Purple Innovation, Inc. to Post Q2 2022 Earnings of $0.01 Per Share, Wedbush Forecasts (NASDAQ:PRPL)

Purple Innovation, Inc. (NASDAQ:PRPL – Get Rating) – Equities research analysts at Wedbush issued their Q2 2022 earnings per share (EPS) estimates for shares of Purple Innovation in a research report issued on Wednesday, May 11th. Wedbush analyst S. Basham forecasts that the company will post earnings of $0.01 per share for the quarter. Wedbush also issued estimates for Purple Innovation’s FY2022 earnings at ($0.06) EPS, Q1 2023 earnings at $0.08 EPS, Q2 2023 earnings at $0.04 EPS, Q3 2023 earnings at $0.06 EPS, Q4 2023 earnings at $0.06 EPS, FY2023 earnings at $0.23 EPS and FY2024 earnings at $0.41 EPS.

Purple Innovation (NASDAQ:PRPL – Get Rating) last posted its earnings results on Tuesday, May 10th. The company reported ($0.24) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.35) by $0.11. Purple Innovation had a negative return on equity of 26.47% and a negative net margin of 4.44%. The business had revenue of $143.18 million during the quarter, compared to analysts’ expectations of $130.12 million. During the same period in the prior year, the business earned $0.17 EPS. Purple Innovation’s revenue for the quarter was down 23.2% compared to the same quarter last year.

A number of other research firms have also recently issued reports on PRPL. Roth Capital cut Purple Innovation from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $10.00 to $6.00 in a research note on Wednesday, March 2nd. Zacks Investment Research raised Purple Innovation from a “strong sell” rating to a “hold” rating in a research note on Thursday. KeyCorp lowered their target price on Purple Innovation from $16.00 to $15.00 and set an “overweight” rating for the company in a research note on Monday, March 28th. Truist Financial lowered 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. Finally, UBS Group lowered their target price on Purple Innovation from $10.00 to $6.50 and set a “neutral” rating for the company in a research note on Wednesday, March 2nd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and an average target price of $14.36.

NASDAQ PRPL opened at $4.10 on Friday. The business has a 50 day simple moving average of $5.73 and a 200 day simple moving average of $9.19. Purple Innovation has a 52-week low of $2.99 and a 52-week high of $33.22. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.92 and a current ratio of 1.62. The stock has a market cap of $274.58 million, a price-to-earnings ratio of -6.12 and a beta of 1.74.

In other Purple Innovation news, Director Coliseum Capital Management, L purchased 1,797,545 shares of the firm’s stock in a transaction dated Thursday, March 3rd. The stock was bought at an average cost of $7.23 per share, with a total value of $12,996,250.35. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have bought a total of 3,907,545 shares of company stock valued at $27,392,550 over the last ninety days. Company insiders own 24.92% of the company’s stock.

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Coliseum Capital Management LLC boosted its holdings in shares of Purple Innovation by 104.0% in the 4th quarter. Coliseum Capital Management LLC now owns 16,805,253 shares of the company’s stock valued at $223,006,000 after buying an additional 8,566,341 shares during the last quarter. Wasatch Advisors Inc. boosted its holdings in shares of Purple Innovation by 29.0% in the 3rd quarter. Wasatch Advisors Inc. now owns 7,233,644 shares of the company’s stock valued at $152,051,000 after buying an additional 1,627,651 shares during the last quarter. Van Berkom & Associates Inc. boosted its holdings in shares of Purple Innovation by 273.8% in the 4th quarter. Van Berkom & Associates Inc. now owns 4,858,349 shares of the company’s stock valued at $64,470,000 after buying an additional 3,558,670 shares during the last quarter. Schwartz Investment Counsel Inc. boosted its holdings in shares of Purple Innovation by 15.6% in the 1st quarter. Schwartz Investment Counsel Inc. now owns 3,927,150 shares of the company’s stock valued at $22,974,000 after buying an additional 531,120 shares during the last quarter. Finally, BlackRock Inc. boosted its holdings in shares of Purple Innovation by 0.4% in the 1st quarter. BlackRock Inc. now owns 3,622,189 shares of the company’s stock valued at $21,190,000 after buying an additional 15,241 shares during the last quarter.

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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