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

Lovesac (NASDAQ:LOVE - Get Free Report) released its quarterly earnings results on Thursday. The company reported ($0.32) earnings per share for the quarter, beating the consensus estimate of ($0.34) by $0.02, Zacks reports. The company had revenue of $149.90 million during the quarter, compared to analysts' expectations of $155.26 million. Lovesac had a net margin of 1.41% and a return on equity of 4.83%. The business's quarterly revenue was down 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned ($0.15) earnings per share.

Lovesac Price Performance

Lovesac stock traded down $11.94 during mid-day trading on Thursday, hitting $25.74. 2,575,853 shares of the company's stock traded hands, compared to its average volume of 301,799. The stock has a market cap of $400.49 million, a price-to-earnings ratio of 50.82, a P/E/G ratio of 1.00 and a beta of 2.97. The firm has a 50 day simple moving average of $31.54 and a two-hundred day simple moving average of $27.31. Lovesac has a fifty-two week low of $18.21 and a fifty-two week high of $39.49.

Wall Street Analysts Forecast Growth

LOVE has been the topic of several research reports. Canaccord Genuity Group boosted their target price on Lovesac from $36.00 to $45.00 and gave the company a "buy" rating in a research note on Monday, December 2nd. Craig Hallum boosted their price objective on shares of Lovesac from $30.00 to $35.00 and gave the stock a "buy" rating in a research report on Friday, September 13th. Roth Mkm boosted their price target on shares of Lovesac from $35.00 to $42.00 and gave the stock a "buy" rating in a research report on Tuesday. Finally, DA Davidson restated a "buy" rating and set a $32.00 price objective on shares of Lovesac in a research note on Thursday, October 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock presently has an average rating of "Buy" and an average target price of $37.83.

Insider Activity at Lovesac

In other Lovesac news, Director Albert Jack Krause sold 10,000 shares of the company's stock in a transaction 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 directly owns 177,849 shares of the company's stock, valued at $4,663,200.78. This represents a 5.32 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. 12.33% of the stock is owned by company insiders.

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 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.