Lovesac (NASDAQ:LOVE) Announces Earnings Results, Misses Estimates By $0.06 EPS

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

Lovesac Stock Performance

Lovesac stock opened at $19.51 on Friday. Lovesac has a fifty-two week low of $14.18 and a fifty-two week high of $30.93. The stock has a market cap of $302.21 million, a PE ratio of 13.94, a price-to-earnings-growth ratio of 0.45 and a beta of 2.87. The firm’s 50-day simple moving average is $22.89 and its 200 day simple moving average is $21.73.

Analyst Upgrades and Downgrades

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

Insider Buying and Selling

In other Lovesac news, CEO Shawn David Nelson sold 6,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.44, for a total value of $134,640.00. Following the transaction, the chief executive officer now directly owns 179,970 shares in the company, valued at $4,038,526.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 12.09% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

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

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.