Lovesac (NASDAQ:LOVE) Announces Quarterly Earnings Results, Beats Expectations By $0.32 EPS

Lovesac (NASDAQ:LOVEGet Rating) released its earnings results on Wednesday. The company reported $0.12 earnings per share for the quarter, topping analysts’ consensus estimates of ($0.20) by $0.32, Briefing.com reports. The business had revenue of $129.40 million for the quarter, compared to analyst estimates of $114.81 million. Lovesac had a net margin of 8.40% and a return on equity of 22.35%. The business’s revenue was up 56.1% on a year-over-year basis. During the same period last year, the company posted $0.13 EPS.

Shares of LOVE opened at $31.72 on Friday. The firm has a 50-day simple moving average of $41.37 and a two-hundred day simple moving average of $49.69. The stock has a market cap of $479.92 million, a PE ratio of 11.17, a P/E/G ratio of 0.32 and a beta of 2.45. Lovesac has a 1-year low of $26.05 and a 1-year high of $92.51.

A number of brokerages recently commented on LOVE. Canaccord Genuity Group reduced their price objective on Lovesac from $104.00 to $70.00 in a research report on Thursday. Zacks Investment Research lowered Lovesac from a “strong-buy” rating to a “hold” rating in a report on Wednesday, June 1st. BTIG Research lowered their price target on shares of Lovesac to $100.00 in a research report on Thursday. Craig Hallum cut their price objective on shares of Lovesac to $100.00 in a research report on Thursday. Finally, Stifel Nicolaus decreased their target price on shares of Lovesac from $110.00 to $90.00 in a report on Thursday. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Buy” and an average target price of $94.44.

In related news, Director Shirley Romig sold 2,300 shares of the firm’s stock in a transaction dated Tuesday, April 12th. The stock was sold at an average price of $49.38, for a total transaction of $113,574.00. Following the completion of the transaction, the director now directly owns 5,816 shares in the company, valued at approximately $287,194.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Walter Field Mclallen bought 4,000 shares of the company’s stock in a transaction on Tuesday, April 5th. The stock was purchased at an average cost of $49.96 per share, with a total value of $199,840.00. Following the completion of the transaction, the director now owns 8,891 shares in the company, valued at $444,194.36. The disclosure for this purchase can be found here. 8.66% of the stock is currently owned by insiders.

Several hedge funds have recently made changes to their positions in the stock. Wasatch Advisors Inc. increased its stake in Lovesac by 29.0% during the 1st quarter. Wasatch Advisors Inc. now owns 1,014,661 shares of the company’s stock worth $54,853,000 after buying an additional 228,148 shares during the period. BlackRock Inc. increased its stake in Lovesac by 0.5% during the 4th quarter. BlackRock Inc. now owns 862,980 shares of the company’s stock worth $57,184,000 after buying an additional 4,338 shares during the period. Vanguard Group Inc. increased its stake in Lovesac by 5.2% during the 1st quarter. Vanguard Group Inc. now owns 750,270 shares of the company’s stock worth $40,559,000 after buying an additional 36,912 shares during the period. Federated Hermes Inc. increased its stake in Lovesac by 4.7% during the 1st quarter. Federated Hermes Inc. now owns 650,000 shares of the company’s stock worth $35,139,000 after buying an additional 29,094 shares during the period. Finally, State Street Corp increased its stake in Lovesac by 1.8% during the 1st quarter. State Street Corp now owns 251,872 shares of the company’s stock worth $13,616,000 after buying an additional 4,385 shares during the period. Hedge funds and other institutional investors own 97.12% of the company’s stock.

Lovesac Company Profile (Get Rating)

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.

Recommended Stories

Earnings History for Lovesac (NASDAQ:LOVE)

Receive News & Ratings for Lovesac Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lovesac and related companies with MarketBeat.com's FREE daily email newsletter.