Lovesac Co (NASDAQ:LOVE) saw an uptick in trading volume on Wednesday following a better than expected earnings announcement. 1,909,371 shares were traded during trading, an increase of 1,006% from the previous session’s volume of 172,601 shares.The stock last traded at $21.31 and had previously closed at $18.41.
The company reported ($0.31) EPS for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.19. The firm had revenue of $48.10 million during the quarter, compared to analysts’ expectations of $47.78 million. Lovesac had a negative net margin of 5.62% and a negative return on equity of 8.59%. The business’s revenue for the quarter was up 44.9% compared to the same quarter last year.
Several research firms have recently issued reports on LOVE. Oppenheimer initiated coverage on shares of Lovesac in a research note on Thursday, August 8th. They issued an “outperform” rating and a $30.00 target price for the company. Canaccord Genuity set a $49.00 price target on shares of Lovesac and gave the company a “buy” rating in a research report on Wednesday, June 19th. Stifel Nicolaus restated a “buy” rating and set a $32.00 price target on shares of Lovesac in a report on Wednesday. Zacks Investment Research raised shares of Lovesac from a “strong sell” rating to a “hold” rating in a research report on Friday, August 9th. Finally, ValuEngine upgraded shares of Lovesac from a “hold” rating to a “buy” rating in a research note on Friday, August 23rd. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. The stock has an average rating of “Buy” and a consensus price target of $39.86.
The business’s 50 day simple moving average is $18.76 and its 200 day simple moving average is $28.77.
Lovesac Company Profile (NASDAQ:LOVE)
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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