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

Purple Innovation (NASDAQ:PRPL) issued its earnings results on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.10) by $0.02, Zacks reports. The business had revenue of $118.60 million during the quarter, compared to the consensus estimate of $125.64 million. Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. During the same period last year, the business posted ($0.18) EPS. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Stock Performance

Shares of NASDAQ PRPL traded up $0.03 during trading hours on Wednesday, reaching $0.85. 488,904 shares of the stock were exchanged, compared to its average volume of 546,344. The firm has a market capitalization of $91.85 million, a price-to-earnings ratio of -0.85 and a beta of 2.08. The stock’s fifty day simple moving average is $0.98 and its 200 day simple moving average is $1.16. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.67 and a current ratio of 1.43. Purple Innovation has a 52 week low of $0.55 and a 52 week high of $2.33.

Wall Street Analysts Forecast Growth

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