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

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

Analyst Ratings Changes

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

Purple Innovation Trading Down 0.7%

The company has a market capitalization of $42.55 million, a PE ratio of -0.67 and a beta of 1.45. The company has a fifty day simple moving average of $0.53 and a 200-day simple moving average of $0.65.

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

Insiders Place Their Bets

In other news, CFO Robert Gerard Lucian purchased 60,000 shares of the company’s stock in a transaction dated Monday, May 4th. The stock was acquired at an average price of $0.49 per share, with a total value of $29,400.00. Following the purchase, the chief financial officer directly owned 60,000 shares in the company, valued at approximately $29,400. This represents a ∞ increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at the SEC website. 53.90% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in PRPL. Caprock Group LLC acquired a new stake in Purple Innovation during the third quarter worth $26,000. AQR Capital Management LLC purchased a new position in shares of Purple Innovation during the 1st quarter worth $28,000. XTX Topco Ltd acquired a new stake in shares of Purple Innovation during the 2nd quarter worth about $30,000. R Squared Ltd acquired a new stake in shares of Purple Innovation during the 3rd quarter worth about $33,000. Finally, Bank of America Corp DE raised its holdings in Purple Innovation by 45.1% in the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after buying an additional 17,406 shares during the period. 88.41% of the stock is currently owned by institutional investors and hedge funds.

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.