Lovesac (NASDAQ:LOVE) Announces Earnings Results

Lovesac (NASDAQ:LOVEGet Rating) announced its quarterly earnings data on Thursday. The company reported $0.45 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.37 by $0.08, Briefing.com reports. Lovesac had a net margin of 7.52% and a return on equity of 19.27%. The firm had revenue of $148.50 million for the quarter, compared to the consensus estimate of $130.51 million. During the same period in the prior year, the company posted $0.52 earnings per share. The business’s revenue for the quarter was up 45.0% on a year-over-year basis.

Lovesac Price Performance

NASDAQ LOVE traded up $2.25 during trading hours on Friday, reaching $28.43. The company’s stock had a trading volume of 1,010,660 shares, compared to its average volume of 332,303. The firm has a fifty day simple moving average of $32.91 and a 200-day simple moving average of $37.68. The stock has a market cap of $430.15 million, a P/E ratio of 10.26, a P/E/G ratio of 0.25 and a beta of 2.37. Lovesac has a 52 week low of $25.55 and a 52 week high of $87.12.

Insider Activity at Lovesac

In related news, CEO Shawn David Nelson sold 8,000 shares of the firm’s stock in a transaction that occurred on Friday, July 15th. The shares were sold at an average price of $33.89, for a total value of $271,120.00. Following the completion of the transaction, the chief executive officer now owns 64,895 shares in the company, valued at approximately $2,199,291.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 8.66% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. Captrust Financial Advisors raised its holdings in Lovesac by 110.6% during the 1st quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock worth $31,000 after purchasing an additional 303 shares during the last quarter. BNP Paribas Arbitrage SA raised its holdings in Lovesac by 265.5% during the 2nd quarter. BNP Paribas Arbitrage SA now owns 4,112 shares of the company’s stock worth $113,000 after purchasing an additional 2,987 shares during the last quarter. MetLife Investment Management LLC raised its holdings in Lovesac by 54.2% during the 1st quarter. MetLife Investment Management LLC now owns 6,964 shares of the company’s stock worth $376,000 after purchasing an additional 2,447 shares during the last quarter. Renaissance Technologies LLC bought a new position in Lovesac during the 1st quarter worth approximately $422,000. Finally, Rhumbline Advisers increased its stake in shares of Lovesac by 18.0% in the 2nd quarter. Rhumbline Advisers now owns 16,033 shares of the company’s stock valued at $441,000 after acquiring an additional 2,440 shares in the last quarter. Institutional investors own 94.97% of the company’s stock.

Analyst Ratings Changes

A number of research firms have recently weighed in on LOVE. Canaccord Genuity Group reduced their price target on shares of Lovesac from $70.00 to $60.00 and set a “buy” rating on the stock in a research note on Friday. Oppenheimer reduced their price target on shares of Lovesac from $95.00 to $60.00 and set an “outperform” rating on the stock in a research note on Friday. Craig Hallum reduced their price target on shares of Lovesac to $100.00 in a research note on Thursday, June 9th. DA Davidson reduced their price target on shares of Lovesac from $124.00 to $97.00 and set a “buy” rating on the stock in a research note on Friday. Finally, Canaccord Genuity Group reduced their price target on shares of Lovesac from $70.00 to $60.00 in a research note on Friday. Seven analysts have rated the stock with a buy rating, According to data from MarketBeat, Lovesac currently has an average rating of “Buy” and an average target price of $82.00.

About Lovesac

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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.

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Earnings History for Lovesac (NASDAQ:LOVE)

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