Purple Innovation (NASDAQ:PRPL) Issues Earnings Results

Purple Innovation (NASDAQ:PRPL) announced its earnings results on Tuesday. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02, FiscalAI reports. The business had revenue of $140.69 million during the quarter, compared to analyst estimates of $139.81 million. Purple Innovation had a negative net margin of 12.40% and a negative return on equity of 472.12%.

Purple Innovation Trading Down 5.0%

PRPL opened at $0.65 on Tuesday. The company’s 50 day moving average is $0.69 and its 200 day moving average is $0.77. The company has a market cap of $70.29 million, a price-to-earnings ratio of -1.22 and a beta of 1.83. Purple Innovation has a 12-month low of $0.56 and a 12-month high of $1.26.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the business. AQR Capital Management LLC bought a new stake in shares of Purple Innovation during the 1st quarter valued at $28,000. XTX Topco Ltd bought a new position in Purple Innovation in the 2nd quarter worth $30,000. Bank of America Corp DE raised its holdings in Purple Innovation by 45.1% in the 4th quarter. Bank of America Corp DE now owns 55,984 shares of the company’s stock worth $44,000 after purchasing an additional 17,406 shares during the period. Virtu Financial LLC purchased a new position in Purple Innovation during the third quarter valued at $53,000. Finally, Two Sigma Investments LP bought a new stake in Purple Innovation during the third quarter valued at about $57,000. 88.41% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of Purple Innovation in a research report on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, According to data from MarketBeat, the stock has an average rating of “Sell”.

About Purple Innovation

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company’s product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.