Purple Innovation (NASDAQ:PRPL) Issues Quarterly Earnings Results, Misses Estimates By $0.02 EPS

Purple Innovation (NASDAQ:PRPL) released its earnings results on Monday. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02), Zacks reports. The company had revenue of $120.27 million during the quarter, compared to analyst estimates of $127.41 million. Purple Innovation had a negative return on equity of 62.31% and a negative net margin of 26.97%. During the same quarter last year, the business earned ($0.20) earnings per share. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Price Performance

PRPL stock traded down $0.10 during mid-day trading on Tuesday, reaching $1.08. The company’s stock had a trading volume of 642,345 shares, compared to its average volume of 653,837. The company has a current ratio of 1.50, a quick ratio of 0.75 and a debt-to-equity ratio of 0.64. The company’s 50 day moving average is $1.16 and its two-hundred day moving average is $1.39. The stock has a market cap of $116.29 million, a PE ratio of -0.81 and a beta of 2.03. Purple Innovation has a fifty-two week low of $0.55 and a fifty-two week high of $3.31.

Insider Activity

In other Purple Innovation news, CEO Robert Demartini bought 138,834 shares of Purple Innovation stock in a transaction on Friday, June 28th. The shares were bought at an average price of $1.03 per share, for a total transaction of $142,999.02. Following the completion of the transaction, the chief executive officer now directly owns 663,669 shares of the company’s stock, valued at $683,579.07. The purchase was disclosed in a document filed with the SEC, which is available at the SEC website. Company insiders own 54.30% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on PRPL shares. Craig Hallum cut their price objective on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Tuesday. Wedbush reissued an “outperform” rating and issued a $2.25 price objective on shares of Purple Innovation in a report on Wednesday, May 8th. Two research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $3.85.

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.