Purple Innovation (NASDAQ:PRPL) Cut to “Strong Sell” at Wall Street Zen

Wall Street Zen lowered shares of Purple Innovation (NASDAQ:PRPL) from a hold rating to a strong sell rating in a research report released on Saturday morning.

Several other research analysts also recently weighed in on the stock. KeyCorp downgraded shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 28th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Purple Innovation in a report on Tuesday, April 21st. Finally, UBS Group dropped their target price on shares of Purple Innovation from $0.85 to $0.65 and set a “neutral” rating for the company in a report on Wednesday, April 29th. Two analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Reduce” and a consensus target price of $0.65.

Purple Innovation Price Performance

Shares of PRPL stock opened at $0.51 on Friday. The company has a market cap of $55.49 million, a price-to-earnings ratio of -0.88 and a beta of 1.52. The firm has a fifty day moving average price of $0.64 and a 200-day moving average price of $0.70. Purple Innovation has a 1 year low of $0.47 and a 1 year high of $1.26.

Purple Innovation (NASDAQ:PRPL) last issued its earnings results on Tuesday, April 28th. The company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13). The firm had revenue of $95.73 million during the quarter, compared to the consensus estimate of $100.92 million. Equities research analysts expect that Purple Innovation will post -0.28 EPS for the current year.

Insider Buying and Selling

In other Purple Innovation news, CFO Robert Gerard Lucian bought 60,000 shares of the firm’s stock in a transaction dated Monday, May 4th. The shares were purchased at an average cost of $0.49 per share, for a total transaction of $29,400.00. Following the transaction, the chief financial officer owned 60,000 shares of the company’s stock, valued at $29,400. This represents a ? increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 53.90% of the stock is currently owned by insiders.

Institutional Trading of Purple Innovation

Several hedge funds have recently made changes to their positions in PRPL. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Purple Innovation during the 3rd quarter valued at about $757,000. Wasatch Advisors LP raised its position in shares of Purple Innovation by 16.1% during the 2nd quarter. Wasatch Advisors LP now owns 4,627,934 shares of the company’s stock valued at $3,375,000 after buying an additional 641,697 shares in the last quarter. Jane Street Group LLC purchased a new stake in shares of Purple Innovation during the 2nd quarter valued at about $253,000. Marshall Wace LLP purchased a new stake in shares of Purple Innovation during the 2nd quarter valued at about $128,000. Finally, Squarepoint Ops LLC purchased a new stake in shares of Purple Innovation during the 3rd quarter valued at about $135,000. 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.