PRPL - Purple Innovation gains after Coliseum Capital increases stake to over 23%

Purple Innovation Inc. (NASDAQ:PRPL) rallies after Coliseum Capital Management discloses that it boosted its stake in the mattress company t0 23.7%. Coliseum Capital Management swept in between December 16 and December 20 to purchase 7.54M shares at prices ranging from $9.49 to $12.25. The company's co-founder Adam Gray sits on the board of Purple Innovation. The added confidence from CCM in the retailer follows a CEO change earlier in the month. Shares of Purple Innovation (PRPL) are up 4.90% premarket to $12.85. PRPL still trades about 50% below its 200-day moving average.

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Purple Innovation gains after Coliseum Capital increases stake to over 23%