Back to top

Image: Bigstock

Is PURPLE INNOVATION, INC. (PRPL) Stock Outpacing Its Consumer Staples Peers This Year?

Read MoreHide Full Article

Investors focused on the Consumer Staples space have likely heard of PURPLE INNOVATION, INC. (PRPL - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Consumer Staples peers, we might be able to answer that question.

PURPLE INNOVATION, INC. is a member of our Consumer Staples group, which includes 177 different companies and currently sits at #7 in the Zacks Sector Rank. The Zacks Sector Rank considers 16 different groups, measuring the average Zacks Rank of the individual stocks within the sector to gauge the strength of each group.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. PRPL is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for PRPL's full-year earnings has moved 18.72% higher. This signals that analyst sentiment is improving and the stock's earnings outlook is more positive.

Based on the latest available data, PRPL has gained about 199.88% so far this year. At the same time, Consumer Staples stocks have lost an average of 5.05%. As we can see, PURPLE INNOVATION, INC. is performing better than its sector in the calendar year.

Looking more specifically, PRPL belongs to the Consumer Products - Staples industry, a group that includes 19 individual stocks and currently sits at #76 in the Zacks Industry Rank. On average, stocks in this group have lost 1.57% this year, meaning that PRPL is performing better in terms of year-to-date returns.

Investors in the Consumer Staples sector will want to keep a close eye on PRPL as it attempts to continue its solid performance.

In-Depth Zacks Research for the Tickers Above

Normally $25 each - click below to receive one report FREE:

PURPLE INNOVATION, INC. (PRPL) - free report >>

Published in