Lovesac (NASDAQ:LOVE) Sees Large Volume Increase on Earnings Beat

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.

A number of large investors have recently made changes to their positions in LOVE. Glen Harbor Capital Management LLC purchased a new position in Lovesac during the second quarter worth about $29,000. BNP Paribas Arbitrage SA grew its stake in shares of Lovesac by 1,264.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock valued at $33,000 after acquiring an additional 1,100 shares during the period. Elkfork Partners LLC bought a new position in shares of Lovesac during the 2nd quarter valued at approximately $35,000. Morgan Stanley increased its holdings in Lovesac by 196.3% in the 2nd quarter. Morgan Stanley now owns 2,948 shares of the company’s stock worth $92,000 after acquiring an additional 1,953 shares in the last quarter. Finally, FNY Investment Advisers LLC increased its holdings in Lovesac by 13.4% in the 2nd quarter. FNY Investment Advisers LLC now owns 4,094 shares of the company’s stock worth $127,000 after acquiring an additional 484 shares in the last quarter. Hedge funds and other institutional investors own 70.46% of the company’s stock.

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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