PRPL - Small Cap Finds Mid-Week Success

2024-01-24 18:35:12 ET

When it comes to the penny stock realm, we typically don’t discuss too many financial statements or any fundamental ratios of the company too often. Instead we focus on capturing momentum and big headlines since that’s typically what makes the price on these stocks move. Well the rare event has come around after a Utah-based small cap announced that the company strengthened its balance sheet, creating ‘greater financial flexibility’ to execute its growth strategy, according to a press release.

Traders were pretty excited on the news as they snatched up shares of %PurpleInnovation (Nasdaq: PRPL) during Wednesday’s session. Shares went on to close up at $1.03/share (+25.50%) on the day.

Purple Innovation Inc is a %ComfortInnovation company. The company designs, manufactures and sells a range of comfort technology offerings, including mattresses, a pillow, cushions, sheets, bed platforms, and other products. It sells its products through online channels, traditional wholesale partners and third-party online retailers.