Brokerages Expect Purple Innovation, Inc. (NASDAQ:PRPL) to Post -$0.31 EPS

Equities analysts expect Purple Innovation, Inc. (NASDAQ:PRPL – Get Rating) to announce ($0.31) earnings per share for the current quarter, according to Zacks. Six analysts have made estimates for Purple Innovation’s earnings. The highest EPS estimate is ($0.06) and the lowest is ($0.47). Purple Innovation reported earnings per share of $0.17 in the same quarter last year, which would indicate a negative year-over-year growth rate of 282.4%. The company is scheduled to issue its next quarterly earnings results on Monday, January 1st.

According to Zacks, analysts expect that Purple Innovation will report full-year earnings of ($0.10) per share for the current fiscal year, with EPS estimates ranging from ($0.30) to $0.01. For the next fiscal year, analysts anticipate that the firm will post earnings of $0.26 per share, with EPS estimates ranging from $0.12 to $0.38. Zacks Investment Research’s earnings per share calculations are an average based on a survey of sell-side research firms that that provide coverage for Purple Innovation.

Purple Innovation (NASDAQ:PRPL – Get Rating) last issued its quarterly earnings data on Tuesday, March 1st. The company reported ($0.35) earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.26) by ($0.09). Purple Innovation had a negative return on equity of 8.41% and a net margin of 0.56%. The firm had revenue of $186.40 million for the quarter, compared to the consensus estimate of $178.99 million. During the same period in the prior year, the company posted $0.07 earnings per share. Purple Innovation’s quarterly revenue was up 7.1% compared to the same quarter last year.

A number of research analysts recently issued reports on PRPL shares. UBS Group dropped their target price on shares of Purple Innovation from $10.00 to $6.50 and set a “neutral” rating on the stock in a research report on Wednesday, March 2nd. Roth Capital downgraded shares of Purple Innovation from a “buy” rating to a “neutral” rating and lowered their target price for the company from $10.00 to $6.00 in a research note on Wednesday, March 2nd. Bank of America reduced their price target on shares of Purple Innovation from $5.50 to $4.50 and set an “underperform” rating on the stock in a research report on Wednesday, March 2nd. B. Riley cut their target price on shares of Purple Innovation from $9.00 to $6.00 and set a “neutral” rating on the stock in a report on Wednesday, March 2nd. Finally, Truist Financial dropped their price target 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. Two investment analysts have rated the stock with a sell rating, six have assigned a hold rating and three have given a buy rating to the company’s stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $17.36.

Shares of Purple Innovation stock opened at $5.55 on Tuesday. The company has a current ratio of 1.62, a quick ratio of 0.92 and a debt-to-equity ratio of 0.64. Purple Innovation has a twelve month low of $5.05 and a twelve month high of $36.44. The company has a 50-day simple moving average of $6.54 and a two-hundred day simple moving average of $11.49.

In related news, Director Coliseum Capital Management, L bought 1,460,000 shares of the company’s stock in a transaction that occurred on Monday, March 7th. The shares were purchased at an average cost of $6.98 per share, with a total value of $10,190,800.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last quarter, insiders acquired 3,907,545 shares of company stock valued at $27,392,550. 24.92% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently modified their holdings of PRPL. Royal Bank of Canada increased its holdings in Purple Innovation by 63.5% during the 2nd quarter. Royal Bank of Canada now owns 3,478 shares of the company’s stock worth $92,000 after purchasing an additional 1,351 shares during the period. Macquarie Group Ltd. boosted its position 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 purchasing an additional 2,191 shares during the period. Zurcher Kantonalbank Zurich Cantonalbank lifted its position in Purple Innovation by 56.0% during the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 8,036 shares of the company’s stock worth $107,000 after acquiring an additional 2,885 shares during the period. Advisor Group Holdings Inc. lifted its position in Purple Innovation by 31.8% during the 3rd quarter. Advisor Group Holdings Inc. now owns 5,249 shares of the company’s stock worth $110,000 after acquiring an additional 1,267 shares during the period. Finally, Teacher Retirement System of Texas lifted its position in Purple Innovation by 18.6% during the 4th quarter. Teacher Retirement System of Texas now owns 11,402 shares of the company’s stock worth $151,000 after acquiring an additional 1,785 shares during the period.

Purple Innovation Company Profile (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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