WallStreetZenWallStreetZen

How to Buy Purple Innovation Stock

Purple Innovation Inc

Purple Innovation, Inc. designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds.

Purple Innovation stock last closed at $6.15, down 3.45% from the previous day, and has decreased 12.89% in one year. It has overperformed other stocks in the Furnishings Fixtures & Appliances industry by 0.06 percentage points. Purple Innovation stock is currently +132.08% from its 52-week low of $2.65, and -22.84% from its 52-week high of $7.97.

As of Feb 3, 2023, there are 91.83M PRPL shares outstanding. The market cap of PRPL is $564.74M. In the last 24 hours, 449,423 PRPL shares were traded.

How to Buy Purple Innovation Stock

Wondering how to invest in Purple Innovation stock? Here's how.
  1. Figure out where to buy Purple Innovation stock: You need to decide on an online brokerage, but don't worry - we've tried dozens of online brokerages and apps to help you decide where to buy Purple Innovation stock.
  2. Sign up for a brokerage account: Sign up for 0% commission trading with the highest-rated brokerage we've selected.
  3. Deposit money your investment account: Choose your payment method and add your details.
  4. Research Purple Innovation stock: The Purple Innovation ticker symbol is PRPL. Is Purple Innovation stock a good investment? Should you buy shares of PRPL? How do PRPL's underlying business fundamentals look? Do top analysts think Purple Innovation is a good buy? Why has PRPL's stock price moved recently? (Hint: Our stock research tools can help you evaluate if PRPL is a good stock to buy).
  5. Make your PRPL trade: Decide if you will purchase PRPL shares at the current market price or use a limit order to purchase PRPL stock at a specific price.
  6. Watch your PRPL investment: Create a watchlist to important updates regarding your position in Purple Innovation shares.

Step 1: Figure out where to buy Purple Innovation stock

You need a brokerage account to access the NASDAQ market and buy PRPL shares.

A brokerage account enables you to buy and sell a variety of financial instruments, such as stocks, bonds, mutual funds, and ETFs.

Our recommended brokerage: eToro

Based on our research, eToro is the best online stock brokerage. Here's why:

  • Invest in stocks with 0% commissions: Invest without paying trading commissions.
  • Buy fractional shares: Even if you can't afford a full share, you can still buy the stock.
  • Access to global financial markets: From Tech to Real Estate, New York to Shanghai — you can fill your portfolio with stocks from the world's leading exchanges.
  • Social investing: eToro offers a community of more than 20 million users globally. Talk to, learn from, and copy the crypto trades of other investors.
  • Security: eToro is a regulated and licensed brokerage platform.
  • Buy other financial assets: Such as ETFs and cryptos.

Get $10 towards your share purchase by creating an account with eToro today.

Open eToro Account

Step 2: Sign up for a brokerage account

Now that you've chosen the right brokerage, the next step is to fill out some personal information so you can buy PRPL today.

How to Set Up a New Investment Account on eToro

  1. Click here to get started.
  2. Input your personal data to open a new brokerage account.
  1. Send your details by pressing the "Create Account" button.
Get started with eToro today

Step 3: Deposit money your investment account

Now that you have opened your account on the best stock investing app, you can securely and quickly fund your account:

Watch this video walkthrough for more details transferring funds into your brokerage account.

Get started with eToro today

Step 4: Research Purple Innovation stock

After you have decided on the best place to buy Purple Innovation stock, it's critical to evaluate their stock prior to buying, so you can comprehend the risk as well as the upside.

Purple Innovation Metrics

PRPL Price
$6.15
1w %
4.41%
1y %
-12.89%
5y %
-41.78%
P/E
-10.25x
P/B
2.28x
P/S
0.85x
PEG
N/A
Revenue
$617.00M
Earnings
-$41.11M
Fore. Rev. Growth
10.42%
Fore. Earn. Growth
N/A
Market Cap
$564.74M
Next Earnings
Feb 27, 2023
Next Dividend
N/A

PRPL Overview

WallStreetZen was designed to help part-time investors perform more accurate fundamental analysis in less time.

You can view all of the due diligence checks on PRPL's stock page.

Is PRPL stock undervalued or overvalued?

Analysts use a variety of different financial metrics, analyses, models, and charts to gauge PRPL's fair value.

Using relative valuations metrics:

  • PRPL may be undervalued based on its P/B ratio of 2.28x, relative to Furnishings Fixtures & Appliances industry P/B ratio of 2.3x

You can do additional valuation analysis on PRPL's stock here.

PRPL Financials at a glance

Passed Health Checks:

  • PRPL has $59.14M in cash and short term investments. This is sufficient to cover its annual cash burn of $111.13M.
  • There are more short-term assets than short-term liabilities on the PRPL balance sheet.

Failed Health Checks:

  • There are more long-term liabilities than short-term assets on the PRPL balance sheet.
  • Total PRPL debt is higher than 5 years ago, relative to shareholder equity.
  • PRPL has a relatively high debt to equity ratio of 1.77.
  • PRPL has cash burn of 111129000. It does not have sufficient cash and short-term investments to cover this.
  • PRPL profit margin of X% has stayed the same in the past year.

Do Wall Street analysts think it's a good time to buy Purple Innovation stock

Out of 5 sell side analysts who track PRPL, the consensus analyst rating on Purple Innovation is a Buy

It's important to note that analyst ratings are not recommendations, nor are they investment advice.

Latest PRPL Analyst Upgrades/Downgrades

Bradley Thomas, a top 3% analyst from KeyBanc maintains PRPL with a strong buy rating and raises their PRPL price target from $7.00 to $8.00, on Feb 1, 2023.

Aleksey Yefremov, a top 7% analyst from KeyBanc maintains PRPL with a strong buy rating and raises their PRPL price target from $5.00 to $7.00, on Jan 12, 2023.

Jeremy Hamblin, a top 20% analyst from Craig-Hallum upgrades PRPL to a buy rating and raises their PRPL price target from $4.00 to $6.00, on Nov 10, 2022.

Seth Basham, a top 7% analyst from Wedbush maintains PRPL with a buy rating and raises their PRPL price target from $3.30 to $5.00, on Sep 20, 2022.

Matt Koranda, a bottom 9% analyst from Roth Capital downgrades PRPL to a hold rating and announces their PRPL price target of $6.00, on Mar 2, 2022.

You can dig deeper into what analysts are projecting on the Purple Innovation stock forecast page.

PRPL Technicals

SMA10
5.85
SMA20
5.67
SMA50
5.17
SMA100
4.55
SMA200
4.22
MACD
0.29
MACD Signal
0.24
MACD Histogram
0.05
RSI
60.84
Stochastic %K
79.22
Stochastic %D
79.94
StochRSI %K
75.18
StochRSI %D
62.85

PRPL Growth Metrics

Last year, PRPL revenue was $617.00M. During the past five year, PRPL's revenue has increased by 35.75% per year. This was faster than the Furnishings Fixtures & Appliances industry average of 6.95%.

Find out more about PRPL's earnings and revenue performance here.

Who is buying/selling PRPL?

In the past 12 months, insiders at PRPL have bought more shares than they have sold.

Patrice Ann Varni, Chief Marketing Officer of PRPL, was the latest PRPL insider to sell. They sold $315.90 worth of PRPL stock on Oct 1, 2022.

Learn more about who owns PRPL stock here.

Can I rely on PRPL as an income stream?

No, Purple Innovation doesn't provide an income stream by paying out dividends.

PRPL Social Trading Data

One of the reasons eToro is our favorite brokerage is because of its social trading community.

Click below to see what other investors have to say.

Step 5: Make your PRPL trade

There are two main options:

  • Market order: A market order is an order to buy or sell a security at the best available price.
    Market orders are mostly the best for newer investors.
  • Limit order: A limit order lets you buy or sell a security at a specific price (or better).
    If you want to make sure you're buying or selling at an exact price, use a limit order.

Press the Open button and eToro will execute your order.

If you require additional assistance buying stocks on eToro, watch the helpful video below:

Open eToro Account

Step 6: Watch your PRPL investment

Now that you own some shares in PRPL, you'll want to keep up with your stock purchase.

Put PRPL on a watchlist to track the latest developments regarding your PRPL stock.

PRPL Feed

How to Buy Stock in Purple Innovation

To summarize, here are the 6 steps to buy Purple Innovation stock:

  1. Figure out where to buy Purple Innovation stock
  2. Sign up for a brokerage account
  3. Deposit money your investment account
  4. Research Purple Innovation stock
  5. Make your PRPL trade
  6. Watch your PRPL investment

If you need a online brokerage, eToro is our recommended venue.

Get Started with eToro Today

If you would like to monitor your investment in Purple Innovation, add PRPL to your watchlist below.

NASDAQ: PRPL
$6.15-0.22 (-3.45%)
Updated Feb 3, 2023
Open eToro Account
NASDAQ: PRPL
$6.15-0.22 (-3.45%)
Updated Feb 3, 2023
Open eToro Account

FAQ

How much does it cost to buy one Purple Innovation share?

As of Feb 3, 2023, it costs $6.15 to buy one share of Purple Innovation stock.

Remember, eToro's fractional share buying allows you to buy partial shares of stocks and ETFs. Even if you only have $3, you can buy 0.488 shares of PRPL.

Get Started with eToro Today

Is now a good time to buy Purple Innovation stock?

According to 5 Wall Street analysts who monitor Purple Innovation, their consensus recommendation is to buy Purple Innovation stock.

What is the best way to buy Purple Innovation stock?

One way to place an order for Purple Innovation stock is with a brokerage account.
WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.