Could Purple Innovation, Inc. (PRPL) See a Reversal After Breaking Its 52 Week Low?

May 16, 2018 - By Lola Flanagan

The stock of Purple Innovation, Inc. (NASDAQ:PRPL) hit a new 52-week low and has $6.61 target or 3.00 % below today’s $6.81 share price. The 6 months bearish chart indicates high risk for the $366.07 million company. The 1-year low was reported on May, 16 by Barchart.com. If the $6.61 price target is reached, the company will be worth $10.98M less.
The 52-week low event is an important milestone for every stock because it shows very negative momentum and is time when sellers come in. During such technical setups, fundamental investors usually stay away and are careful buying the stock.

The stock decreased 32.17% or $3.23 during the last trading session, reaching $6.81. About 283,117 shares traded or 627.30% up from the average. Purple Innovation, Inc. (NASDAQ:PRPL) has declined 6.25% since May 16, 2017 and is downtrending. It has underperformed by 17.80% the S&P500.

More notable recent Purple Innovation, Inc. (NASDAQ:PRPL) news were published by: Benzinga.com which released: “36 Stocks Moving In Monday’s Mid-Day Session” on April 30, 2018, also Prnewswire.com with their article: “Purple Innovation Reports First Quarter 2018 Results” published on May 15, 2018, Seekingalpha.com published: “Purple Innovation’s (PRPL) CEO Terry Pearce on Q1 2018 Results – Earnings Call Transcript” on May 16, 2018. More interesting news about Purple Innovation, Inc. (NASDAQ:PRPL) were released by: Streetinsider.com and their article: “Purple Innovation (PRPL) Misses Q1 EPS by 13c, Revenue Beat; Offers 2Q Revenue Outlook Below Consensus” published on May 15, 2018 as well as Nasdaq.com‘s news article titled: “Mid-Afternoon Market Update: Blink Charging Rises After Q1 Results; Purple Innovation Shares Slide” with publication date: May 16, 2018.

Purple Innovation, Inc. designs and makes mattresses, pillows, and cushions. The company has market cap of $366.07 million. The firm markets and sells its products through direct-to-consumer and retail channels. It currently has negative earnings.

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