Published on 25 Oct 2021 on Insider Monkey via Yahoo Finance
Hedge Funds Are Buying Purple Innovation, Inc. (PRPL)
The financial regulations require hedge funds and wealthy investors that exceeded the $100 million holdings threshold to file a report that shows their positions at the end of every quarter. Even though it isn't the intention, these filings to a certain extent level the playing field for ordinary investors. The latest round of 13F filings disclosed the funds' positions on June 30th. We at Insider Monkey have made an extensive database of more than 873 of those established hedge funds and famous value investors' filings. In this article, we analyze how these elite funds and prominent investors traded Purple Innovation, Inc. (NASDAQ:PRPL) based on those filings.
Is Purple Innovation, Inc. (NASDAQ:PRPL) a buy, sell, or hold? The best stock pickers were taking an optimistic view. The number of long hedge fund bets improved by 1 lately. Purple Innovation, Inc. (NASDAQ:PRPL) was in 25 hedge funds' portfolios at the end of the second quarter of 2021. The all time high for this statistic is 36. Our calculations also showed that PRPL isn't among the 30 most popular stocks among hedge funds (click for Q2 rankings).
According to most traders, hedge funds are assumed to be unimportant, old financial tools of yesteryear. While there are over 8000 funds in operation at present, We choose to focus on the masters of this club, about 850 funds. It is estimated that this group of investors manage bulk of all hedge funds' total capital, and by monitoring their unrivaled stock picks, Insider Monkey has determined a number of investment strategies that have historically outperformed the broader indices. Insider Monkey's flagship short hedge fund strategy outrun the S&P 500 short ETFs by around 20 percentage points per year since its inception in March 2017. Also, our monthly newsletter's portfolio of long stock picks returned 185.4% since March 2017 (through August 2021) and beat the S&P 500 Index by more than 79 percentage points. You can download a sample issue of this newsletter on our website.