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

Purple Innovation (NASDAQ:PRPL) posted its quarterly earnings results on Monday. The company reported ($0.08) earnings per share 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 net margin of 21.34% and a negative return on equity of 70.68%. During the same period in the previous year, the business posted ($0.18) earnings per share. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Trading Down 3.1 %

PRPL traded down $0.03 during mid-day trading on Thursday, hitting $0.83. 273,772 shares of the stock were exchanged, compared to its average volume of 545,087. The company has a market cap of $89.02 million, a PE ratio of -0.85 and a beta of 2.08. 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 firm’s fifty day moving average is $0.98 and its two-hundred day moving average is $1.16. Purple Innovation has a 1-year low of $0.55 and a 1-year high of $2.33.

Analyst Upgrades and Downgrades

PRPL has been the topic of a number of analyst reports. Craig Hallum reduced their price objective on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Wedbush cut shares of Purple Innovation from an “outperform” rating to a “neutral” rating and lowered their price target for the company from $1.75 to $1.10 in a research report on Wednesday, September 4th. Three equities research analysts have rated the stock with a hold rating and three have given a buy rating to the stock. According to MarketBeat, Purple Innovation currently has an average 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.