Purple Innovation (NASDAQ:PRPL) Trading 0.8% Higher – Still a Buy?

Shares of Purple Innovation, Inc. (NASDAQ:PRPL) rose 0.8% during mid-day trading on Monday . The company traded as high as $0.6560 and last traded at $0.6403. Approximately 320,790 shares changed hands during trading, an increase of 1% from the average daily volume of 316,290 shares. The stock had previously closed at $0.6355.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings reissued a “sell (e+)” rating on shares of Purple Innovation in a research report on Thursday, January 22nd. One analyst has rated the stock with a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and a consensus price target of $1.00.

Purple Innovation Stock Up 0.8%

The stock has a market capitalization of $69.41 million, a P/E ratio of -1.21 and a beta of 1.86. The business has a 50-day simple moving average of $0.72 and a two-hundred day simple moving average of $0.84.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in PRPL. Bank of America Corp DE increased its holdings in shares of Purple Innovation by 45.1% during the fourth quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after buying an additional 17,406 shares in the last quarter. Jane Street Group LLC raised its holdings in shares of 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 buying an additional 19,156 shares during the last quarter. Crumly & Associates Inc. lifted its position in Purple Innovation by 8.2% during the 4th quarter. Crumly & Associates Inc. now owns 275,613 shares of the company’s stock worth $190,000 after buying an additional 21,000 shares in the last quarter. State Street Corp grew its holdings in Purple Innovation by 8.8% during the 4th quarter. State Street Corp now owns 259,838 shares of the company’s stock worth $179,000 after acquiring an additional 21,100 shares during the last quarter. Finally, Caprock Group LLC acquired a new stake in Purple Innovation in the 3rd quarter valued at about $26,000. 88.41% of the stock is currently owned by institutional investors and hedge funds.

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.