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 fifty day moving average during trading on Tuesday. The stock has a fifty 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.

Wall Street Analysts Forecast Growth

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

Purple Innovation Stock Performance

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

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Monday, August 10th. The company reported ($1.52) EPS for the quarter, topping the consensus estimate of ($2.18) by $0.66. The company had revenue of $98.27 million for the quarter, compared to analyst estimates of $104.39 million. As a group, analysts anticipate that Purple Innovation, Inc. will post -5.10 EPS for the current fiscal year.

Institutional Investors Weigh In On Purple Innovation

Hedge funds and other institutional investors have recently made changes to their positions in the stock. GSA Capital Partners LLP acquired a new stake in Purple Innovation in the 2nd quarter valued at approximately $26,000. Crumly & Associates Inc. boosted its position in Purple Innovation by 14.1% during the 2nd quarter. Crumly & Associates Inc. now owns 333,263 shares of the company’s stock worth $119,000 after acquiring an additional 41,200 shares during the last quarter. Finally, BlackRock Inc. acquired a new position in Purple Innovation during the 2nd quarter worth approximately $373,000. 88.41% of the stock is currently owned by institutional investors and hedge funds.

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.