Purple Innovation (NASDAQ:PRPL) Stock Price Breaks Below 50 Day Moving Average – Time to Sell?

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) crossed below its 50 day moving average during trading on Tuesday. The stock has a 50 day moving average of $2.86 and traded as low as $2.38. Purple Innovation shares last traded at $2.52, with a volume of 18,227 shares trading hands.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Purple Innovation in a research note on Thursday, October 15th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Reduce” and an average price target of $16.25.

Purple Innovation Trading Down 12.2%

The company has a market capitalization of $10.99 million, a price-to-earnings ratio of -0.22 and a beta of 1.43. The company has a 50 day moving average price of $2.86 and a 200 day moving average price of $10.35.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings results on Monday, August 10th. The company reported ($1.52) earnings per share (EPS) for the quarter, beating the consensus estimate of ($2.18) by $0.66. The firm had revenue of $98.27 million during the quarter, compared to the consensus estimate of $104.39 million. Equities analysts predict that Purple Innovation, Inc. will post -5.10 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the stock. BlackRock Inc. bought a new position in Purple Innovation during the 2nd quarter worth approximately $373,000. GSA Capital Partners LLP acquired a new position in Purple Innovation during the second quarter valued at approximately $26,000. Finally, Crumly & Associates Inc. increased its stake in Purple Innovation by 14.1% in the second 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 in the last quarter. 88.41% of the stock is currently owned by institutional investors.

Purple Innovation Company Profile

Purple Innovation, Inc develops, manufactures and sells comfort products designed to support sleep and other aspects of home wellness. The company is best known for its Purple mattresses, which use its proprietary GelFlex Grid material to provide pressure relief, support and airflow. Its product portfolio also includes pillows, cushions, sheets, mattress protectors, adjustable bases and other bedding accessories.

Purple sells its products primarily through direct-to-consumer e-commerce, company-owned retail locations and third-party wholesale partners.