Long Position on PRPL @ $35.00 on 4/30/2021 (Fundamentals)

Purple Innovation, Inc. (PRPL) designs and manufactures mattresses, pillows, and cushions.

It also offers sheets, mattress protector, bed frames, seat cushions, and weighted blanket and duvets.

The company markets and sells its products through direct-to-consumer online channels, retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through its factory outlet and the company owned showrooms. 

On March 4th, Purple Innovation (PRPL) reported Quarter December 2020 earnings of $0.07 per share on revenue of $173.9 million. The consensus earnings estimate was $0.11 per share on revenue of $196.3 million. Revenue grew 39.9% on a year-over-year basis.

The company said it expects first quarter revenue of $160.0 million to $170.0 million and 2021 revenue of $840.0 million to $880.0 million. 

The Company is schedlued to report it's results on June 1st. Shares should move higher out of their bullish "trading channel."   The channel is suported by stocks 50-day moving average.

Entry Point: $35.00

Stop Loss: $32.50

Trading Range: $9.44 to $41.08

Target Price: $38.50

Position closed on 9/1/2021 at price of $32.00 with a -8.57% loss in 124 days.

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