Purple Innovation (NASDAQ:PRPL) Issues Earnings Results, Beats Expectations By $0.02 EPS

Purple Innovation (NASDAQ:PRPL) posted its quarterly earnings data on Monday. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02, Zacks reports. The firm had revenue of $118.60 million for the quarter, compared to analyst estimates of $125.64 million. Purple Innovation had a negative return on equity of 72.81% and a negative net margin of 19.86%. During the same quarter last year, the company earned ($0.18) EPS. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Price Performance

NASDAQ PRPL traded up $0.03 during trading on Wednesday, hitting $0.85. 488,904 shares of the company’s stock were exchanged, compared to its average volume of 546,344. The stock’s 50 day moving average price is $0.98 and its two-hundred day moving average price is $1.16. Purple Innovation has a fifty-two week low of $0.55 and a fifty-two week high of $2.33. The company has a current ratio of 1.43, a quick ratio of 0.67 and a debt-to-equity ratio of 0.69. The company has a market cap of $91.85 million, a PE ratio of -0.85 and a beta of 2.08.

Wall Street Analysts Forecast Growth

PRPL has been the topic of a number of recent analyst reports. Wedbush cut Purple Innovation from an “outperform” rating to a “neutral” rating and decreased their price target for the stock from $1.75 to $1.10 in a research report on Wednesday, September 4th. Craig Hallum dropped their target price on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a research report on Tuesday, August 6th. Three research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $2.53.

About Purple Innovation

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.