Lovesac (NASDAQ:LOVE) Issues Quarterly Earnings Results, Beats Estimates By $0.08 EPS

Lovesac (NASDAQ:LOVEGet Rating) released its quarterly earnings data on Thursday. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08, Briefing.com reports. The business had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $130.51 million. Lovesac had a return on equity of 19.27% and a net margin of 7.52%. The firm’s quarterly revenue was up 45.0% on a year-over-year basis. During the same period in the prior year, the firm posted $0.52 EPS.

Lovesac Stock Performance

LOVE traded up $2.25 during trading on Friday, hitting $28.43. The stock had a trading volume of 1,010,660 shares, compared to its average volume of 332,303. The company has a market capitalization of $430.15 million, a PE ratio of 10.26, a PEG ratio of 0.25 and a beta of 2.37. Lovesac has a twelve month low of $25.55 and a twelve month high of $87.12. The stock has a 50 day simple moving average of $32.91 and a two-hundred day simple moving average of $37.68.

Insider Transactions at Lovesac

In other news, CEO Shawn David Nelson sold 8,000 shares of Lovesac stock in a transaction on Friday, July 15th. The shares were sold at an average price of $33.89, for a total transaction of $271,120.00. Following the completion of the sale, the chief executive officer now directly owns 64,895 shares in the company, valued at $2,199,291.55. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Insiders own 8.66% of the company’s stock.

Institutional Trading of Lovesac

A number of institutional investors and hedge funds have recently modified their holdings of LOVE. Captrust Financial Advisors boosted its position in Lovesac by 110.6% during the first quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock worth $31,000 after acquiring an additional 303 shares during the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Lovesac by 265.5% in the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,112 shares of the company’s stock valued at $113,000 after purchasing an additional 2,987 shares during the last quarter. MetLife Investment Management LLC boosted its holdings in Lovesac by 54.2% in the 1st quarter. MetLife Investment Management LLC now owns 6,964 shares of the company’s stock valued at $376,000 after purchasing an additional 2,447 shares during the last quarter. Renaissance Technologies LLC acquired a new position in Lovesac in the 1st quarter valued at about $422,000. Finally, Rhumbline Advisers boosted its holdings in Lovesac by 18.0% in the 2nd quarter. Rhumbline Advisers now owns 16,033 shares of the company’s stock valued at $441,000 after purchasing an additional 2,440 shares during the last quarter. Hedge funds and other institutional investors own 94.97% of the company’s stock.

Analyst Ratings Changes

LOVE has been the subject of a number of research reports. Canaccord Genuity Group decreased their target price on shares of Lovesac from $70.00 to $60.00 in a research note on Friday. DA Davidson reduced their price objective on Lovesac from $124.00 to $97.00 and set a “buy” rating for the company in a research note on Friday. Stifel Nicolaus reduced their price objective on Lovesac from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday. BTIG Research reduced their price objective on Lovesac from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, July 21st. Finally, Craig Hallum reduced their price objective on Lovesac to $100.00 in a research note on Thursday, June 9th. Seven analysts have rated the stock with a buy rating, According to MarketBeat.com, Lovesac currently has an average rating of “Buy” and a consensus target price of $82.00.

Lovesac Company Profile

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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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