Purple Innovation (NASDAQ:PRPL) Shares Down 0.7% – Should You Sell?

Purple Innovation, Inc. (NASDAQ:PRPL) shares were down 0.7% on Monday . The company traded as low as $0.3911 and last traded at $0.3911. Approximately 223,343 shares were traded during trading, a decline of 44% from the average daily volume of 400,646 shares. The stock had previously closed at $0.3937.

Analyst Ratings Changes

Several equities analysts have recently commented on PRPL shares. KeyCorp lowered shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 28th. Wall Street Zen lowered Purple Innovation from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research note on Tuesday, April 21st. Finally, UBS Group lowered their price target on Purple Innovation from $0.85 to $0.65 and set a “neutral” rating for the company in a research report on Wednesday, April 29th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $0.65.

Purple Innovation Price Performance

The company has a market capitalization of $42.55 million, a PE ratio of -0.67 and a beta of 1.45. The stock’s 50 day simple moving average is $0.53 and its 200-day simple moving average is $0.65.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($0.13) EPS for the quarter, meeting the consensus estimate of ($0.13). The business had revenue of $95.73 million during the quarter, compared to analysts’ expectations of $100.92 million. On average, equities analysts predict that Purple Innovation, Inc. will post -0.28 earnings per share for the current year.

Insider Buying and Selling

In other Purple Innovation news, CFO Robert Gerard Lucian purchased 60,000 shares of the company’s stock in a transaction on Monday, May 4th. The stock was acquired at an average price of $0.49 per share, for a total transaction of $29,400.00. Following the completion of the purchase, the chief financial officer directly owned 60,000 shares in the company, valued at approximately $29,400. The trade was a ? increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 53.90% of the stock is owned by corporate insiders.

Institutional Trading of Purple Innovation

Several hedge funds have recently modified their holdings of the stock. Bank of America Corp DE grew its stake in Purple Innovation by 45.1% during the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after purchasing an additional 17,406 shares in the last quarter. AQR Capital Management LLC acquired a new stake in Purple Innovation in the 1st quarter valued at about $28,000. XTX Topco Ltd acquired a new stake in Purple Innovation in the 2nd quarter valued at about $30,000. Marshall Wace LLP purchased a new position in shares of Purple Innovation in the 2nd quarter valued at about $128,000. Finally, Qube Research & Technologies Ltd purchased a new position in shares of Purple Innovation in the 2nd quarter valued at about $63,000. 88.41% of the stock is currently owned by institutional investors and hedge funds.

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.