Purple Innovation (NASDAQ:PRPL) Issues Quarterly Earnings Results

Purple Innovation (NASDAQ:PRPL – Get Rating) announced its quarterly earnings data on Thursday. The company reported ($0.10) earnings per share for the quarter, missing the consensus estimate of ($0.06) by ($0.04), Briefing.com reports. The firm had revenue of $145.10 million for the quarter, compared to the consensus estimate of $143.48 million. Purple Innovation had a negative return on equity of 22.09% and a negative net margin of 6.66%. The business’s revenue for the quarter was down 22.2% compared to the same quarter last year. During the same period in the prior year, the firm posted ($0.35) earnings per share. Purple Innovation updated its FY 2023 guidance to EPS and its Q1 2023 guidance to EPS.

Purple Innovation Stock Up 1.5 %

Purple Innovation stock opened at $3.30 on Friday. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.95 and a current ratio of 1.79. The business has a 50-day moving average of $4.86 and a 200-day moving average of $4.39. Purple Innovation has a 1 year low of $2.65 and a 1 year high of $7.97.

Analyst Upgrades and Downgrades

PRPL has been the subject of several analyst reports. Bank of America initiated coverage on Purple Innovation in a research report on Monday, January 16th. They set an “underperform” rating for the company. KeyCorp boosted their target price on Purple Innovation from $7.00 to $8.00 and gave the stock an “overweight” rating in a research report on Wednesday, February 1st.

Insider Activity at Purple Innovation

In other Purple Innovation news, Director Coliseum Capital Management, L acquired 5,960,320 shares of the firm’s stock in a transaction that occurred on Monday, February 13th. The stock was acquired at an average cost of $4.50 per share, for a total transaction of $26,821,440.00. Following the transaction, the director now owns 46,814,450 shares of the company’s stock, valued at $210,665,025. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 24.92% of the stock is owned by insiders.

Hedge Funds Weigh In On Purple Innovation

Several institutional investors and hedge funds have recently modified their holdings of the business. Legal & General Group Plc grew its position in shares of Purple Innovation by 14.6% in the 4th quarter. Legal & General Group Plc now owns 20,351 shares of the company’s stock valued at $97,000 after purchasing an additional 2,599 shares during the period. Shay Capital LLC boosted its position in Purple Innovation by 19.7% during the 1st quarter. Shay Capital LLC now owns 16,202 shares of the company’s stock worth $95,000 after acquiring an additional 2,662 shares during the last quarter. UBS Group AG boosted its position in Purple Innovation by 51.0% during the 3rd quarter. UBS Group AG now owns 10,096 shares of the company’s stock worth $41,000 after acquiring an additional 3,409 shares during the last quarter. Rhumbline Advisers boosted its position in Purple Innovation by 7.0% during the 1st quarter. Rhumbline Advisers now owns 55,320 shares of the company’s stock worth $324,000 after acquiring an additional 3,604 shares during the last quarter. Finally, JPMorgan Chase & Co. boosted its position in Purple Innovation by 15.1% during the 4th quarter. JPMorgan Chase & Co. now owns 34,857 shares of the company’s stock worth $167,000 after acquiring an additional 4,562 shares during the last quarter. 92.19% of the stock is currently owned by institutional investors and hedge funds.

Purple Innovation Company Profile

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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.