Purple Innovation (NASDAQ:PRPL) Trading Up 7% - What's Next?

Key Points

• Shares of Purple Innovation (PRPL) jumped about 7% mid-day to $0.6204, trading as high as $0.6280 on roughly 334,794 shares, a ~53% increase versus its average daily volume.
• Wall Street sentiment is negative—Weiss Ratings reissued a "Sell (e+)" and MarketBeat data shows an average analyst rating of Sell.
• The company is small and unprofitable with a market cap of $67.26 million, a negative P/E of -1.17, 50-/200‑day moving averages of $0.69/$0.78, and about 88% institutional ownership.

Purple Innovation, Inc. (NASDAQ:PRPL - Get Free Report) shares rose 7% during mid-day trading on Thursday . The company traded as high as $0.6280 and last traded at $0.6204. Approximately 334,794 shares changed hands during mid-day trading, an increase of 53% from the average daily volume of 218,422 shares. The stock had previously closed at $0.5799.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a "sell (e+)" rating on shares of Purple Innovation in a research report on Thursday, January 22nd. One research analyst has rated the stock with a Sell rating, Based on data from MarketBeat.com, the company currently has an average rating of "Sell".

Purple Innovation Price Performance

The firm's 50-day moving average price is $0.69 and its 200 day moving average price is $0.78. The firm has a market cap of $67.26 million, a P/E ratio of -1.17 and a beta of 1.83.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of PRPL. Caprock Group LLC acquired a new position in shares of Purple Innovation in the 3rd quarter worth approximately $26,000. AQR Capital Management LLC acquired a new stake in shares of Purple Innovation during the 1st quarter valued at approximately $28,000. XTX Topco Ltd bought a new position in Purple Innovation during the second quarter worth $30,000. R Squared Ltd bought a new position in Purple Innovation during the third quarter worth $33,000. Finally, MAI Capital Management acquired a new position in Purple Innovation in the second quarter worth $36,000. Institutional investors own 88.41% of the company's stock.

About Purple Innovation

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company's product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.

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