Lovesac (NASDAQ:LOVE) Issues Quarterly Earnings Results, Misses Expectations By $0.06 EPS

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

Lovesac Trading Down 5.9 %

NASDAQ LOVE opened at $19.51 on Friday. The firm has a market capitalization of $302.21 million, a P/E ratio of 13.94, a PEG ratio of 0.45 and a beta of 2.87. The business has a fifty day simple moving average of $22.89 and a 200 day simple moving average of $21.73. Lovesac has a 12 month low of $14.18 and a 12 month high of $30.93.

Insider Activity at Lovesac

In related news, CEO Shawn David Nelson sold 6,000 shares of the 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 directly owns 179,970 shares of the company’s stock, valued at approximately $4,038,526.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. 12.09% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Tower Research Capital LLC TRC grew its stake in Lovesac by 98.8% in the 4th quarter. Tower Research Capital LLC TRC now owns 7,306 shares of the company’s stock valued at $187,000 after purchasing an additional 3,631 shares during the period. Citigroup Inc. raised its stake in Lovesac by 167.9% in the 2nd quarter. Citigroup Inc. now owns 6,266 shares of the company’s stock valued at $169,000 after acquiring an additional 3,927 shares during the period. Meeder Asset Management Inc. lifted its holdings 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 purchasing an additional 4,651 shares during the last quarter. UBS Group AG boosted its position in Lovesac by 896.4% during the fourth quarter. UBS Group AG now owns 5,789 shares of the company’s stock worth $127,000 after purchasing an additional 5,208 shares during the period. Finally, Legal & General Group Plc boosted 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 worth $119,000 after purchasing an additional 383 shares during the period. Institutional investors own 91.32% of the company’s stock.

Analysts Set New Price Targets

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

Lovesac Company Profile

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.