Purple Innovation (NASDAQ:PRPL) Stock Price Up 7% – Time to Buy?

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) were up 7% on Thursday . The stock traded as high as $0.6280 and last traded at $0.6204. Approximately 334,794 shares changed hands during 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 restated a “sell (e+)” rating on shares of Purple Innovation in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the company presently has an average rating of “Sell”.

Purple Innovation Stock Up 7.0%

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

Several institutional investors and hedge funds have recently bought and sold shares of the company. Caprock Group LLC acquired a new stake in shares of Purple Innovation in the third quarter valued at approximately $26,000. AQR Capital Management LLC acquired a new position in shares of Purple Innovation during the first quarter worth approximately $28,000. XTX Topco Ltd acquired a new position in shares of Purple Innovation during the second quarter worth approximately $30,000. R Squared Ltd bought a new position in Purple Innovation in the 3rd quarter worth approximately $33,000. Finally, MAI Capital Management bought a new position in Purple Innovation in the 2nd quarter worth approximately $36,000. Institutional investors own 88.41% of the company’s stock.

Purple Innovation Company Profile

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.