Purple Innovation (NASDAQ:PRPL) Upgraded at Wall Street Zen

Wall Street Zen upgraded shares of Purple Innovation (NASDAQ:PRPL) to a hold rating in a research note issued to investors on Saturday morning.

PRPL has been the subject of a number of other reports. UBS Group decreased their target price on shares of Purple Innovation from $1.00 to $0.85 and set a “neutral” rating for the company in a research note on Wednesday, April 1st. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research note on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $0.85.

Purple Innovation Trading Up 0.3%

Shares of PRPL opened at $0.61 on Friday. The firm has a market cap of $66.68 million, a PE ratio of -1.28 and a beta of 1.83. The firm has a fifty day simple moving average of $0.68 and a two-hundred day simple moving average of $0.75. Purple Innovation has a 1-year low of $0.56 and a 1-year high of $1.26.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, March 31st. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02. The company had revenue of $140.69 million for the quarter, compared to analysts’ expectations of $139.81 million. As a group, research analysts forecast that Purple Innovation will post -0.47 EPS for the current fiscal year.

Institutional Investors Weigh In On Purple Innovation

Several hedge funds and other institutional investors have recently modified their holdings of PRPL. Bank of America Corp DE increased its stake in shares of 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 purchasing an additional 17,406 shares in the last quarter. AQR Capital Management LLC purchased a new stake in shares of Purple Innovation in the 1st quarter worth $28,000. XTX Topco Ltd purchased a new stake in shares of Purple Innovation in the 2nd quarter worth $30,000. Marshall Wace LLP purchased a new stake in shares of Purple Innovation in the 2nd quarter worth $128,000. Finally, Qube Research & Technologies Ltd purchased a new stake in shares of Purple Innovation in the 2nd quarter worth $63,000. 88.41% of the stock is currently owned by hedge funds and other institutional investors.

About Purple Innovation

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company’s product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.