Purple Innovation (NASDAQ:PRPL) Hits New 1-Year Low – Should You Sell?

Purple Innovation, Inc. (NASDAQ:PRPL) shares reached a new 52-week low on Monday . The stock traded as low as $6.91 and last traded at $6.9050, with a volume of 112 shares traded. The stock had previously closed at $7.2425.

Analyst Upgrades and Downgrades

PRPL has been the topic of several analyst reports. Wall Street Zen downgraded Purple Innovation from a “hold” rating to a “strong sell” rating in a report on Saturday, May 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research note on Friday. KeyCorp downgraded shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a report on Tuesday, April 28th. Finally, UBS Group lowered their target price on shares of Purple Innovation from $21.25 to $16.25 and set a “neutral” rating on the stock in a research note on Wednesday, April 29th. Two investment analysts have rated the stock with a Hold rating and one has given a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average price target of $16.25.

Purple Innovation Trading Up 6.2%

The stock has a fifty day simple moving average of $9.59 and a 200-day simple moving average of $14.18. The stock has a market cap of $28.27 million, a price-to-earnings ratio of -0.45 and a beta of 1.46.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings data on Tuesday, April 28th. The company reported ($3.25) earnings per share for the quarter, meeting the consensus estimate of ($3.25). The business had revenue of $95.73 million during the quarter, compared to the consensus estimate of $100.92 million. Sell-side analysts forecast that Purple Innovation, Inc. will post -6.92 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CFO Robert Gerard Lucian purchased 2,400 shares of Purple Innovation stock in a transaction on Monday, May 4th. The stock was purchased at an average cost of $12.25 per share, with a total value of $29,400.00. Following the acquisition, the chief financial officer directly owned 2,400 shares in the company, valued at approximately $29,400. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which is accessible through this link. 54.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. AQR Capital Management LLC acquired a new position in shares of Purple Innovation during the first quarter valued at about $28,000. XTX Topco Ltd acquired a new stake in Purple Innovation during the second quarter worth about $30,000. Bank of America Corp DE increased its stake in Purple Innovation by 45.1% during the fourth quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after acquiring an additional 17,406 shares during the period. Virtu Financial LLC bought a new position in Purple Innovation during the third quarter valued at about $53,000. Finally, Two Sigma Investments LP bought a new position in Purple Innovation during the third quarter valued at about $57,000. 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.