Lovesac (NASDAQ:LOVE) Releases Earnings Results, Beats Expectations By $0.02 EPS

Lovesac (NASDAQ:LOVE) released its quarterly earnings data on Thursday. The company reported ($0.32) earnings per share for the quarter, topping the consensus estimate of ($0.34) by $0.02, Zacks reports. The business had revenue of $149.90 million during the quarter, compared to analyst estimates of $155.26 million. Lovesac had a return on equity of 4.83% and a net margin of 1.41%. The company’s revenue was down 2.7% compared to the same quarter last year. During the same period last year, the company posted ($0.15) EPS.

Lovesac Stock Down 31.7 %

Lovesac stock opened at $25.74 on Friday. Lovesac has a 12 month low of $18.21 and a 12 month high of $39.49. The stock has a market cap of $400.51 million, a P/E ratio of 50.47, a P/E/G ratio of 0.99 and a beta of 2.97. The company’s fifty day simple moving average is $31.54 and its 200-day simple moving average is $27.30.

Insider Buying and Selling

In related news, Director Albert Jack Krause sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $26.22, for a total value of $262,200.00. Following the transaction, the director now owns 177,849 shares in the company, valued at approximately $4,663,200.78. This represents a 5.32 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. 12.33% of the stock is owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of research firms have commented on LOVE. DA Davidson reaffirmed a “buy” rating and set a $32.00 price objective on shares of Lovesac in a research note on Thursday, October 3rd. Roth Mkm boosted their target price on shares of Lovesac from $35.00 to $42.00 and gave the company a “buy” rating in a research note on Tuesday. Canaccord Genuity Group raised their target price on Lovesac from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. Finally, Craig Hallum upped their price target on Lovesac from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, the company presently has a consensus rating of “Buy” and a consensus target price of $37.83.

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 www.lovesac.com website, as well as showrooms at top tier malls, lifestyle centers, mobile concierges, kiosks, and street locations in 41 states in the United States; and in store pop-up- shops and shop-in-shops, and barter inventory transactions.