Shares of PRPL are trading 36% higher on news of buyout bid

Purple Innovation Inc (PRPL) is trading 36% higher at $3.805 today. While it's a cheery day for the Consumer Discretionary sector in general, the stock is rapidly outpacing it's peers.

- Purple Innovation has confirmed a buyout bid that values mattress seller Coliseum at about $362 million.
- This news has caused the stock to surge in value.

Purple Innovation Inc has been trading between a 52-week high of $23.13 and a 52-week low of $2.65. The stock has a market cap of $315 Million.

Purple is a digitally-native vertical brand with a mission to help people feel and live better through innovative comfort solutions. Purple designs and manufactures a variety of innovative, premium, branded comfort products, including mattresses, pillows, cushions, frames, sheets and more. Its products are the result of over 25 years of innovation and investment in proprietary and patented comfort technologies and the development of its own manufacturing processes.