Lovesac (NASDAQ:LOVE) Announces Quarterly Earnings Results, Beats Estimates By $0.87 EPS

Key Points

• Lovesac reported quarterly EPS of $0.51, beating analysts’ consensus estimate of a $0.36 loss by $0.87. Revenue was $161.25 million, slightly below the $161.55 million estimate.
• The stock opened at $16.03 and was down 0.2%, with a market capitalization of approximately $234.7 million. Lovesac posted a 0.55% net margin and a 1.88% return on equity.
• Insiders and institutional investors have been adding shares: a director bought 30,000 shares, while institutional ownership stands at 91.32%. Analysts maintain a “Moderate Buy” consensus with a $22.67 target price.

Lovesac (NASDAQ:LOVE - Get Free Report) issued its quarterly earnings results on Thursday. The company reported $0.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.36) by $0.87, FiscalAI reports. The business had revenue of $161.25 million during the quarter, compared to analyst estimates of $161.55 million. Lovesac had a return on equity of 1.88% and a net margin of 0.55%.During the same quarter in the prior year, the business posted ($0.45) EPS.

Lovesac Stock Down 0.2%

LOVE stock opened at $16.03 on Thursday. Lovesac has a twelve month low of $10.33 and a twelve month high of $20.87. The stock has a market capitalization of $234.68 million, a price-to-earnings ratio of 61.65, a price-to-earnings-growth ratio of 0.91 and a beta of 2.03. The firm's fifty day simple moving average is $16.94 and its two-hundred day simple moving average is $15.47.

Insider Activity at Lovesac

In other Lovesac news, Director Andrew Heyer purchased 30,000 shares of the firm's stock in a transaction that occurred on Thursday, June 18th. The stock was purchased at an average cost of $14.68 per share, with a total value of $440,400.00. Following the purchase, the director 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Over the last three months, insiders have bought 33,550 shares of company stock worth $490,146. 7.79% of the stock is currently owned by insiders.

Institutional Trading of Lovesac

Hedge funds and other institutional investors have recently bought and sold shares of the business. BNP Paribas Financial Markets increased its stake in shares of Lovesac by 130.4% during the second quarter. BNP Paribas Financial Markets now owns 1,938 shares of the company's stock valued at $35,000 after buying an additional 1,097 shares during the period. Numerai GP LLC boosted its position in Lovesac by 10.7% during the 3rd quarter. Numerai GP LLC now owns 11,805 shares of the company's stock valued at $200,000 after acquiring an additional 1,145 shares in the last quarter. Barclays PLC boosted its position in Lovesac by 7.5% during the 4th quarter. Barclays PLC now owns 28,576 shares of the company's stock valued at $421,000 after acquiring an additional 1,999 shares in the last quarter. Charles Schwab Investment Management Inc. increased its holdings in shares of Lovesac by 5.5% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,186 shares of the company's stock valued at $607,000 after acquiring an additional 2,165 shares during the period. Finally, MML Investors Services LLC raised its position 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 worth $3,983,000 after acquiring an additional 2,203 shares in the last quarter. Hedge funds and other institutional investors own 91.32% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on LOVE shares. DA Davidson lifted their price objective on shares of Lovesac from $18.00 to $20.00 and gave the company a "buy" rating in a research report on Friday, June 12th. Weiss Ratings reaffirmed a "sell (d)" rating on shares of Lovesac in a research note on Wednesday, June 24th. Finally, Canaccord Genuity Group set a $22.00 price target on shares of Lovesac in a research note on Thursday, June 11th. Four equities research analysts have rated the stock with a Buy rating and one has given a Sell rating to the company. According to MarketBeat, Lovesac currently has an average rating of "Moderate Buy" and a consensus target price of $22.67.

About Lovesac

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.

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