According to Zacks, “Purple Innovation Inc. designs and manufactures products which include mattresses, pillows and cushions, using its patented Hyper-Elastic Polymer(R). The Company markets and sells its products through direct-to-consumer online channels, traditional retail partners and third party online retailers. Purple Innovation Inc., formerly known as Global Partner Acquisition Corp., is based in Alpine, Utah. “
Separately, Wedbush reiterated an outperform rating on shares of Purple Innovation in a report on Wednesday, May 8th.
In related news, CEO Joseph B. Megibow bought 22,709 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The shares were acquired at an average price of $6.67 per share, for a total transaction of $151,469.03. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 78.80% of the company’s stock.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC bought a new stake in Purple Innovation during the second quarter worth about $567,000. Cpwm LLC increased its position in Purple Innovation by 150.0% during the second quarter. Cpwm LLC now owns 50,000 shares of the company’s stock worth $338,000 after buying an additional 30,000 shares during the last quarter. Northern Trust Corp increased its position in Purple Innovation by 7.2% during the fourth quarter. Northern Trust Corp now owns 43,341 shares of the company’s stock worth $256,000 after buying an additional 2,897 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Purple Innovation by 1,705.3% during the second quarter. Wells Fargo & Company MN now owns 11,608 shares of the company’s stock worth $78,000 after buying an additional 10,965 shares during the last quarter. Institutional investors and hedge funds own 13.02% of the company’s stock.
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.
Recommended Story: Growth and Income Funds
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Purple Innovation Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Purple Innovation and related companies with MarketBeat.com's FREE daily email newsletter.