Lovesac (NASDAQ:LOVE) Issues Earnings Results

Lovesac (NASDAQ:LOVEGet Rating) posted its earnings results on Wednesday. The company reported $0.12 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.20) by $0.32, Briefing.com reports. The business had revenue of $129.40 million during the quarter, compared to analyst estimates of $114.81 million. Lovesac had a return on equity of 22.35% and a net margin of 8.40%. The company’s quarterly revenue was up 56.1% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.13 EPS.

LOVE stock traded up $0.04 during midday trading on Friday, hitting $31.76. The company had a trading volume of 1,577 shares, compared to its average volume of 716,598. Lovesac has a 52 week low of $26.05 and a 52 week high of $92.51. The stock’s 50 day moving average price is $41.37 and its 200 day moving average price is $49.69. The stock has a market cap of $480.53 million, a price-to-earnings ratio of 11.17, a PEG ratio of 0.32 and a beta of 2.45.

A number of research analysts have weighed in on LOVE shares. Zacks Investment Research lowered Lovesac from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 1st. Stifel Nicolaus cut their price objective on Lovesac from $110.00 to $90.00 in a report on Thursday. Canaccord Genuity Group cut their price objective on Lovesac from $104.00 to $70.00 in a report on Thursday. Craig Hallum cut their price objective on Lovesac to $100.00 in a report on Thursday. Finally, BTIG Research cut their price objective on Lovesac to $100.00 in a report on Thursday. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Buy” and a consensus target price of $94.44.

In other news, Director Shirley Romig sold 2,300 shares of the stock in a transaction on Tuesday, April 12th. The stock was sold at an average price of $49.38, for a total value of $113,574.00. Following the sale, the director now directly owns 5,816 shares of the company’s stock, valued at $287,194.08. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, CEO Shawn David Nelson sold 7,000 shares of the stock in a transaction on Tuesday, April 5th. The stock was sold at an average price of $49.43, for a total value of $346,010.00. Following the completion of the sale, the chief executive officer now directly owns 151,623 shares in the company, valued at $7,494,724.89. The disclosure for this sale can be found here. Insiders own 8.66% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of LOVE. Captrust Financial Advisors raised its position in Lovesac by 110.6% during the 1st quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock valued at $31,000 after purchasing an additional 303 shares in the last quarter. Royal Bank of Canada lifted its holdings in shares of Lovesac by 63.9% in the 2nd quarter. Royal Bank of Canada now owns 1,067 shares of the company’s stock valued at $85,000 after buying an additional 416 shares during the period. BNP Paribas Arbitrage SA raised its holdings in Lovesac by 348.8% in the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,334 shares of the company’s stock worth $154,000 after purchasing an additional 1,814 shares during the period. Squarepoint Ops LLC acquired a new position in shares of Lovesac during the fourth quarter valued at approximately $446,000. Finally, MetLife Investment Management LLC raised its holdings in shares of Lovesac by 54.2% during the first quarter. MetLife Investment Management LLC now owns 6,964 shares of the company’s stock valued at $376,000 after acquiring an additional 2,447 shares during the last quarter. 97.12% of the stock is currently owned by hedge funds and other institutional investors.

Lovesac Company Profile (Get Rating)

The Lovesac Company designs, manufactures, and sells furniture. 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. As of January 30, 2022, the company operated 146 showrooms.

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Earnings History for Lovesac (NASDAQ:LOVE)

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