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

Purple Innovation (NASDAQ:PRPL) issued its quarterly earnings results on Monday. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates 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 business had revenue of $120.27 million for the quarter, compared to analyst estimates of $127.41 million. During the same quarter last year, the firm earned ($0.20) earnings per share. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Trading Down 0.0 %

Purple Innovation stock traded down $0.00 during mid-day trading on Wednesday, hitting $1.08. The stock had a trading volume of 96,938 shares, compared to its average volume of 650,155. The stock has a 50-day simple moving average of $1.16 and a two-hundred day simple moving average of $1.39. The stock has a market capitalization of $116.25 million, a PE ratio of -0.81 and a beta of 2.03. Purple Innovation has a 12 month low of $0.55 and a 12 month high of $3.24. The company has a current ratio of 1.50, a quick ratio of 0.75 and a debt-to-equity ratio of 0.64.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Wedbush reiterated an “outperform” rating and set a $2.25 price target on shares of Purple Innovation in a report on Wednesday, May 8th. Craig Hallum cut their price target on Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a report on Tuesday. Two equities research analysts have rated the stock with a hold rating and four have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $3.85.

Insider Activity at Purple Innovation

In other news, CEO Robert Demartini purchased 138,834 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 54.30% of the stock is owned by company insiders.

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.