Purple Innovation (NASDAQ:PRPL) Share Price Passes Below 50-Day Moving Average – Here’s Why

Purple Innovation, Inc. (NASDAQ:PRPL)’s stock 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 trading hands.

Analyst Ratings Changes

A number of equities research analysts have commented on PRPL shares. KeyCorp lowered Purple Innovation from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 28th. Wall Street Zen lowered shares of Purple Innovation from a “hold” rating to a “strong sell” rating in a research report on Saturday, May 9th. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a report on Friday, July 17th. Finally, UBS Group lowered 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 report on Wednesday, April 29th. Two equities research analysts have rated the stock with a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, Purple Innovation presently has a consensus rating of “Reduce” and a consensus target price of $16.25.

Purple Innovation Stock Performance

The company has a market capitalization of $41.76 million, a PE ratio of -0.66 and a beta of 1.46. The stock has a 50 day moving average price of $9.03 and a two-hundred day moving average price of $13.29.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors have recently modified their holdings of PRPL. GSA Capital Partners LLP bought a new stake in shares of Purple Innovation during the 2nd quarter worth $26,000. AQR Capital Management LLC acquired a new position in Purple Innovation during the 1st quarter worth $28,000. XTX Topco Ltd acquired a new position in Purple Innovation during the 2nd quarter worth $30,000. Bank of America Corp DE boosted its holdings in Purple Innovation by 45.1% during the fourth quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock valued at $44,000 after acquiring an additional 17,406 shares during the period. Finally, Virtu Financial LLC acquired a new stake in shares of Purple Innovation in the third quarter valued at about $53,000. Institutional investors own 88.41% of the company’s stock.

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.