Wedbush Equities Analysts Raise Earnings Estimates for PRPL

Purple Innovation, Inc. (NASDAQ:PRPL) – Investment analysts at Wedbush lifted their FY2024 EPS estimates for shares of Purple Innovation in a note issued to investors on Tuesday, November 5th. Wedbush analyst S. Basham now anticipates that the company will earn ($0.47) per share for the year, up from their prior estimate of ($0.49). Wedbush has a “Neutral” rating and a $1.10 price target 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 reduced 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 equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, Purple Innovation has an average rating of “Moderate Buy” and an average price target of $2.53.

Purple Innovation Stock Performance

Shares of NASDAQ PRPL opened at $0.81 on Thursday. The company has a debt-to-equity ratio of 0.69, a current ratio of 1.43 and a quick ratio of 0.67. The firm has a market cap of $87.48 million, a price-to-earnings ratio of -0.81 and a beta of 2.08. The stock’s fifty day moving average price is $0.97 and its two-hundred day moving average price is $1.15. Purple Innovation has a one year low of $0.55 and a one year high of $2.33.

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

Institutional Investors Weigh In On Purple Innovation

Institutional investors and hedge funds have recently bought and sold shares of the company. BNP Paribas Financial Markets raised its position in Purple Innovation by 73.7% during the first quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock valued at $47,000 after purchasing an additional 11,405 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Purple Innovation by 0.7% in the 1st quarter. Vanguard Group Inc. now owns 2,903,799 shares of the company’s stock valued at $5,053,000 after purchasing an additional 20,189 shares during the last quarter. Price T Rowe Associates Inc. MD raised its holdings in shares of Purple Innovation by 51.5% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 60,009 shares of the company’s stock worth $105,000 after buying an additional 20,400 shares in the last quarter. Virtu Financial LLC bought a new stake in shares of Purple Innovation during the 1st quarter worth $112,000. Finally, Patriot Financial Group Insurance Agency LLC bought a new stake in shares of Purple Innovation during the 2nd quarter worth $43,000. Institutional investors own 88.41% of the company’s stock.

Purple Innovation Company Profile

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.