FY2024 EPS Estimates for Purple Innovation Lifted by Wedbush

Purple Innovation, Inc. (NASDAQ:PRPL - Free Report) - Equities research analysts at Wedbush lifted their FY2024 earnings estimates for Purple Innovation in a report issued on Tuesday, November 5th. Wedbush analyst S. Basham now anticipates that the company will post earnings of ($0.47) per share for the year, up from their previous estimate of ($0.49). Wedbush has a "Neutral" rating and a $1.10 price objective on the stock. The consensus estimate for Purple Innovation's current full-year earnings is ($0.48) per share. Wedbush also issued estimates for Purple Innovation's Q4 2024 earnings at ($0.07) EPS, Q1 2025 earnings at ($0.07) EPS, Q2 2025 earnings at ($0.05) EPS, Q3 2025 earnings at ($0.05) EPS, Q4 2025 earnings at ($0.04) EPS, FY2025 earnings at ($0.22) EPS and FY2026 earnings at ($0.17) EPS.

Separately, Craig Hallum decreased their target price on shares of Purple Innovation from $2.00 to $1.50 and set a "hold" rating for the company in a research report on Tuesday, August 6th. Three investment analysts have rated the stock with a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $2.53.

Purple Innovation Stock Down 4.8 %

PRPL traded down $0.04 during midday trading on Thursday, hitting $0.81. The company had a trading volume of 650,093 shares, compared to its average volume of 546,829. 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's 50 day moving average price is $0.97 and its 200 day moving average price is $1.15. The company has a market capitalization of $87.48 million, a price-to-earnings ratio of -0.81 and a beta of 2.08. Purple Innovation has a 52 week low of $0.55 and a 52 week high of $2.33.

Purple Innovation (NASDAQ:PRPL - Get Free Report) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.08) earnings per share for the quarter, beating the consensus estimate of ($0.10) by $0.02. Purple Innovation had a negative net margin of 21.34% and a negative return on equity of 70.68%. The firm had revenue of $118.60 million during the quarter, compared to the consensus estimate of $125.64 million. During the same period in the previous year, the firm posted ($0.18) earnings per share.

Institutional Investors Weigh In On Purple Innovation

Several hedge funds and other institutional investors have recently made changes to their positions in PRPL. BNP Paribas Financial Markets grew its position in Purple Innovation by 73.7% in the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company's stock worth $47,000 after purchasing an additional 11,405 shares in the last quarter. Vanguard Group Inc. grew its position in Purple Innovation by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company's stock worth $5,053,000 after purchasing an additional 20,189 shares in the last quarter. Price T Rowe Associates Inc. MD grew its position in Purple Innovation by 51.5% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company's stock worth $105,000 after purchasing an additional 20,400 shares in the last quarter. Virtu Financial LLC bought a new stake in Purple Innovation in the 1st quarter worth about $112,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in Purple Innovation in the 2nd quarter worth about $43,000. 88.41% of the stock is owned by institutional investors.

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.