Purple Innovation (NASDAQ:PRPL) Downgraded to “Sell” at ValuEngine

Purple Innovation (NASDAQ:PRPL) was downgraded by ValuEngine from a “hold” rating to a “sell” rating in a research note issued on Friday, ValuEngine reports.

PRPL has been the topic of a number of other research reports. Wedbush reaffirmed an “outperform” rating on shares of Purple Innovation in a research note on Wednesday, May 8th. Zacks Investment Research cut Purple Innovation from a “buy” rating to a “hold” rating in a research note on Saturday, August 10th.

Shares of PRPL traded up $0.30 during mid-day trading on Friday, reaching $7.32. 120,800 shares of the company’s stock traded hands, compared to its average volume of 16,123. The stock has a market cap of $351.86 million, a P/E ratio of -14.35 and a beta of -0.26. The stock’s 50-day moving average is $6.60 and its two-hundred day moving average is $6.03. Purple Innovation has a 12 month low of $4.20 and a 12 month high of $11.04.

Purple Innovation (NASDAQ:PRPL) last released its earnings results on Tuesday, August 13th. The company reported $0.18 EPS for the quarter, beating analysts’ consensus estimates of ($0.27) by $0.45. The firm had revenue of $103.00 million for the quarter, compared to analysts’ expectations of $94.90 million. Purple Innovation had a negative return on equity of 690.27% and a negative net margin of 0.96%. As a group, equities research analysts forecast that Purple Innovation will post -0.38 EPS for the current year.

A number of large investors have recently made changes to their positions in the stock. Commonwealth Equity Services LLC bought a new position in Purple Innovation in the second quarter worth approximately $567,000. Vanguard Group Inc. grew its stake in Purple Innovation by 17.5% in the second quarter. Vanguard Group Inc. now owns 52,910 shares of the company’s stock worth $357,000 after purchasing an additional 7,879 shares in the last quarter. Cpwm LLC grew its stake in Purple Innovation by 150.0% in the second quarter. Cpwm LLC now owns 50,000 shares of the company’s stock worth $338,000 after purchasing an additional 30,000 shares in the last quarter. Northern Trust Corp grew its stake in Purple Innovation by 7.2% in the fourth quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock worth $256,000 after purchasing an additional 2,897 shares in the last quarter. Finally, Wells Fargo & Company MN grew its stake in Purple Innovation by 1,705.3% in the second quarter. Wells Fargo & Company MN now owns 11,608 shares of the company’s stock worth $78,000 after purchasing an additional 10,965 shares in the last quarter. 13.02% of the stock is currently owned by institutional investors.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.

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