Lovesac (NASDAQ:LOVE) Releases Earnings Results, Beats Expectations By $0.87 EPS

Lovesac (NASDAQ:LOVE) released its quarterly earnings results on Thursday. The company reported $0.51 earnings per share for the quarter, beating analysts’ consensus estimates of ($0.36) by $0.87, FiscalAI reports. The business had revenue of $161.25 million for the quarter, compared to analysts’ expectations of $161.55 million. Lovesac had a net margin of 0.55% and a return on equity of 1.88%. During the same period last year, the business earned ($0.45) EPS.

Lovesac Price Performance

NASDAQ LOVE opened at $16.03 on Thursday. The company has a market cap of $234.68 million, a price-to-earnings ratio of 61.65, a PEG ratio of 0.91 and a beta of 2.03. The stock’s fifty day moving average price is $16.94 and its 200 day moving average price is $15.47. Lovesac has a 1 year low of $10.33 and a 1 year high of $20.87.

Insider Buying and Selling

In other Lovesac news, Director Andrew Heyer acquired 30,000 shares of the company’s stock in a transaction dated Thursday, June 18th. The shares were acquired at an average cost of $14.68 per share, with a total value of $440,400.00. Following the acquisition, the director directly owned 293,259 shares of the company’s stock, valued at approximately $4,305,042.12. The trade was a 11.40% increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In the last ninety days, insiders have purchased 33,550 shares of company stock worth $490,146. Insiders own 7.79% of the company’s stock.

Institutional Investors Weigh In On Lovesac

Several hedge funds have recently added to or reduced their stakes in the business. BNP Paribas Financial Markets grew its holdings in Lovesac by 130.4% during the second quarter. BNP Paribas Financial Markets now owns 1,938 shares of the company’s stock worth $35,000 after acquiring an additional 1,097 shares during the period. Numerai GP LLC boosted its position in Lovesac by 10.7% in the 3rd quarter. Numerai GP LLC now owns 11,805 shares of the company’s stock worth $200,000 after purchasing an additional 1,145 shares in the last quarter. Barclays PLC grew its stake in shares of Lovesac by 7.5% during the 4th quarter. Barclays PLC now owns 28,576 shares of the company’s stock worth $421,000 after purchasing an additional 1,999 shares during the period. Charles Schwab Investment Management Inc. increased its holdings in shares of Lovesac by 5.5% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,186 shares of the company’s stock valued at $607,000 after purchasing an additional 2,165 shares in the last quarter. Finally, MML Investors Services LLC lifted its stake in shares of Lovesac by 1.0% in the 2nd quarter. MML Investors Services LLC now owns 218,845 shares of the company’s stock valued at $3,983,000 after purchasing an additional 2,203 shares during the period. 91.32% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have weighed in on LOVE. DA Davidson raised their target price on shares of Lovesac from $18.00 to $20.00 and gave the company a “buy” rating in a research note on Friday, June 12th. Canaccord Genuity Group set a $22.00 price objective on Lovesac in a report on Thursday, June 11th. Finally, Weiss Ratings reissued a “sell (d)” rating on shares of Lovesac in a research report on Wednesday, June 24th. Four investment analysts have rated the stock with a Buy rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Lovesac presently has a consensus rating of “Moderate Buy” and a consensus target price of $22.67.

Lovesac Company Profile

Lovesac, trading on NASDAQ under the symbol LOVE, is an American furniture company known for its modular seating systems and distinctive foam-filled “Sacs.” Founded in 1995 by Shawn Nelson, the company has built a reputation for innovative design that emphasizes comfort, durability and adaptability. Its core offerings include Sactionals—customizable sectional sofas assembled from individual “Sactional” cubes—and the original Lovesac Sacs, large fabric-covered bean bag chairs available in a variety of sizes and materials.

In addition to seating solutions, Lovesac has expanded into home entertainment products with the introduction of the Stage, a modular soundbar system designed to integrate seamlessly with Sactionals.