Purple Innovation (NASDAQ:PRPL) Announces Quarterly Earnings Results

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

Purple Innovation Trading Up 3.3 %

Shares of Purple Innovation stock opened at $0.94 on Tuesday. The company’s 50-day moving average price is $1.00 and its 200-day moving average price is $1.16. The company has a current ratio of 1.43, a quick ratio of 0.67 and a debt-to-equity ratio of 0.69. Purple Innovation has a 12-month low of $0.55 and a 12-month high of $2.33. The company has a market cap of $101.25 million, a price-to-earnings ratio of -0.96 and a beta of 2.08.

Wall Street Analysts Forecast Growth

PRPL has been the topic of a number of research reports. Craig Hallum lowered their price objective on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research note on Tuesday, August 6th. Wedbush lowered 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 investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target 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.