Brokerages Anticipate Purple Innovation Inc (NASDAQ:PRPL) Will Post Quarterly Sales of $118.37 Million

Equities research analysts predict that Purple Innovation Inc (NASDAQ:PRPL) will post $118.37 million in sales for the current quarter, according to Zacks Investment Research. Five analysts have provided estimates for Purple Innovation’s earnings, with the lowest sales estimate coming in at $113.60 million and the highest estimate coming in at $121.60 million. Purple Innovation posted sales of $78.46 million during the same quarter last year, which would indicate a positive year-over-year growth rate of 50.9%. The company is scheduled to announce its next quarterly earnings results on Tuesday, March 10th.

On average, analysts expect that Purple Innovation will report full year sales of $422.45 million for the current year, with estimates ranging from $417.70 million to $425.70 million. For the next financial year, analysts anticipate that the company will report sales of $533.50 million, with estimates ranging from $516.42 million to $563.80 million. Zacks’ sales calculations are a mean average based on a survey of sell-side analysts that follow Purple Innovation.

Purple Innovation (NASDAQ:PRPL) last announced its quarterly earnings data on Wednesday, November 6th. The company reported $0.19 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.02 by $0.17. The firm had revenue of $117.41 million for the quarter, compared to the consensus estimate of $105.29 million. Purple Innovation had a negative net margin of 0.22% and a negative return on equity of 57,779.57%.

PRPL has been the topic of several recent analyst reports. Wedbush raised their price objective on shares of Purple Innovation from $9.00 to $12.00 and gave the company an “outperform” rating in a research report on Monday, September 23rd. Oppenheimer initiated coverage on shares of Purple Innovation in a research report on Tuesday, November 26th. They set a “buy” rating and a $15.00 price objective on the stock. TheStreet upgraded shares of Purple Innovation from a “d+” rating to a “c-” rating in a report on Tuesday, September 10th. Zacks Investment Research downgraded shares of Purple Innovation from a “buy” rating to a “hold” rating in a report on Friday, October 18th. Finally, Raymond James initiated coverage on shares of Purple Innovation in a report on Tuesday, November 26th. They issued an “outperform” rating and a $11.00 price target on the stock. One equities research analyst has rated the stock with a sell rating, one has given a hold rating and five have assigned a buy rating to the company’s stock. Purple Innovation presently has a consensus rating of “Buy” and a consensus target price of $11.33.

In other Purple Innovation news, major shareholder Innohold, Llc sold 7,552,136 shares of Purple Innovation stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $7.00, for a total value of $52,864,952.00. Following the sale, the insider now directly owns 7,552,136 shares in the company, valued at approximately $52,864,952. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CAO John W. Gann, Jr. sold 7,052 shares of Purple Innovation stock in a transaction on Tuesday, November 19th. The shares were sold at an average price of $52.97, for a total transaction of $373,544.44. Over the last quarter, insiders sold 8,783,120 shares of company stock worth $61,806,020. 78.80% of the stock is currently owned by insiders.

Large investors have recently modified their holdings of the business. Wells Fargo & Company MN grew its stake in shares of Purple Innovation by 1,705.3% in the 2nd quarter. Wells Fargo & Company MN now owns 11,608 shares of the company’s stock worth $78,000 after buying an additional 10,965 shares in the last quarter. Cpwm LLC grew its stake in shares of Purple Innovation by 150.0% in the 2nd quarter. Cpwm LLC now owns 50,000 shares of the company’s stock worth $338,000 after buying an additional 30,000 shares in the last quarter. Vanguard Group Inc. grew its stake in shares of Purple Innovation by 17.5% in the 2nd quarter. Vanguard Group Inc. now owns 52,910 shares of the company’s stock worth $357,000 after buying an additional 7,879 shares in the last quarter. Finally, Commonwealth Equity Services LLC purchased a new position in shares of Purple Innovation in the 2nd quarter worth $567,000. 34.59% of the stock is owned by institutional investors and hedge funds.

Shares of PRPL stock traded down $0.26 on Friday, hitting $7.58. 285,585 shares of the stock traded hands, compared to its average volume of 63,732. The firm has a market cap of $155.55 million, a price-to-earnings ratio of -14.86, a PEG ratio of 0.64 and a beta of -0.37. Purple Innovation has a 52 week low of $4.20 and a 52 week high of $11.04. The firm has a 50 day simple moving average of $7.90 and a two-hundred day simple moving average of $7.34. The company has a debt-to-equity ratio of 4.32, a current ratio of 1.44 and a quick ratio of 0.93.

About Purple Innovation

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, platform bases, and foundations. The company markets and sells its products through direct-to-consumer online channels, traditional wholesale partners, and third-party online retailers.

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