Long Position on PRPL @ $25.50 on 10/5/2020 (Momentum)

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 August 13th, Purple Innovation (PRPL) reported 2nd Quarter June 2020 earnings of $0.49 per share on revenue of $165.1 million. The consensus earnings estimate was $0.20 per share on revenue of $162.0 million.  Revenue grew 60.3% on a year-over-year basis. The Company is schedlued to report it's results on November 12th. Shares should break higher out of their bullish "cup and handle."

Entry Point: $25.50

Stop Loss: $24.00

Trading Range: $4.42 - $27.75

Target Price: $28.00

Updates

10/7/2020 3:21:50 PM

PRPL closed at $28.00

Position closed on 10/7/2020 at price of $28.00 with a 9.80% gain in 2 days.

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