Lovesac (NASDAQ:LOVE) Posts Earnings Results, Misses Estimates By $0.06 EPS

Lovesac (NASDAQ:LOVE) announced its quarterly earnings data on Thursday. The company reported $1.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.06), Briefing.com reports. The business had revenue of $250.00 million during the quarter, compared to analyst estimates of $265.35 million. Lovesac had a net margin of 2.97% and a return on equity of 10.83%. The company’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter last year, the firm posted $1.74 EPS.

Lovesac Stock Down 11.2 %

NASDAQ:LOVE opened at $20.73 on Friday. Lovesac has a fifty-two week low of $14.18 and a fifty-two week high of $30.93. The stock has a market cap of $321.11 million, a PE ratio of 16.32, a price-to-earnings-growth ratio of 0.30 and a beta of 2.87. The firm’s fifty day simple moving average is $22.96 and its 200-day simple moving average is $21.73.

Wall Street Analysts Forecast Growth

Separately, Roth Mkm reiterated a “buy” rating and issued a $34.00 price target on shares of Lovesac in a research note on Wednesday.

Insider Buying and Selling at Lovesac

In other Lovesac news, CEO Shawn David Nelson sold 6,000 shares of the company’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.44, for a total value of $134,640.00. Following the transaction, the chief executive officer now directly owns 179,970 shares in the company, valued at approximately $4,038,526.80. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.09% of the stock is owned by insiders.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Vanguard Group Inc. increased its position in Lovesac by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 829,792 shares of the company’s stock worth $21,201,000 after purchasing an additional 20,300 shares in the last quarter. Price T Rowe Associates Inc. MD acquired a new stake in Lovesac during the 4th quarter worth approximately $228,000. Barclays PLC increased its position in Lovesac by 264.3% during the 4th quarter. Barclays PLC now owns 22,626 shares of the company’s stock worth $578,000 after purchasing an additional 16,416 shares in the last quarter. Nuveen Asset Management LLC increased its position in Lovesac by 120.6% during the 4th quarter. Nuveen Asset Management LLC now owns 207,912 shares of the company’s stock worth $5,312,000 after purchasing an additional 113,676 shares in the last quarter. Finally, Brevan Howard Capital Management LP acquired a new stake in Lovesac during the 4th quarter worth approximately $295,000. 91.32% of the stock is currently owned by hedge funds and other institutional investors.

About Lovesac

The Lovesac Company designs, manufactures, and sells furniture. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and other products comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans. The company markets its products primarily through lovesac.com website, as well as showrooms at top tier malls, lifestyle centers, mobile concierges, kiosks, and street locations in 40 states of the United States; and in store pop-up- shops and shop-in-shops.