Purple Innovation (NASDAQ:PRPL) Shares Down 3% – Should You Sell?

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

Analysts Set New Price Targets

A number of analysts have recently issued reports on PRPL shares. KeyCorp downgraded 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 lowered their price target on Purple Innovation from $0.85 to $0.65 and set a “neutral” rating on the stock in a research report on Wednesday, April 29th. Finally, Wall Street Zen lowered Purple Innovation from a “hold” rating to a “strong sell” rating in a research note on Saturday, May 9th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, Purple Innovation currently has an average rating of “Reduce” and an average target price of $0.65.

Purple Innovation Price Performance

The firm has a market cap of $41.21 million, a PE ratio of -0.65 and a beta of 1.45. The company has a 50 day simple moving average of $0.46 and a 200-day simple moving average of $0.62.

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 business had revenue of $95.73 million for the quarter, compared to analysts’ expectations of $100.92 million. On average, sell-side analysts predict that Purple Innovation, Inc. will post -0.28 EPS for the current fiscal year.

Insider Activity at Purple Innovation

In other Purple Innovation news, CFO Robert Gerard Lucian bought 60,000 shares of Purple Innovation stock in a transaction that occurred on Monday, May 4th. The shares were bought at an average price of $0.49 per share, with a total value of $29,400.00. Following the acquisition, the chief financial officer owned 60,000 shares in the company, valued at approximately $29,400. This trade represents a ? increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 54.00% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently modified their holdings of the stock. XTX Topco Ltd increased its holdings in shares of Purple Innovation by 276.7% in the fourth quarter. XTX Topco Ltd now owns 115,357 shares of the company’s stock worth $80,000 after buying an additional 84,735 shares during the period. MML Investors Services LLC bought a new position in Purple Innovation during the 4th quarter worth approximately $84,000. State Street Corp increased its stake in Purple Innovation by 8.8% in the 4th quarter. State Street Corp now owns 259,838 shares of the company’s stock worth $179,000 after purchasing an additional 21,100 shares during the period. Jane Street Group LLC increased its stake in Purple Innovation by 14.6% in the 4th quarter. Jane Street Group LLC now owns 150,197 shares of the company’s stock worth $104,000 after purchasing an additional 19,156 shares during the period. Finally, Crumly & Associates Inc. lifted its position in Purple Innovation by 8.2% in the fourth quarter. Crumly & Associates Inc. now owns 275,613 shares of the company’s stock valued at $190,000 after purchasing an additional 21,000 shares during the last quarter. 88.41% of the stock is owned by institutional investors.

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.