Purple Innovation (NASDAQ:PRPL) Trading Up 7% – Should You Buy?

Purple Innovation, Inc. (NASDAQ:PRPL)’s stock price shot up 7% during mid-day trading on Thursday . The stock traded as high as $0.6280 and last traded at $0.6204. 334,794 shares changed hands during trading, an increase of 53% from the average session volume of 218,422 shares. The stock had previously closed at $0.5799.

Wall Street Analyst Weigh In

Separately, Weiss Ratings reissued 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 Sell rating, According to MarketBeat.com, the stock has a consensus rating of “Sell”.

Purple Innovation Stock Performance

The company has a market capitalization of $73.97 million, a P/E ratio of -1.29 and a beta of 1.83. The business’s fifty day simple moving average is $0.69 and its 200-day simple moving average is $0.78.

Hedge Funds Weigh In On Purple Innovation

Several large investors have recently made changes to their positions in PRPL. Caprock Group LLC purchased a new stake in Purple Innovation during the third quarter worth $26,000. AQR Capital Management LLC acquired a new position in shares of Purple Innovation in the first quarter worth about $28,000. XTX Topco Ltd acquired a new position in shares of Purple Innovation in the second quarter worth about $30,000. R Squared Ltd purchased a new stake in shares of Purple Innovation during the 3rd quarter worth about $33,000. Finally, MAI Capital Management purchased a new stake in shares of Purple Innovation during the 2nd quarter worth about $36,000. 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.