Lovesac Co (NASDAQ:LOVE) Expected to Post Quarterly Sales of $65.63 Million

Analysts expect Lovesac Co (NASDAQ:LOVE) to post $65.63 million in sales for the current quarter, Zacks reports. Three analysts have issued estimates for Lovesac’s earnings. The highest sales estimate is $67.40 million and the lowest is $62.50 million. Lovesac reported sales of $52.10 million in the same quarter last year, which would suggest a positive year-over-year growth rate of 26%. The firm is expected to issue its next earnings results on Thursday, December 10th.

On average, analysts expect that Lovesac will report full year sales of $291.57 million for the current financial year, with estimates ranging from $283.10 million to $301.50 million. For the next financial year, analysts forecast that the company will report sales of $356.14 million, with estimates ranging from $324.20 million to $390.30 million. Zacks’ sales averages are a mean average based on a survey of analysts that that provide coverage for Lovesac.

Lovesac (NASDAQ:LOVE) last issued its quarterly earnings results on Wednesday, September 9th. The company reported ($0.08) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.55) by $0.47. Lovesac had a negative net margin of 4.14% and a negative return on equity of 12.64%. The business had revenue of $61.90 million during the quarter, compared to analyst estimates of $52.35 million. During the same quarter last year, the business posted ($0.31) earnings per share. Lovesac’s revenue for the quarter was up 28.7% compared to the same quarter last year.

Several equities analysts have recently issued reports on LOVE shares. Roth Capital upped their price target on Lovesac from $29.00 to $33.00 and gave the company a “buy” rating in a research note on Friday, June 26th. ValuEngine lowered shares of Lovesac from a “buy” rating to a “hold” rating in a research note on Monday, July 20th. Zacks Investment Research cut shares of Lovesac from a “buy” rating to a “hold” rating in a research report on Wednesday, August 12th. Stifel Nicolaus restated a “buy” rating and issued a $30.00 price objective on shares of Lovesac in a report on Thursday, September 3rd. Finally, BidaskClub raised shares of Lovesac from a “hold” rating to a “buy” rating in a research note on Thursday. Two investment analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. Lovesac has an average rating of “Buy” and a consensus target price of $34.89.

In other Lovesac news, CEO Shawn David Nelson sold 6,000 shares of the stock in a transaction on Monday, September 14th. The shares were sold at an average price of $26.85, for a total value of $161,100.00. Following the sale, the chief executive officer now directly owns 123,122 shares in the company, valued at $3,305,825.70. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. 31.31% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in LOVE. PDT Partners LLC raised its position in shares of Lovesac by 7.3% during the second quarter. PDT Partners LLC now owns 10,823 shares of the company’s stock worth $284,000 after purchasing an additional 740 shares during the period. Signaturefd LLC acquired a new stake in Lovesac during the 2nd quarter worth approximately $26,000. Bank of New York Mellon Corp raised its holdings in Lovesac by 7.0% during the 2nd quarter. Bank of New York Mellon Corp now owns 32,246 shares of the company’s stock worth $847,000 after buying an additional 2,100 shares during the period. New York State Common Retirement Fund lifted its stake in Lovesac by 9.2% in the first quarter. New York State Common Retirement Fund now owns 28,609 shares of the company’s stock valued at $167,000 after buying an additional 2,418 shares in the last quarter. Finally, Charles Schwab Investment Management Inc. boosted its holdings in shares of Lovesac by 16.0% in the second quarter. Charles Schwab Investment Management Inc. now owns 23,464 shares of the company’s stock valued at $616,000 after buying an additional 3,243 shares during the period. Institutional investors own 77.08% of the company’s stock.

Shares of NASDAQ LOVE traded up $2.03 during midday trading on Monday, hitting $29.74. The stock had a trading volume of 452,406 shares, compared to its average volume of 437,728. The firm has a market cap of $432.24 million, a P/E ratio of -39.67 and a beta of 2.65. Lovesac has a fifty-two week low of $3.99 and a fifty-two week high of $36.86. The company’s 50-day simple moving average is $27.57 and its 200 day simple moving average is $20.21.

About Lovesac

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 and Estimates for Lovesac (NASDAQ:LOVE)

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