PRPL Stock Summary and Trading Ideas (Purple Innovation | NASDAQ:PRPL)

Purple Innovation Inc is a comfort innovation company. The company designs, manufactures and sells a range of comfort technology offerings, including mattresses, a pillow, cushions, sheets, bed platforms, and other products. It sells its products through online channels, traditional wholesale partners and third-party online retailers.

Purple Innovation trades on the NASDAQ stock market under the symbol PRPL.

As of April 22, 2024, PRPL stock price climbed to $1.50 with 348,885 million shares trading.

PRPL has a beta of 2.02, meaning it tends to be more sensitive to market movements. PRPL has a correlation of 0.03 to the broad based SPY ETF.

PRPL has a market cap of $160.57 million. This is considered a Micro Cap stock.

Last quarter Purple Innovation reported $146 million in Revenue and -$.15 earnings per share. This beat revenue expectation by $376,000 and exceeded earnings estimates by $.03.

In the last 3 years, PRPL stock traded as high as $36.44 and as low as $.55.

The top ETF exchange traded funds that PRPL belongs to (by Net Assets): VTI, IWM, VXF, IWN, SCHA.

PRPL has underperformed the market in the last year with a price return of -46.2% while the SPY ETF gained +22.3%. However, in the short term, PRPL had mixed performance relative to the market. It has outperformed in the last 3 months, returning +101.3% vs +3.9% return in SPY. But in the last 2 weeks, PRPL shares have been beat by the market, returning -23.5% compared to an SPY return of -3.6%.

PRPL support price is $1.38 and resistance is $1.56 (based on 1 day standard deviation move). This means that using the most recent 20 day stock volatility and applying a one standard deviation move around the stock's closing price, stastically there is a 67% probability that PRPL stock will trade within this expected range on the day.