Zacks Investment Research upgraded shares of Purple Innovation (NASDAQ:PRPL) from a hold rating to a buy rating in a research note issued to investors on Friday, Zacks.com reports. Zacks Investment Research currently has $5.75 price target on the stock.
According to Zacks, “Global Partner Acquisition Corp. is a blank check company. The Company was formed for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination. Global Partner Acquisition Corp. is based in New York. “
Separately, Wedbush reaffirmed an outperform rating and set a $6.50 target price on shares of Purple Innovation in a research note on Wednesday, March 13th.
Purple Innovation (NASDAQ:PRPL) last posted its earnings results on Tuesday, March 12th. The company reported ($0.12) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.14) by $0.02. The company had revenue of $78.46 million during the quarter, compared to analysts’ expectations of $77.10 million. Purple Innovation had a negative net margin of 1.39% and a negative return on equity of 63.22%. As a group, research analysts predict that Purple Innovation will post -1.01 EPS for the current year.
Large investors have recently modified their holdings of the business. Vanguard Group Inc. grew its stake in shares of Purple Innovation by 112.0% in the 3rd quarter. Vanguard Group Inc. now owns 41,721 shares of the company’s stock worth $242,000 after buying an additional 22,043 shares in the last quarter. Vanguard Group Inc grew its stake in shares of Purple Innovation by 112.0% in the 3rd quarter. Vanguard Group Inc now owns 41,721 shares of the company’s stock worth $242,000 after buying an additional 22,043 shares in the last quarter. Northern Trust Corp grew its stake in shares of Purple Innovation by 7.2% in the 4th quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock worth $256,000 after buying an additional 2,897 shares in the last quarter. LPL Financial LLC grew its stake in shares of Purple Innovation by 347.2% in the 3rd quarter. LPL Financial LLC now owns 56,800 shares of the company’s stock worth $329,000 after buying an additional 44,100 shares in the last quarter. Finally, Royce & Associates LP grew its stake in shares of Purple Innovation by 22.2% in the 4th quarter. Royce & Associates LP now owns 275,000 shares of the company’s stock worth $1,620,000 after buying an additional 50,000 shares in the last quarter. 13.00% of the stock is owned by institutional investors and hedge funds.
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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