The Lovesac Company (NASDAQ:LOVE – Get Rating) – Research analysts at Oppenheimer upped their FY2024 earnings per share estimates for Lovesac in a report released on Friday, September 9th. Oppenheimer analyst B. Nagel now anticipates that the company will earn $3.03 per share for the year, up from their previous forecast of $3.02. Oppenheimer has a "Outperform" rating and a $60.00 price objective on the stock. The consensus estimate for Lovesac's current full-year earnings is $2.92 per share.
Get Lovesac alerts:Lovesac (NASDAQ:LOVE – Get Rating) last announced its quarterly earnings data on Thursday, September 8th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. The firm had revenue of $148.50 million for the quarter, compared to analysts' expectations of $130.51 million. Lovesac had a return on equity of 19.27% and a net margin of 7.52%. Lovesac's revenue for the quarter was up 45.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.52 earnings per share.
LOVE has been the subject of a number of other reports. BTIG Research decreased their price objective on Lovesac from $100.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, July 21st. Craig Hallum decreased their price objective on Lovesac to $100.00 in a report on Thursday, June 9th. Stifel Nicolaus decreased their price objective on Lovesac from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday. Canaccord Genuity Group decreased their price objective on Lovesac from $70.00 to $60.00 in a report on Friday. Finally, DA Davidson decreased their price objective on Lovesac from $124.00 to $97.00 and set a "buy" rating for the company in a report on Friday. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat, Lovesac presently has an average rating of "Buy" and an average target price of $79.13.Lovesac Trading Up 8.6 %
Shares of Lovesac stock opened at $28.43 on Monday. The business's 50 day simple moving average is $32.91 and its 200-day simple moving average is $37.64. The stock has a market capitalization of $430.00 million, a price-to-earnings ratio of 10.26, a PEG ratio of 0.27 and a beta of 2.37. Lovesac has a twelve month low of $25.55 and a twelve month high of $87.12.
Institutional Trading of Lovesac
Several hedge funds and other institutional investors have recently modified their holdings of LOVE. Hood River Capital Management LLC raised its holdings in shares of Lovesac by 101.3% during the first quarter. Hood River Capital Management LLC now owns 821,468 shares of the company's stock worth $44,409,000 after acquiring an additional 413,458 shares in the last quarter. Marshall Wace LLP purchased a new stake in shares of Lovesac during the fourth quarter worth $21,233,000. Millennium Management LLC increased its position in Lovesac by 748.7% during the second quarter. Millennium Management LLC now owns 296,462 shares of the company's stock worth $8,153,000 after buying an additional 261,529 shares during the last quarter. Alliancebernstein L.P. increased its position in Lovesac by 18.6% during the fourth quarter. Alliancebernstein L.P. now owns 1,502,883 shares of the company's stock worth $99,581,000 after buying an additional 235,220 shares during the last quarter. Finally, Wasatch Advisors Inc. increased its position in Lovesac by 29.0% during the first quarter. Wasatch Advisors Inc. now owns 1,014,661 shares of the company's stock worth $54,853,000 after buying an additional 228,148 shares during the last quarter. 94.97% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity
In other news, CEO Shawn David Nelson sold 8,000 shares of the stock in a transaction on Friday, July 15th. The stock was sold at an average price of $33.89, for a total value of $271,120.00. Following the completion of the sale, the chief executive officer now owns 64,895 shares in the company, valued at $2,199,291.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders own 8.66% of the company's stock.
Lovesac Company Profile
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The Lovesac Company designs, manufactures, and sells furniture. 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. As of January 30, 2022, the company operated 146 showrooms.
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