Purple Innovation, Inc. (NASDAQ:PRPL) Forecasted to Post FY2021 Earnings of $0.90 Per Share


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Purple Innovation, Inc. (NASDAQ:PRPL) – Research analysts at B. Riley decreased their FY2021 earnings per share (EPS) estimates for shares of Purple Innovation in a report issued on Tuesday, January 12th. B. Riley analyst S. Anderson now expects that the company will post earnings of $0.90 per share for the year, down from their previous estimate of $0.98. B. Riley currently has a “Buy” rating and a $41.00 price target on the stock.

PRPL has been the subject of several other reports. Wedbush increased their target price on Purple Innovation from $32.00 to $38.00 and gave the company an “outperform” rating in a research note on Tuesday. Evercore ISI started coverage on Purple Innovation in a research note on Wednesday, December 16th. They set an “outperform” rating for the company. Oppenheimer started coverage on Purple Innovation in a research note on Wednesday, November 18th. They set a “buy” rating and a $37.00 price objective on the stock. BidaskClub upgraded Purple Innovation from a “hold” rating to a “buy” rating in a research note on Wednesday, January 6th. Finally, Zacks Investment Research cut Purple Innovation from a “buy” rating to a “hold” rating in a research note on Thursday. Two research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company’s stock. Purple Innovation presently has a consensus rating of “Buy” and a consensus price target of $37.10.

Purple Innovation stock opened at $34.48 on Thursday. The stock has a market cap of $2.12 billion, a P/E ratio of -265.23, a price-to-earnings-growth ratio of 5.19 and a beta of 1.51. The company has a current ratio of 1.45, a quick ratio of 1.10 and a debt-to-equity ratio of 2.19. The stock has a 50 day moving average of $30.83 and a 200-day moving average of $25.68. Purple Innovation has a 52 week low of $4.42 and a 52 week high of $37.80.

Purple Innovation (NASDAQ:PRPL) last announced its quarterly earnings results on Saturday, November 14th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.24 by $0.03. The firm had revenue of $187.11 million for the quarter, compared to the consensus estimate of $175.40 million. Purple Innovation had a net margin of 0.81% and a return on equity of 545.13%. Purple Innovation’s revenue for the quarter was up 59.4% compared to the same quarter last year.

In other news, insider Verdi Ray White III sold 10,000 shares of the firm’s stock in a transaction on Tuesday, November 17th. The stock was sold at an average price of $28.51, for a total value of $285,100.00. Following the completion of the transaction, the insider now directly owns 10,000 shares of the company’s stock, valued at $285,100. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 75.10% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Public Employees Retirement System of Ohio acquired a new stake in shares of Purple Innovation during the third quarter worth $3,288,000. Scopus Asset Management L.P. lifted its stake in shares of Purple Innovation by 20.9% during the third quarter. Scopus Asset Management L.P. now owns 1,350,600 shares of the company’s stock worth $33,576,000 after buying an additional 233,883 shares during the period. Voloridge Investment Management LLC acquired a new stake in shares of Purple Innovation during the third quarter worth $778,000. California State Teachers Retirement System lifted its stake in shares of Purple Innovation by 55.6% during the third quarter. California State Teachers Retirement System now owns 33,545 shares of the company’s stock worth $834,000 after buying an additional 11,990 shares during the period. Finally, Point72 Hong Kong Ltd acquired a new stake in shares of Purple Innovation during the third quarter worth $38,000. Institutional investors and hedge funds own 64.45% of the company’s stock.

Purple Innovation Company Profile

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protector, bed frames, seat cushions, and weighted blanket and duvets. The company markets and sells its products through direct-to-consumer online channels, retail brick-and-mortar wholesale partners, and third-party online retailers, as well as through its factory outlet and the company owned showrooms.

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Earnings History and Estimates for Purple Innovation (NASDAQ:PRPL)

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