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

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

Purple Innovation Price Performance

Shares of NASDAQ:PRPL opened at $0.94 on Tuesday. The company has a quick ratio of 0.67, a current ratio of 1.43 and a debt-to-equity ratio of 0.69. The stock has a market cap of $101.25 million, a PE ratio of -0.96 and a beta of 2.08. The company’s fifty day moving average is $1.00 and its 200 day moving average is $1.16. Purple Innovation has a 52 week low of $0.55 and a 52 week high of $2.33.

Wall Street Analysts Forecast Growth

PRPL has been the subject of a number of research analyst reports. Craig Hallum dropped their price objective on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating for the company in a report on Tuesday, August 6th. Wedbush lowered Purple Innovation from an “outperform” rating to a “neutral” rating and dropped their price target for the stock from $1.75 to $1.10 in a research note on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average 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.