Purple Innovation (NASDAQ:PRPL) Posts Earnings Results, Beats Estimates By $0.02 EPS

Purple Innovation (NASDAQ:PRPL) announced its quarterly earnings data on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02, Zacks reports. Purple Innovation had a negative return on equity of 70.68% and a negative net margin of 21.34%. The company had revenue of $118.60 million during the quarter, compared to the consensus estimate of $125.64 million. During the same period in the previous year, the company posted ($0.18) EPS. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Trading Down 4.9 %

PRPL traded down $0.04 on Thursday, hitting $0.81. The company had a trading volume of 176,880 shares, compared to its average volume of 544,638. Purple Innovation has a 12-month low of $0.55 and a 12-month high of $2.33. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69. The business’s fifty day simple moving average is $0.98 and its 200 day simple moving average is $1.16. The company has a market cap of $87.32 million, a PE ratio of -0.85 and a beta of 2.08.

Analyst Upgrades and Downgrades

Several equities research analysts have recently issued reports on PRPL shares. Wedbush cut shares of Purple Innovation from an “outperform” rating to a “neutral” rating and reduced their price objective for the company from $1.75 to $1.10 in a research report on Wednesday, September 4th. Craig Hallum dropped their price objective on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and three have given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $2.53.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures sleep and other products in the United States and internationally. The company offers mattresses, pillows, cushions, bases, sheets, platforms, adjustable bases, mattress protectors, foundations, blankets, duvets, duvet covers, seat cushions, and pet beds under the Purple brand.