Purple Innovation (NASDAQ:PRPL) Shares Down 3% – Here’s Why

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) were down 3% during mid-day trading on Monday . The stock traded as low as $0.3710 and last traded at $0.3788. Approximately 273,226 shares changed hands during trading, an increase of 6% from the average daily volume of 256,633 shares. The stock had previously closed at $0.3906.

Wall Street Analysts Forecast Growth

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

Purple Innovation Stock Down 3.0%

The firm’s 50-day moving average price is $0.46 and its 200-day moving average price is $0.62. The company has a market cap of $41.21 million, a P/E ratio of -0.65 and a beta of 1.45.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings data on Tuesday, April 28th. The company reported ($0.13) EPS for the quarter, hitting the consensus estimate of ($0.13). The business had revenue of $95.73 million during the quarter, compared to the consensus estimate of $100.92 million. As a group, analysts forecast that Purple Innovation, Inc. will post -0.28 earnings per share for the current year.

Insider Activity at Purple Innovation

In related news, CFO Robert Gerard Lucian purchased 60,000 shares of Purple Innovation stock in a transaction dated Monday, May 4th. The stock was bought at an average cost of $0.49 per share, for a total transaction of $29,400.00. Following the completion of the transaction, the chief financial officer owned 60,000 shares in the company, valued at $29,400. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 54.00% of the stock is owned by insiders.

Hedge Funds Weigh In On Purple Innovation

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Jacobs Levy Equity Management Inc. purchased a new stake in shares of Purple Innovation in the 3rd quarter valued at about $757,000. Wasatch Advisors LP increased its position in shares of Purple Innovation by 16.1% in the second quarter. Wasatch Advisors LP now owns 4,627,934 shares of the company’s stock worth $3,375,000 after purchasing an additional 641,697 shares during the last quarter. Jane Street Group LLC bought a new position in shares of Purple Innovation in the second quarter worth approximately $253,000. Marshall Wace LLP purchased a new stake in Purple Innovation in the second quarter valued at approximately $128,000. Finally, Squarepoint Ops LLC purchased a new stake in Purple Innovation in the third quarter valued at approximately $135,000. 88.41% of the stock is currently owned by hedge funds and other institutional investors.

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.