Purple Innovation (NASDAQ:PRPL) Reaches New 1-Year Low – Here’s Why

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

Analyst Ratings Changes

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

Purple Innovation Price Performance

The stock has a 50 day simple moving average of $0.39 and a two-hundred day simple moving average of $0.57. The company has a market cap of $732.33 million, a price-to-earnings ratio of -11.66 and a beta of 1.46.

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

Insider Activity

In other news, CFO Robert Gerard Lucian acquired 60,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The stock was purchased at an average price of $0.49 per share, with a total value of $29,400.00. Following the completion of the acquisition, the chief financial officer owned 60,000 shares of the company’s stock, valued at $29,400. This trade represents a ∞ increase in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Corporate insiders own 54.00% of the company’s stock.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors have recently bought and sold shares of PRPL. Crumly & Associates Inc. boosted its holdings in Purple Innovation by 14.1% in the 2nd quarter. Crumly & Associates Inc. now owns 333,263 shares of the company’s stock valued at $119,000 after purchasing an additional 41,200 shares during the last quarter. XTX Topco Ltd increased its holdings in shares of Purple Innovation by 276.7% during the 4th 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 last quarter. MML Investors Services LLC purchased a new stake in shares of Purple Innovation during the 4th quarter valued at approximately $84,000. State Street Corp raised its position in shares of Purple Innovation by 8.8% during the 4th quarter. State Street Corp now owns 259,838 shares of the company’s stock valued at $179,000 after buying an additional 21,100 shares during the period. Finally, Jane Street Group LLC lifted its holdings in Purple Innovation by 14.6% in the fourth quarter. Jane Street Group LLC now owns 150,197 shares of the company’s stock valued at $104,000 after acquiring an additional 19,156 shares during the last quarter. 88.41% of the stock is 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.