to a "hold" rating in a report on Friday, August 22nd. One analyst has rated the stock with a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has an average rating of "Reduce" and an average price target of $1.00.

PURPLE INNOVATION Stock Performance

NASDAQ PRPL opened at $0.94 on Wednesday. PURPLE INNOVATION has a fifty-two week low of $0.56 and a fifty-two week high of $1.29. The stock has a market cap of $101.48 million, a price-to-earnings ratio of -1.20 and a beta of 1.71. The business has a fifty day moving average of $1.01 and a 200-day moving average of $0.84. The company has a quick ratio of 0.77, a current ratio of 1.49 and a debt-to-equity ratio of 54.69.

PURPLE INNOVATION (NASDAQ:PRPL - Get Free Report) last released its quarterly earnings results on Tuesday, July 29th. The company reported ($0.11) earnings per share for the quarter, topping analysts' consensus estimates 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 company 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. As a group, analysts predict that PURPLE INNOVATION will post -0.47 earnings per share for the current fiscal year.

Institutional Investors Weigh In On PURPLE INNOVATION

A number of hedge funds and other institutional investors have recently made changes to their positions in PRPL. Bank of America Corp DE grew its position in shares of PURPLE INNOVATION by 45.1% in 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 during the period. Crumly & Associates Inc. grew its position in shares of PURPLE INNOVATION by 100.2% in the first quarter. Crumly & Associates Inc. now owns 163,663 shares of the company's stock valued at $124,000 after purchasing an additional 81,900 shares during the period. Nuveen LLC purchased a new stake in shares of PURPLE INNOVATION in the first quarter valued at $173,000. AQR Capital Management LLC purchased a new stake in shares of PURPLE INNOVATION in the first quarter valued at $28,000. Finally, Midwest Financial Group LLC purchased a new stake in shares of PURPLE INNOVATION in the second quarter valued at $84,000. Hedge funds and other 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.

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