Purple Innovation (NASDAQ:PRPL) Trading 0.8% Higher – Still a Buy?

Purple Innovation, Inc. (NASDAQ:PRPL)’s share price rose 0.8% during trading on Monday . The stock traded as high as $0.6560 and last traded at $0.6403. Approximately 320,790 shares traded hands during trading, an increase of 1% from the average daily volume of 316,290 shares. The stock had previously closed at $0.6355.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a report on Thursday, January 22nd. One investment analyst has rated the stock with a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, Purple Innovation currently has an average rating of “Reduce” and a consensus target price of $1.00.

Purple Innovation Price Performance

The firm has a market cap of $69.41 million, a PE ratio of -1.21 and a beta of 1.86. The business has a fifty day moving average price of $0.72 and a two-hundred day moving average price of $0.84.

Institutional Investors Weigh In On Purple Innovation

Several large investors have recently made changes to their positions in PRPL. Jacobs Levy Equity Management Inc. bought a new stake in shares of Purple Innovation during the 3rd quarter worth about $757,000. Wasatch Advisors LP boosted its holdings in shares of Purple Innovation by 16.1% during the 2nd quarter. Wasatch Advisors LP now owns 4,627,934 shares of the company’s stock worth $3,375,000 after buying an additional 641,697 shares during the period. Jane Street Group LLC acquired a new position in Purple Innovation in the 2nd quarter valued at $253,000. Marshall Wace LLP acquired a new position in Purple Innovation during the 2nd quarter worth $128,000. Finally, Squarepoint Ops LLC acquired a new stake in shares of Purple Innovation in the third quarter valued at about $135,000. 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.