Purple Innovation, Inc. (NASDAQ:PRPL) Expected to Announce Quarterly Sales of $166.88 Million

Brokerages forecast that Purple Innovation, Inc. (NASDAQ:PRPL) will announce sales of $166.88 million for the current quarter, Zacks Investment Research reports. Seven analysts have made estimates for Purple Innovation’s earnings. The highest sales estimate is $174.00 million and the lowest is $162.20 million. Purple Innovation posted sales of $122.38 million in the same quarter last year, which would indicate a positive year-over-year growth rate of 36.4%. The business is scheduled to announce its next quarterly earnings results on Monday, May 10th.

On average, analysts expect that Purple Innovation will report full year sales of $857.23 million for the current year, with estimates ranging from $812.28 million to $883.90 million. For the next year, analysts forecast that the company will post sales of $1.00 billion, with estimates ranging from $897.70 million to $1.11 billion. Zacks Investment Research’s sales calculations are an average based on a survey of research firms that cover Purple Innovation.

Purple Innovation (NASDAQ:PRPL) last issued its quarterly earnings data on Thursday, March 4th. The company reported $0.07 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.11 by ($0.04). The firm had revenue of $173.90 million for the quarter, compared to analyst estimates of $196.19 million. Purple Innovation had a net margin of 0.28% and a return on equity of 363.58%. The firm’s revenue for the quarter was up 39.9% compared to the same quarter last year. During the same quarter in the prior year, the firm posted ($0.29) EPS.

Several research firms have recently weighed in on PRPL. UBS Group reduced their price target on shares of Purple Innovation from $44.00 to $32.00 and set a “buy” rating for the company in a report on Friday, March 5th. KeyCorp cut their price objective on shares of Purple Innovation from $43.00 to $40.00 and set an “overweight” rating on the stock in a research report on Thursday, March 11th. Raymond James cut their price objective on shares of Purple Innovation from $36.00 to $32.00 and set an “outperform” rating on the stock in a research report on Thursday, March 11th. Wedbush cut their price objective on shares of Purple Innovation from $38.00 to $32.00 and set an “outperform” rating on the stock in a research report on Friday, March 5th. Finally, B. Riley boosted their price objective on shares of Purple Innovation from $33.00 to $38.00 and gave the stock a “buy” rating in a research report on Tuesday, April 20th. One equities research analyst has rated the stock with a hold rating and ten have assigned a buy rating to the stock. The stock presently has an average rating of “Buy” and an average price target of $35.70.

Hedge funds and other institutional investors have recently bought and sold shares of the business. EMC Capital Management bought a new stake in Purple Innovation during the fourth quarter worth $2,254,000. RBF Capital LLC raised its position in Purple Innovation by 46.4% during the fourth quarter. RBF Capital LLC now owns 44,200 shares of the company’s stock worth $1,456,000 after acquiring an additional 14,000 shares in the last quarter. International Assets Investment Management LLC bought a new stake in Purple Innovation during the fourth quarter worth $98,000. Twinbeech Capital LP bought a new stake in Purple Innovation during the fourth quarter worth $466,000. Finally, Credit Suisse AG bought a new stake in Purple Innovation during the fourth quarter worth $903,000. 90.17% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Purple Innovation stock traded down $0.33 on Monday, hitting $33.75. The company had a trading volume of 621,171 shares, compared to its average volume of 1,078,747. The firm has a market capitalization of $2.25 billion, a P/E ratio of -108.87, a P/E/G ratio of 2.39 and a beta of 1.34. Purple Innovation has a twelve month low of $9.99 and a twelve month high of $41.08. The company has a debt-to-equity ratio of 1.01, a current ratio of 1.59 and a quick ratio of 1.15. The stock has a 50-day moving average of $33.14 and a 200-day moving average of $32.74.

About Purple Innovation

Purple Innovation, Inc designs and manufactures mattresses, pillows, and cushions. It also offers sheets, mattress protectors, bed frames, seat cushions, and weighted blankets 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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