Wedbush Comments on Purple Innovation, Inc.’s Q2 2024 Earnings (NASDAQ:PRPL)

Purple Innovation, Inc. (NASDAQ:PRPL) – Equities researchers at Wedbush dropped their Q2 2024 EPS estimates for Purple Innovation in a note issued to investors on Tuesday, July 9th. Wedbush analyst S. Basham now expects that the company will post earnings of ($0.09) per share for the quarter, down from their prior forecast of ($0.07). Wedbush has a “Outperform” rating and a $2.25 price objective on the stock. The consensus estimate for Purple Innovation’s current full-year earnings is ($0.38) per share. Wedbush also issued estimates for Purple Innovation’s FY2024 earnings at ($0.35) EPS and FY2025 earnings at ($0.16) EPS.

Other research analysts have also issued reports about the stock. Craig Hallum raised their price objective on shares of Purple Innovation from $1.00 to $2.00 and gave the stock a “hold” rating in a report on Wednesday, March 13th. Roth Capital raised shares of Purple Innovation from a “neutral” rating to a “buy” rating in a research note on Wednesday, March 13th. Finally, Roth Mkm reissued a “buy” rating and set a $2.50 target price on shares of Purple Innovation in a research note on Thursday, March 21st. Two equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the stock. According to data from MarketBeat, Purple Innovation has a consensus rating of “Moderate Buy” and an average target price of $3.95.

Purple Innovation Trading Up 1.0 %

NASDAQ:PRPL opened at $1.05 on Thursday. The stock has a market cap of $113.06 million, a price-to-earnings ratio of -0.78 and a beta of 2.03. Purple Innovation has a one year low of $0.55 and a one year high of $3.33. The company has a debt-to-equity ratio of 0.64, a quick ratio of 0.75 and a current ratio of 1.50. The business’s 50-day simple moving average is $1.22 and its 200 day simple moving average is $1.34.

Purple Innovation (NASDAQ:PRPL) last posted its earnings results on Tuesday, May 7th. The company reported ($0.19) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.15) by ($0.04). Purple Innovation had a negative net margin of 26.97% and a negative return on equity of 62.31%. The company had revenue of $120.03 million during the quarter, compared to analyst estimates of $122.15 million.

Institutional Investors Weigh In On Purple Innovation

A number of institutional investors have recently bought and sold shares of PRPL. Platform Technology Partners acquired a new position in Purple Innovation in the fourth quarter worth about $31,000. Quadrant Capital Group LLC acquired a new position in shares of Purple Innovation in the 4th quarter worth approximately $32,000. BNP Paribas Financial Markets lifted its position in shares of Purple Innovation by 73.7% during the 1st quarter. BNP Paribas Financial Markets now owns 26,879 shares of the company’s stock worth $47,000 after buying an additional 11,405 shares during the period. American Century Companies Inc. boosted its stake in Purple Innovation by 55.1% in the 3rd quarter. American Century Companies Inc. now owns 30,205 shares of the company’s stock valued at $52,000 after buying an additional 10,731 shares in the last quarter. Finally, SG Americas Securities LLC grew its position in Purple Innovation by 36.6% in the fourth quarter. SG Americas Securities LLC now owns 51,847 shares of the company’s stock valued at $53,000 after acquiring an additional 13,905 shares during the period. Institutional investors and hedge funds own 88.41% of the company’s stock.

Insider Buying and Selling

In other Purple Innovation news, CEO Robert Demartini acquired 138,834 shares of the company’s stock in a transaction dated Friday, June 28th. The shares were acquired at an average cost of $1.03 per share, for a total transaction of $142,999.02. Following the completion of the purchase, the chief executive officer now owns 663,669 shares of the company’s stock, valued at approximately $683,579.07. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 54.30% of the stock is owned by insiders.

About Purple Innovation

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.