Lovesac (NASDAQ:LOVE) Issues Quarterly Earnings Results

Lovesac (NASDAQ:LOVE) posted its earnings results on Thursday. The company reported $1.87 earnings per share for the quarter, missing the consensus estimate 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 analysts’ expectations of $265.35 million. During the same quarter last year, the business posted $1.74 earnings per share. The business’s revenue was up 4.8% compared to the same quarter last year.

Lovesac Price Performance

Lovesac stock opened at $19.51 on Friday. Lovesac has a 12-month low of $14.18 and a 12-month high of $30.93. The stock has a market capitalization of $302.21 million, a P/E ratio of 13.94, a P/E/G ratio of 0.45 and a beta of 2.87. The firm’s 50-day moving average is $22.89 and its two-hundred day moving average is $21.73.

Wall Street Analysts Forecast Growth

Several equities analysts have weighed in on LOVE shares. Canaccord Genuity Group dropped their target price on shares of Lovesac from $44.00 to $36.00 and set a “buy” rating for the company in a report on Friday. Roth Mkm reaffirmed a “buy” rating and set a $34.00 price target on shares of Lovesac in a research note on Wednesday.

Insiders Place Their Bets

In other Lovesac news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.44, for a total transaction of $134,640.00. Following 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 filing with the Securities & Exchange Commission, which is available through the SEC website. 12.09% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lovesac

Several hedge funds have recently modified their holdings of LOVE. Captrust Financial Advisors boosted its position in shares of Lovesac by 110.6% in 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. Citigroup Inc. boosted its position in shares of Lovesac by 32.6% in the first quarter. Citigroup Inc. now owns 2,339 shares of the company’s stock worth $68,000 after acquiring an additional 575 shares during the last quarter. Royal Bank of Canada boosted its position in shares of Lovesac by 230.0% in the second quarter. Royal Bank of Canada now owns 2,627 shares of the company’s stock worth $70,000 after acquiring an additional 1,831 shares during the last quarter. Tower Research Capital LLC TRC boosted its position in shares of Lovesac by 567.0% in the third quarter. Tower Research Capital LLC TRC now owns 3,675 shares of the company’s stock worth $73,000 after acquiring an additional 3,124 shares during the last quarter. Finally, State of Wyoming boosted its position in shares of Lovesac by 338.3% in the fourth quarter. State of Wyoming now owns 3,651 shares of the company’s stock worth $80,000 after acquiring an additional 2,818 shares during the last quarter. 91.32% of the stock is owned by institutional investors and hedge funds.

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.