Insider Buying: Purple Innovation (NASDAQ:PRPL) CFO Buys 60,000 Shares of Stock

Purple Innovation, Inc. (NASDAQ:PRPL) CFO Robert Gerard Lucian bought 60,000 shares of the company’s stock in a transaction that occurred on Monday, May 4th. The shares were acquired at an average price of $0.49 per share, for a total transaction of $29,400.00. Following the completion of the purchase, the chief financial officer owned 60,000 shares in the company, valued at $29,400. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Purple Innovation Stock Performance

PRPL stock traded up $0.03 on Wednesday, hitting $0.52. 312,571 shares of the company’s stock were exchanged, compared to its average volume of 308,914. Purple Innovation, Inc. has a 12-month low of $0.47 and a 12-month high of $1.26. The firm has a 50 day moving average price of $0.65 and a two-hundred day moving average price of $0.71. The stock has a market cap of $56.90 million, a P/E ratio of -0.90 and a beta of 1.52.

Purple Innovation (NASDAQ:PRPL) last announced its earnings results on Tuesday, April 28th. The company reported ($0.13) earnings per share for the quarter, hitting the consensus estimate of ($0.13). The business had revenue of $95.73 million for the quarter, compared to analysts’ expectations of $100.92 million. Sell-side analysts expect that Purple Innovation, Inc. will post -0.28 earnings per share for the current fiscal year.

Institutional Trading of Purple Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. XTX Topco Ltd lifted its position in Purple Innovation by 276.7% during the 4th quarter. XTX Topco Ltd now owns 115,357 shares of the company’s stock worth $80,000 after acquiring an additional 84,735 shares during the period. MML Investors Services LLC acquired a new stake in Purple Innovation during the 4th quarter worth about $84,000. State Street Corp lifted its position 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 period. Jane Street Group LLC lifted its position in Purple Innovation by 14.6% during the 4th quarter. Jane Street Group LLC now owns 150,197 shares of the company’s stock worth $104,000 after acquiring an additional 19,156 shares during the period. Finally, 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 acquiring an additional 21,000 shares during the period. Institutional investors and hedge funds own 88.41% of the company’s stock.

Analyst Ratings Changes

Several research analysts recently weighed in on PRPL shares. Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research note on Tuesday, April 21st. UBS Group lowered their price target on Purple Innovation from $0.85 to $0.65 and set a “neutral” rating for the company in a research report on Wednesday, April 29th. KeyCorp cut Purple Innovation from an “overweight” rating to a “sector weight” rating in a research report on Tuesday, April 28th. Finally, Wall Street Zen raised Purple Innovation to a “hold” rating in a research report on Saturday, April 11th. Two analysts have rated the stock with a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of “Reduce” and an average target price of $0.65.

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.