Wedbush Equities Analysts Cut Earnings Estimates for PRPL

Purple Innovation, Inc. (NASDAQ:PRPL) – Equities research analysts at Wedbush dropped their FY2024 EPS estimates for shares of Purple Innovation in a report issued on Wednesday, January 22nd. Wedbush analyst S. Basham now forecasts that the company will post earnings per share of ($0.49) for the year, down from their prior forecast of ($0.47). The consensus estimate for Purple Innovation’s current full-year earnings is ($0.47) per share. Wedbush also issued estimates for Purple Innovation’s Q4 2024 earnings at ($0.09) EPS.

Purple Innovation Trading Up 4.2 %

PRPL stock opened at $1.25 on Friday. Purple Innovation has a one year low of $0.75 and a one year high of $2.33. The company has a debt-to-equity ratio of 1.81, a current ratio of 1.30 and a quick ratio of 0.67. The stock has a market cap of $134.64 million, a price-to-earnings ratio of -1.25 and a beta of 2.08. The company has a fifty day moving average price of $0.92 and a two-hundred day moving average price of $1.02.

Purple Innovation (NASDAQ:PRPL) last posted its quarterly earnings results on Monday, November 4th. The company reported ($0.08) EPS for the quarter, topping analysts’ consensus estimates of ($0.10) by $0.02. The business had revenue of $118.60 million during the quarter, compared to analysts’ expectations of $125.64 million. Purple Innovation had a negative return on equity of 84.67% and a negative net margin of 21.34%. During the same quarter last year, the company posted ($0.18) earnings per share.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in PRPL. Wasatch Advisors LP increased its position in shares of Purple Innovation by 25.0% during the third quarter. Wasatch Advisors LP now owns 2,800,109 shares of the company’s stock worth $2,768,000 after buying an additional 560,407 shares during the period. Dynamic Advisor Solutions LLC grew its holdings in Purple Innovation by 27.5% during the 4th quarter. Dynamic Advisor Solutions LLC now owns 901,176 shares of the company’s stock worth $703,000 after acquiring an additional 194,398 shares during the period. B.O.S.S. Retirement Advisors LLC bought a new position in shares of Purple Innovation in the 4th quarter worth about $78,000. Legacy Investment Solutions LLC acquired a new position in shares of Purple Innovation in the 3rd quarter valued at about $70,000. Finally, Barclays PLC boosted its position in shares of Purple Innovation by 283.1% during the 3rd quarter. Barclays PLC now owns 74,803 shares of the company’s stock valued at $74,000 after purchasing an additional 55,275 shares in the last quarter. 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.