Wedbush Lowers Earnings Estimates for Purple Innovation

Purple Innovation, Inc. (NASDAQ:PRPL) – Stock analysts at Wedbush cut their FY2024 earnings per share estimates for shares of Purple Innovation in a research report issued to clients and investors on Wednesday, January 22nd. Wedbush analyst S. Basham now forecasts that the company will post earnings of ($0.49) per share for the year, down from their prior estimate 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 2.6 %

Shares of NASDAQ:PRPL opened at $1.20 on Friday. Purple Innovation has a twelve month low of $0.75 and a twelve month high of $2.33. The company has a current ratio of 1.30, a quick ratio of 0.67 and a debt-to-equity ratio of 1.81. The firm has a market cap of $129.25 million, a P/E ratio of -1.20 and a beta of 2.08. The company has a 50 day moving average of $0.91 and a 200-day moving average of $1.01.

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

Hedge Funds Weigh In On Purple Innovation

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Wasatch Advisors LP raised its stake in shares of Purple Innovation by 25.0% in the 3rd 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 in the last quarter. Geode Capital Management LLC grew its holdings in Purple Innovation by 1.2% during the third quarter. Geode Capital Management LLC now owns 1,346,073 shares of the company’s stock worth $1,331,000 after acquiring an additional 16,033 shares during the period. Dynamic Advisor Solutions LLC raised its position in Purple Innovation by 27.5% in the fourth 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 in the last quarter. Charles Schwab Investment Management Inc. lifted its holdings in Purple Innovation by 3.9% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 458,627 shares of the company’s stock valued at $453,000 after acquiring an additional 17,056 shares during the last quarter. Finally, B.O.S.S. Retirement Advisors LLC bought a new position in shares of Purple Innovation during the 4th quarter valued at about $78,000. 88.41% of the stock is owned by institutional investors.

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.