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

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

Purple Innovation Trading Down 8.5 %

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

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on PRPL shares. Craig Hallum lowered their target price on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Tuesday. Wedbush reiterated an “outperform” rating and issued a $2.25 price objective on shares of Purple Innovation in a research 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. Based on data from MarketBeat.com, Purple Innovation presently has an average rating of “Moderate Buy” and a consensus price target of $3.85.

Insider Buying and Selling at Purple Innovation

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

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.