Purple Innovation (NASDAQ:PRPL) Announces Quarterly Earnings Results

Purple Innovation (NASDAQ:PRPL) posted its quarterly earnings results on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.10) by $0.02, Zacks reports. Purple Innovation had a negative return on equity of 70.68% and a negative net margin of 21.34%. The company had revenue of $118.60 million for the quarter, compared to analyst estimates of $125.64 million. During the same quarter last year, the company earned ($0.18) EPS. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Price Performance

Shares of PRPL traded down $0.03 during trading hours on Thursday, reaching $0.83. The company had a trading volume of 273,772 shares, compared to its average volume of 545,087. 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 firm has a 50 day simple moving average of $0.98 and a 200-day simple moving average of $1.16. The company has a market capitalization of $89.02 million, a price-to-earnings ratio of -0.85 and a beta of 2.08.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. Wedbush downgraded shares of Purple Innovation from an “outperform” rating to a “neutral” rating and lowered their target price for the stock from $1.75 to $1.10 in a research note on Wednesday, September 4th. Craig Hallum lowered their price objective on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research report on Tuesday, August 6th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price 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.