Lovesac (NASDAQ:LOVE) Announces Quarterly Earnings Results

Lovesac (NASDAQ:LOVE) announced its quarterly earnings data on Wednesday. The company reported ($0.08) EPS for the quarter, beating the Zacks’ consensus estimate of ($0.55) by $0.47, reports. The firm had revenue of $61.90 million for the quarter, compared to the consensus estimate of $52.35 million. Lovesac had a negative net margin of 5.86% and a negative return on equity of 16.22%. The firm’s revenue was up 28.7% on a year-over-year basis. During the same period in the previous year, the firm posted ($0.31) earnings per share.

Shares of NASDAQ:LOVE traded down $4.81 during midday trading on Wednesday, reaching $26.11. The company’s stock had a trading volume of 1,117,585 shares, compared to its average volume of 444,219. The business’s fifty day simple moving average is $30.07 and its 200-day simple moving average is $18.39. Lovesac has a fifty-two week low of $3.99 and a fifty-two week high of $36.86. The company has a market capitalization of $427.49 million, a P/E ratio of -26.11 and a beta of 2.65.

A number of equities research analysts have issued reports on the stock. Stifel Nicolaus reissued a “buy” rating and set a $30.00 target price on shares of Lovesac in a research note on Thursday, September 3rd. BTIG Research reissued a “buy” rating and set a $37.00 price objective (up previously from $34.00) on shares of Lovesac in a research report on Wednesday. Craig Hallum upped their target price on Lovesac from $26.00 to $33.00 in a research report on Wednesday, June 10th. Oppenheimer assumed coverage on Lovesac in a report on Wednesday, June 17th. They set a “buy” rating and a $30.00 price target for the company. Finally, Canaccord Genuity increased their price objective on Lovesac from $15.00 to $28.00 and gave the stock a “buy” rating in a report on Wednesday, June 10th. Three equities research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the stock. Lovesac currently has an average rating of “Buy” and an average price target of $30.78.

Lovesac Company Profile

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans.

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Earnings History for Lovesac (NASDAQ:LOVE)

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