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

Purple Innovation (NASDAQ:PRPL) released its quarterly earnings data on Monday. The company reported ($0.08) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02, Zacks reports. The business had revenue of $118.60 million during the quarter, compared to analysts’ expectations of $125.64 million. Purple Innovation had a negative net margin of 19.86% and a negative return on equity of 72.81%. During the same period in the prior year, the company earned ($0.18) EPS. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Price Performance

Purple Innovation stock opened at $0.83 on Wednesday. The stock’s 50 day moving average is $0.99 and its 200 day moving average is $1.16. Purple Innovation has a one year low of $0.55 and a one year high of $2.33. The firm has a market cap of $89.10 million, a P/E ratio of -0.83 and a beta of 2.08. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.43 and a quick ratio of 0.67.

Analyst Ratings Changes

Several brokerages have recently issued reports on PRPL. Wedbush downgraded shares of Purple Innovation from an “outperform” rating to a “neutral” rating and lowered their price target for the stock from $1.75 to $1.10 in a report on Wednesday, September 4th. Craig Hallum reduced their price objective on 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 given a buy rating to the company’s stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average price target of $2.53.

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.