Purple Innovation (NASDAQ:PRPL) Posts Earnings Results, Beats Estimates By $0.02 EPS

Purple Innovation (NASDAQ:PRPL) posted its quarterly earnings data on Tuesday. The company reported ($0.02) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.04) by $0.02, FiscalAI reports. The firm had revenue of $140.69 million for the quarter, compared to analysts’ expectations of $139.81 million. Purple Innovation had a negative return on equity of 472.12% and a negative net margin of 12.40%.

Purple Innovation Stock Performance

Shares of Purple Innovation stock opened at $0.65 on Tuesday. Purple Innovation has a fifty-two week low of $0.56 and a fifty-two week high of $1.26. The company has a market capitalization of $70.29 million, a P/E ratio of -1.22 and a beta of 1.83. The company has a fifty day moving average of $0.69 and a 200 day moving average of $0.77.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings restated a “sell (e+)” rating on shares of Purple Innovation in a research note on Thursday, January 22nd. One equities research analyst has rated the stock with a Sell rating, Based on data from MarketBeat, Purple Innovation presently has a consensus rating of “Sell”.

Hedge Funds Weigh In On Purple Innovation

A number of hedge funds have recently made changes to their positions in PRPL. Wasatch Advisors LP grew its position in shares of Purple Innovation by 10.6% during the third quarter. Wasatch Advisors LP now owns 5,116,685 shares of the company’s stock worth $4,780,000 after purchasing an additional 488,751 shares in the last quarter. Jacobs Levy Equity Management Inc. purchased a new position in Purple Innovation in the 3rd quarter worth approximately $757,000. Jane Street Group LLC purchased a new position in Purple Innovation in the 2nd quarter worth approximately $253,000. Squarepoint Ops LLC bought a new position in Purple Innovation in the 3rd quarter worth approximately $135,000. Finally, Marshall Wace LLP purchased a new stake in Purple Innovation during the 2nd quarter valued at approximately $128,000. Institutional investors own 88.41% of the company’s stock.

Purple Innovation Company Profile

Purple Innovation, Inc is a consumer products company specializing in the design, development and manufacture of comfort technology for the sleep and home furnishings markets. Best known for its proprietary Hyper-Elastic Polymer “Grid” technology, the company engineers mattresses, pillows and cushions that aim to combine pressure relief, support and temperature neutrality. Purple offers an array of sleep products alongside related lifestyle and wellness solutions.

The company’s product portfolio includes mattress models in various sizes and thicknesses, adjustable bed frames, pillows, sheets and mattress protectors, as well as seat cushions and pet beds.