Purple Innovation (NASDAQ:PRPL) Lowered to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Purple Innovation (NASDAQ:PRPL) from a buy rating to a hold rating in a research note released on Saturday morning, Zacks.com reports.

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.

PRPL opened at $6.54 on Friday. Purple Innovation has a 52-week low of $4.20 and a 52-week high of $7.75. The company has a market capitalization of $349.71 million, a price-to-earnings ratio of -12.82 and a beta of -0.26. The stock’s 50-day moving average is $6.54.

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.

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