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Surging Earnings Estimates Signal Good News for Purple Innovation (PRPL)

Zacks

Purple Innovation, Inc. PRPL is a leading comfort technology company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.

These positive earnings estimate revisions suggest that analysts are becoming more optimistic on PRPL’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Purple Innovation could be a solid choice for investors.

Current Quarter Estimates for PRPL

In the past 30 days, four estimates have gone higher for Purple Innovation while none have gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from 11 cents a share 30 days ago, to 20 cents today, a move of 81.8%.

Current Year Estimates for PRPL

Meanwhile, Purple Innovation’s current year figures are also looking quite promising, with four estimates moving higher in the past month, compared to one lower. The consensus estimate trend has also seen a boost for this time frame, increasing from 51 cents per share 30 days ago to 63 cents per share today, an increase of 23.5%.

Purple Innovation, Inc., Price and Consensus



Bottom Line

The stock has also started to move higher lately, adding 33.6% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #1 (Strong Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank stocks here.

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