Purple Innovation, Inc. (NASDAQ:PRPL) Forecasted to Post FY2021 Earnings of $0.53 Per Share

Purple Innovation, Inc. (NASDAQ:PRPL) – Equities research analysts at Oppenheimer lowered their FY2021 earnings estimates for shares of Purple Innovation in a report issued on Wednesday, September 8th. Oppenheimer analyst B. Nagel now anticipates that the company will post earnings per share of $0.53 for the year, down from their prior estimate of $0.77. Oppenheimer currently has a “Buy” rating and a $45.00 price target on the stock.

Purple Innovation (NASDAQ:PRPL) last released its quarterly earnings results on Monday, August 9th. The company reported $0.05 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.13 by ($0.08). The business had revenue of $182.60 million during the quarter, compared to the consensus estimate of $181.70 million. Purple Innovation had a net margin of 2.79% and a return on equity of 35.36%. The firm’s revenue for the quarter was up 10.6% compared to the same quarter last year.

A number of other research analysts have also commented on PRPL. Wedbush upped their price objective on Purple Innovation from $32.00 to $37.00 and gave the company an “outperform” rating in a report on Tuesday, May 18th. Truist dropped their price target on Purple Innovation from $40.00 to $35.00 and set a “buy” rating on the stock in a report on Thursday, July 1st. Craig Hallum decreased their price objective on Purple Innovation from $41.00 to $34.00 and set a “buy” rating on the stock in a research note on Monday, August 9th. TheStreet cut Purple Innovation from a “c” rating to a “d” rating in a report on Tuesday, June 22nd. Finally, Roth Capital upped their price target on Purple Innovation from $31.00 to $34.00 and gave the company a “buy” rating in a research report on Wednesday, August 11th. One research analyst has rated the stock with a hold rating and eleven have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $36.45.

NASDAQ PRPL opened at $22.74 on Monday. Purple Innovation has a 52 week low of $21.18 and a 52 week high of $41.08. The stock’s 50 day moving average price is $25.57 and its two-hundred day moving average price is $29.07. The company has a debt-to-equity ratio of 0.25, a quick ratio of 1.26 and a current ratio of 1.80. The stock has a market capitalization of $1.52 billion, a price-to-earnings ratio of 252.67, a PEG ratio of 1.97 and a beta of 1.26.

Several hedge funds have recently added to or reduced their stakes in PRPL. Dimensional Fund Advisors LP boosted its stake in shares of Purple Innovation by 142.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 213,533 shares of the company’s stock worth $7,034,000 after acquiring an additional 125,624 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank boosted its holdings in shares of Purple Innovation by 53.5% in the first quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 4,288 shares of the company’s stock valued at $136,000 after acquiring an additional 1,494 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Purple Innovation by 74.6% during the first quarter. The Manufacturers Life Insurance Company now owns 18,439 shares of the company’s stock worth $584,000 after buying an additional 7,879 shares in the last quarter. Victory Capital Management Inc. raised its position in Purple Innovation by 10,139.3% during the first quarter. Victory Capital Management Inc. now owns 1,183,259 shares of the company’s stock worth $37,451,000 after acquiring an additional 1,171,703 shares during the last quarter. Finally, Envestnet Asset Management Inc. raised its position in shares of Purple Innovation by 11.5% in the first quarter. Envestnet Asset Management Inc. now owns 25,183 shares of the company’s stock valued at $797,000 after buying an additional 2,607 shares during the last quarter. Hedge funds and other institutional investors own 98.14% of the company’s stock.

Purple Innovation Company Profile

Purple Innovation, Inc engages in the design and manufacture of comfort technology products. It offers mattresses, bed pillows, seat cushions, mattress protector, and bamboo sheets. The company was founded by Terry V. Pearce and Tony Marion Pearce in 1989 and is headquartered in Lehi, Utah.

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

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