Lovesac (LOVE) Announces Quarterly Earnings Results

Lovesac (NASDAQ:LOVE) released its earnings results on Tuesday. The company reported ($0.15) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.18) by $0.03, Morningstar.com reports. The company had revenue of $41.69 million for the quarter, compared to analyst estimates of $36.64 million.

Shares of LOVE opened at $23.86 on Thursday. Lovesac has a 12-month low of $16.46 and a 12-month high of $28.88.

In other news, Director Satori Capital, Llc sold 435,000 shares of Lovesac stock in a transaction that occurred on Wednesday, October 31st. The shares were sold at an average price of $18.05, for a total value of $7,851,750.00. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, major shareholder Sac Acquisition Llc sold 583,756 shares of Lovesac stock in a transaction that occurred on Wednesday, October 31st. The stock was sold at an average price of $18.05, for a total transaction of $10,536,795.80. The disclosure for this sale can be found here. Insiders sold a total of 1,066,606 shares of company stock worth $19,252,238 in the last ninety days.

Several institutional investors and hedge funds have recently made changes to their positions in LOVE. Granahan Investment Management Inc. MA acquired a new position in shares of Lovesac in the 2nd quarter worth approximately $667,000. Eidelman Virant Capital acquired a new position in shares of Lovesac in the 3rd quarter worth approximately $749,000. Chartwell Investment Partners LLC acquired a new position in shares of Lovesac in the 2nd quarter worth approximately $830,000. EAM Global Investors LLC acquired a new position in shares of Lovesac in the 3rd quarter worth approximately $1,333,000. Finally, Russell Investments Group Ltd. acquired a new position in shares of Lovesac in the 2nd quarter worth approximately $1,493,000. 31.81% of the stock is currently owned by institutional investors.

Several research firms have commented on LOVE. Zacks Investment Research cut shares of Lovesac from a “hold” rating to a “sell” rating in a research note on Tuesday, September 25th. Canaccord Genuity reissued a “buy” rating and set a $30.00 target price (up previously from $27.00) on shares of Lovesac in a research note on Wednesday.

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About Lovesac

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans.

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