Zacks: Analysts Anticipate Purple Innovation, Inc. (NASDAQ:PRPL) to Post -$0.05 EPS

Brokerages expect that Purple Innovation, Inc. (NASDAQ:PRPLGet Rating) will report earnings of ($0.05) per share for the current quarter, Zacks Investment Research reports. Six analysts have issued estimates for Purple Innovation’s earnings, with estimates ranging from ($0.14) to $0.02. Purple Innovation posted earnings of $0.05 per share in the same quarter last year, which would indicate a negative year-over-year growth rate of 200%. The firm is scheduled to issue its next quarterly earnings results on Monday, January 1st.

On average, analysts expect that Purple Innovation will report full year earnings of ($0.14) per share for the current year, with EPS estimates ranging from ($0.34) to ($0.02). For the next year, analysts anticipate that the company will post earnings of $0.13 per share, with EPS estimates ranging from $0.00 to $0.23. Zacks Investment Research’s EPS averages are an average based on a survey of sell-side research firms that follow Purple Innovation.

Purple Innovation (NASDAQ:PRPLGet Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported ($0.24) earnings per share for the quarter, beating the consensus estimate of ($0.35) by $0.11. The company had revenue of $143.18 million during the quarter, compared to analysts’ expectations of $130.12 million. Purple Innovation had a negative return on equity of 23.87% and a negative net margin of 4.44%. The business’s quarterly revenue was down 23.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.17 earnings per share.

Several equities research analysts recently commented on the company. Truist Financial decreased their target price on Purple Innovation from $10.00 to $5.00 and set a “hold” rating for the company in a research note on Wednesday, March 2nd. Oppenheimer decreased their target price on Purple Innovation from $45.00 to $12.00 in a research note on Friday, May 13th. Roth Capital cut Purple Innovation from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $10.00 to $6.00 in a research note on Wednesday, March 2nd. Bank of America cut their price target on Purple Innovation from $5.50 to $4.50 and set an “underperform” rating on the stock in a report on Wednesday, March 2nd. Finally, KeyCorp cut their price target on Purple Innovation from $16.00 to $15.00 and set an “overweight” rating on the stock in a report on Monday, March 28th. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $12.20.

In other news, insider Jack Roddy purchased 6,000 shares of the company’s stock in a transaction on Tuesday, May 17th. The stock was purchased at an average price of $4.85 per share, with a total value of $29,100.00. Following the completion of the purchase, the insider now directly owns 9,000 shares in the company, valued at approximately $43,650. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, Director Coliseum Capital Management, L purchased 2,083,347 shares of the company’s stock in a transaction on Monday, May 16th. The shares were purchased at an average cost of $4.68 per share, with a total value of $9,750,063.96. Following the purchase, the director now owns 37,110,072 shares of the company’s stock, valued at $173,675,136.96. The disclosure for this purchase can be found here. Insiders have purchased 7,437,751 shares of company stock valued at $43,887,309 in the last three months. 24.92% of the stock is owned by corporate insiders.

Hedge funds have recently modified their holdings of the business. Strs Ohio bought a new stake in Purple Innovation during the first quarter worth about $50,000. Point72 Hong Kong Ltd bought a new stake in shares of Purple Innovation in the 1st quarter valued at about $52,000. Kestra Advisory Services LLC bought a new stake in shares of Purple Innovation in the 1st quarter valued at about $68,000. Royal Bank of Canada lifted its stake in shares of Purple Innovation by 63.5% in the 2nd quarter. Royal Bank of Canada now owns 3,478 shares of the company’s stock valued at $92,000 after acquiring an additional 1,351 shares during the last quarter. Finally, Macquarie Group Ltd. lifted its stake in shares of Purple Innovation by 97.9% in the 3rd quarter. Macquarie Group Ltd. now owns 4,429 shares of the company’s stock valued at $93,000 after acquiring an additional 2,191 shares during the last quarter.

Shares of PRPL stock traded up $0.38 on Monday, hitting $5.44. The company had a trading volume of 2,048,464 shares, compared to its average volume of 2,217,208. The firm has a market cap of $364.31 million, a P/E ratio of -8.12 and a beta of 1.74. The stock’s 50-day moving average is $5.45 and its two-hundred day moving average is $8.32. The company has a debt-to-equity ratio of 0.17, a quick ratio of 0.94 and a current ratio of 1.89. Purple Innovation has a twelve month low of $2.99 and a twelve month high of $29.89.

About Purple Innovation (Get Rating)

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. The company also offers bases, foundations, sheets, mattress protectors, bed frames, seat cushions, weighted blankets, and duvets, as well as pet beds. It markets and sells its products through its e-commerce online channels retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through Purple retail showrooms.

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Earnings History and Estimates for Purple Innovation (NASDAQ:PRPL)

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