Lovesac (NASDAQ:LOVE) Announces Earnings Results

Lovesac (NASDAQ:LOVE) issued its quarterly earnings results on Thursday. The company reported $1.87 EPS for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.06), Briefing.com reports. Lovesac had a net margin of 3.39% and a return on equity of 12.69%. The business had revenue of $250.00 million for the quarter, compared to the consensus estimate of $265.35 million. During the same quarter in the previous year, the business earned $1.74 earnings per share. The firm’s revenue was up 4.8% on a year-over-year basis.

Lovesac Stock Down 5.9 %

Shares of Lovesac stock traded down $1.22 on Friday, hitting $19.51. The stock had a trading volume of 854,612 shares, compared to its average volume of 387,245. Lovesac has a one year low of $14.18 and a one year high of $30.93. The stock has a market cap of $302.21 million, a price-to-earnings ratio of 13.94, a PEG ratio of 0.45 and a beta of 2.87. The stock’s 50-day simple moving average is $22.89 and its two-hundred day simple moving average is $21.73.

Insider Transactions at Lovesac

In related news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $22.44, for a total value of $134,640.00. Following the completion of the sale, the chief executive officer now owns 179,970 shares of the company’s stock, valued at $4,038,526.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.09% of the company’s stock.

Institutional Trading of Lovesac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LOVE. Tower Research Capital LLC TRC lifted its position in Lovesac by 98.8% during the fourth quarter. Tower Research Capital LLC TRC now owns 7,306 shares of the company’s stock valued at $187,000 after buying an additional 3,631 shares during the period. Citigroup Inc. lifted its position in Lovesac by 167.9% during the second quarter. Citigroup Inc. now owns 6,266 shares of the company’s stock valued at $169,000 after buying an additional 3,927 shares during the period. Meeder Asset Management Inc. lifted its position in Lovesac by 163.2% during the fourth quarter. Meeder Asset Management Inc. now owns 7,501 shares of the company’s stock valued at $165,000 after buying an additional 4,651 shares during the period. UBS Group AG lifted its position in Lovesac by 896.4% during the fourth quarter. UBS Group AG now owns 5,789 shares of the company’s stock valued at $127,000 after buying an additional 5,208 shares during the period. Finally, Legal & General Group Plc lifted its position in Lovesac by 7.6% during the fourth quarter. Legal & General Group Plc now owns 5,405 shares of the company’s stock valued at $119,000 after buying an additional 383 shares during the period. Hedge funds and other institutional investors own 91.32% of the company’s stock.

Wall Street Analyst Weigh In

A number of research analysts have commented on LOVE shares. Roth Mkm reiterated a “buy” rating and set a $34.00 price target on shares of Lovesac in a research report on Wednesday. Canaccord Genuity Group cut their target price on shares of Lovesac from $44.00 to $36.00 and set a “buy” rating on the stock in a report on Friday.

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.