Purple Innovation (NASDAQ:PRPL) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Thursday.

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 lowered their target price on Purple Innovation from $11.00 to $8.00 and set an “outperform” rating for the company in a report on Friday, August 10th.

Shares of PRPL opened at $5.29 on Thursday. Purple Innovation has a 12-month low of $5.04 and a 12-month high of $13.90. The company has a debt-to-equity ratio of 2.01, a current ratio of 1.28 and a quick ratio of 0.52.

Purple Innovation (NASDAQ:PRPL) last issued its earnings results on Thursday, August 9th. The company reported ($0.09) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.06) by ($0.03). The business had revenue of $75.40 million during the quarter, compared to analyst estimates of $72.10 million. Analysts anticipate that Purple Innovation will post -0.1 EPS for the current fiscal year.

Institutional investors and hedge funds have recently modified their holdings of the business. Millennium Management LLC acquired a new position in Purple Innovation in the 1st quarter worth about $100,000. Northern Trust Corp acquired a new position in Purple Innovation in the 2nd quarter worth about $328,000. Finally, BlackRock Inc. acquired a new position in Purple Innovation in the 2nd quarter worth about $1,941,000. 12.68% of the stock is owned by institutional investors and hedge funds.

About Purple Innovation

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company markets and sells its products through direct-to-consumer and retail channels. Purple Innovation, Inc was founded in 2010 and is headquartered in Alpine, Utah.

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