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

Lovesac (NASDAQ:LOVE) released 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 period in the previous year, the firm posted $1.74 EPS. The firm’s quarterly revenue was up 4.8% on a year-over-year basis.

Lovesac Stock Performance

LOVE opened at $19.51 on Friday. The company has a fifty day moving average of $22.89 and a two-hundred day moving average of $21.73. Lovesac has a fifty-two week low of $14.18 and a fifty-two week high of $30.93. The stock 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 Activity

In related 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 transaction 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 document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 12.09% of the company’s stock.

Hedge Funds Weigh In On Lovesac

A number of institutional investors and hedge funds have recently bought and sold shares of LOVE. Captrust Financial Advisors boosted its holdings in Lovesac by 110.6% in the 1st quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock valued at $31,000 after purchasing an additional 303 shares during the last quarter. Citigroup Inc. boosted its holdings in Lovesac by 32.6% in the 1st quarter. Citigroup Inc. now owns 2,339 shares of the company’s stock valued at $68,000 after purchasing an additional 575 shares during the last quarter. Royal Bank of Canada boosted its holdings in Lovesac by 230.0% in the 2nd quarter. Royal Bank of Canada now owns 2,627 shares of the company’s stock valued at $70,000 after purchasing an additional 1,831 shares during the last quarter. Tower Research Capital LLC TRC boosted its holdings in Lovesac by 567.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,675 shares of the company’s stock valued at $73,000 after purchasing an additional 3,124 shares during the last quarter. Finally, State of Wyoming boosted its holdings in Lovesac by 338.3% in the 4th quarter. State of Wyoming now owns 3,651 shares of the company’s stock valued at $80,000 after purchasing an additional 2,818 shares during the last quarter. 91.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on LOVE. Canaccord Genuity Group cut their price objective 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 issued a $34.00 price objective on shares of Lovesac in a report on Wednesday.

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.