Purple Innovation (NASDAQ:PRPL) Issues Quarterly Earnings Results, Misses Expectations By $0.04 EPS

Purple Innovation (NASDAQ:PRPL – Get Rating) issued its earnings results on Thursday. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.04), Briefing.com reports. Purple Innovation had a negative net margin of 6.66% and a negative return on equity of 22.09%. The firm had revenue of $145.10 million during the quarter, compared to analyst estimates of $143.48 million. During the same period last year, the business earned ($0.35) EPS. The firm’s revenue was down 22.2% compared to the same quarter last year. Purple Innovation updated its FY 2023 guidance to EPS and its Q1 2023 guidance to EPS.

Purple Innovation Stock Performance

Shares of Purple Innovation stock opened at $2.65 on Friday. The firm’s fifty day simple moving average is $4.82 and its 200-day simple moving average is $4.39. The stock has a market capitalization of $243.35 million, a price-to-earnings ratio of -4.02 and a beta of 1.66. Purple Innovation has a 12 month low of $2.33 and a 12 month high of $7.97. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.79 and a quick ratio of 0.95.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on PRPL. Bank of America began coverage on shares of Purple Innovation in a report on Monday, January 16th. They set an “underperform” rating on the stock. KeyCorp raised their price objective on shares of Purple Innovation from $7.00 to $8.00 and gave the stock an “overweight” rating in a report on Wednesday, February 1st.

Insider Activity

In other Purple Innovation news, Director Coliseum Capital Management, L bought 5,960,320 shares of the business’s stock in a transaction dated Monday, February 13th. The shares were acquired at an average cost of $4.50 per share, with a total value of $26,821,440.00. Following the acquisition, the director now directly owns 46,814,450 shares of the company’s stock, valued at approximately $210,665,025. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 24.92% of the company’s stock.

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors have recently modified their holdings of PRPL. Legal & General Group Plc grew its position in Purple Innovation by 14.6% in the 4th quarter. Legal & General Group Plc now owns 20,351 shares of the company’s stock valued at $97,000 after buying an additional 2,599 shares during the last quarter. Shay Capital LLC grew its position in Purple Innovation by 19.7% in the 1st quarter. Shay Capital LLC now owns 16,202 shares of the company’s stock valued at $95,000 after buying an additional 2,662 shares during the last quarter. UBS Group AG grew its position in Purple Innovation by 51.0% in the 3rd quarter. UBS Group AG now owns 10,096 shares of the company’s stock valued at $41,000 after buying an additional 3,409 shares during the last quarter. Rhumbline Advisers grew its position in Purple Innovation by 7.0% in the 1st quarter. Rhumbline Advisers now owns 55,320 shares of the company’s stock valued at $324,000 after buying an additional 3,604 shares during the last quarter. Finally, JPMorgan Chase & Co. grew its position in Purple Innovation by 15.1% in the 4th quarter. JPMorgan Chase & Co. now owns 34,857 shares of the company’s stock valued at $167,000 after buying an additional 4,562 shares during the last quarter. 92.19% of the stock is owned by institutional investors and hedge funds.

Purple Innovation Company Profile

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Purple Innovation, Inc engages in the design and manufacture of comfort technology products. It offers mattresses, bed pillows, seat cushions, mattress protector, and bamboo sheets. The company was founded by Terry V. Pearce and Tony Marion Pearce in 1989 and is headquartered in Lehi, Utah.