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

Purple Innovation (NASDAQ:PRPL) announced its quarterly earnings data on Monday. The company reported ($0.08) EPS for the quarter, beating the consensus estimate of ($0.10) by $0.02, Zacks reports. The firm had revenue of $118.60 million for the quarter, compared to the consensus estimate 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 last year, the firm earned ($0.18) EPS. Purple Innovation updated its FY 2024 guidance to EPS.

Purple Innovation Price Performance

Shares of NASDAQ:PRPL traded down $0.06 on Tuesday, reaching $0.88. The company’s stock had a trading volume of 32,891 shares, compared to its average volume of 543,207. Purple Innovation has a 52-week low of $0.55 and a 52-week high of $2.33. The company has a market cap of $94.54 million, a P/E ratio of -0.96 and a beta of 2.08. The company has a 50-day simple moving average of $1.00 and a 200 day simple moving average of $1.16. The company has a debt-to-equity ratio of 0.69, a quick ratio of 0.67 and a current ratio of 1.43.

Analyst Ratings Changes

A number of analysts have issued reports on PRPL shares. Craig Hallum reduced their price target on shares of Purple Innovation from $2.00 to $1.50 and set a “hold” rating on the stock in a report on Tuesday, August 6th. Wedbush downgraded shares of Purple Innovation from an “outperform” rating to a “neutral” rating and reduced their price target for the company from $1.75 to $1.10 in a report on Wednesday, September 4th. Three analysts have rated the stock with a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price 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.