Purple Innovation (NASDAQ:PRPL) Shares Cross Below 50 Day Moving Average – What’s Next?

Purple Innovation, Inc. (NASDAQ:PRPL)’s share price passed below its fifty day moving average during trading on Friday . The stock has a fifty day moving average of $9.03 and traded as low as $9.03. Purple Innovation shares last traded at $9.58, with a volume of 19,521 shares.

Analysts Set New Price Targets

PRPL has been the subject of a number of analyst reports. Wall Street Zen downgraded Purple Innovation from a “hold” rating to a “strong sell” rating in a report on Saturday, May 9th. UBS Group dropped their price objective on shares of Purple Innovation from $21.25 to $16.25 and set a “neutral” rating on the stock in a research note on Wednesday, April 29th. Weiss Ratings reaffirmed a “sell (e+)” rating on shares of Purple Innovation in a report on Friday, July 17th. Finally, KeyCorp cut shares of Purple Innovation from an “overweight” rating to a “sector weight” rating in a research note on Tuesday, April 28th. 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, Purple Innovation currently has a consensus rating of “Reduce” and an average price target of $16.25.

Purple Innovation Stock Performance

The firm has a market capitalization of $41.77 million, a PE ratio of -0.66 and a beta of 1.46. The firm’s 50 day moving average price is $9.03 and its 200-day moving average price is $13.29.

Hedge Funds Weigh In On Purple Innovation

A number of hedge funds have recently bought and sold shares of PRPL. GSA Capital Partners LLP purchased a new position in Purple Innovation during the second quarter worth approximately $26,000. AQR Capital Management LLC purchased a new stake in shares of Purple Innovation in the first quarter valued at approximately $28,000. XTX Topco Ltd acquired a new position in shares of Purple Innovation during the 2nd quarter worth approximately $30,000. Bank of America Corp DE raised its stake in shares of Purple Innovation by 45.1% during the 4th 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 during the period. Finally, Virtu Financial LLC purchased a new position in shares of Purple Innovation during the 3rd quarter valued at approximately $53,000. Hedge funds and other institutional investors own 88.41% of the company’s stock.

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.