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

Lovesac (NASDAQ:LOVE) issued its quarterly earnings data 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 net margin of 3.39% and a return on equity of 12.69%. The firm had revenue of $250.00 million during the quarter, compared to analysts’ expectations of $265.35 million. During the same quarter in the prior year, the firm posted $1.74 EPS. Lovesac’s quarterly revenue was up 4.8% compared to the same quarter last year.

Lovesac Stock Performance

Shares of LOVE stock opened at $19.51 on Friday. The stock’s 50 day simple moving average is $22.89 and its 200 day simple moving average is $21.73. Lovesac has a twelve month low of $14.18 and a twelve month high of $30.93. The company has a market capitalization of $302.21 million, a price-to-earnings ratio of 13.94, a PEG ratio of 0.45 and a beta of 2.87.

Insider Buying and Selling

In related news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction on 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 approximately $4,038,526.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 12.09% of the company’s stock.

Hedge Funds Weigh In On Lovesac

Several large investors have recently made changes to their positions in the business. Tower Research Capital LLC TRC raised its stake in Lovesac by 98.8% during 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 last quarter. Citigroup Inc. lifted its stake 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 buying an additional 3,927 shares during the period. Meeder Asset Management Inc. grew its position in Lovesac by 163.2% during the fourth quarter. Meeder Asset Management Inc. now owns 7,501 shares of the company’s stock worth $165,000 after buying an additional 4,651 shares in the last quarter. UBS Group AG increased its stake in Lovesac by 896.4% during the fourth quarter. UBS Group AG now owns 5,789 shares of the company’s stock valued at $127,000 after acquiring an additional 5,208 shares during the period. Finally, Legal & General Group Plc raised its holdings in Lovesac by 7.6% in the 4th quarter. Legal & General Group Plc now owns 5,405 shares of the company’s stock valued at $119,000 after acquiring an additional 383 shares in the last quarter. Institutional investors and hedge funds own 91.32% of the company’s stock.

Analyst Ratings Changes

LOVE has been the topic of several analyst reports. Roth Mkm reiterated a “buy” rating and issued a $34.00 target price on shares of Lovesac in a research note on Wednesday. Canaccord Genuity Group reduced their price objective on Lovesac from $44.00 to $36.00 and set a “buy” rating on the stock in a research note on Friday.

About Lovesac

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.