Purple Innovation (NASDAQ:PRPL) Announces Earnings Results, Misses Expectations By $0.02 EPS

Purple Innovation (NASDAQ:PRPL) announced its earnings results on Monday. The company reported ($0.13) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02), Zacks reports. Purple Innovation had a negative net margin of 26.97% and a negative return on equity of 62.31%. The firm had revenue of $120.27 million during the quarter, compared to analyst estimates of $127.41 million. During the same period in the prior year, the business posted ($0.20) EPS. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Stock Down 8.5 %

Shares of NASDAQ:PRPL traded down $0.10 during trading on Tuesday, hitting $1.08. 642,345 shares of the company were exchanged, compared to its average volume of 653,837. The company has a current ratio of 1.50, a quick ratio of 0.75 and a debt-to-equity ratio of 0.64. The stock has a market cap of $116.29 million, a price-to-earnings ratio of -0.81 and a beta of 2.03. Purple Innovation has a fifty-two week low of $0.55 and a fifty-two week high of $3.31. The firm has a fifty day moving average price of $1.16 and a two-hundred day moving average price of $1.39.

Analyst Ratings Changes

Several research firms have weighed in on PRPL. Craig Hallum lowered their price target on Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a research report on Tuesday. Wedbush reaffirmed an “outperform” rating and set a $2.25 price target on shares of Purple Innovation in a research report on Wednesday, May 8th. Two analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $3.85.

Insider Buying and Selling

In other Purple Innovation news, CEO Robert Demartini bought 138,834 shares of the firm’s stock in a transaction that occurred on Friday, June 28th. The shares were acquired at an average cost of $1.03 per share, with a total value of $142,999.02. Following the acquisition, the chief executive officer now owns 663,669 shares of the company’s stock, valued at $683,579.07. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 54.30% of the stock is owned by insiders.

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.