Analysts expect that Lovesac Co (NASDAQ:LOVE) will announce $48.28 million in sales for the current fiscal quarter, according to Zacks. Three analysts have provided estimates for Lovesac’s earnings. The highest sales estimate is $49.99 million and the lowest is $46.44 million. Lovesac reported sales of $33.25 million in the same quarter last year, which indicates a positive year-over-year growth rate of 45.2%. The firm is scheduled to announce its next earnings results on Thursday, September 12th.
On average, analysts expect that Lovesac will report full year sales of $241.83 million for the current financial year, with estimates ranging from $240.11 million to $244.67 million. For the next fiscal year, analysts forecast that the company will report sales of $311.32 million, with estimates ranging from $303.08 million to $317.70 million. Zacks’ sales calculations are an average based on a survey of analysts that follow Lovesac.
Lovesac (NASDAQ:LOVE) last issued its quarterly earnings results on Monday, June 10th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.11). The company had revenue of $40.96 million for the quarter, compared to analyst estimates of $40.66 million. Lovesac had a negative return on equity of 8.59% and a negative net margin of 5.62%. Lovesac’s quarterly revenue was up 53.0% compared to the same quarter last year.
Several research firms have weighed in on LOVE. Craig Hallum restated a “buy” rating and set a $45.00 target price (up from $33.00) on shares of Lovesac in a research note on Wednesday, May 1st. Stifel Nicolaus began coverage on Lovesac in a research note on Friday, June 21st. They set a “buy” rating and a $38.00 target price for the company. Zacks Investment Research cut Lovesac from a “hold” rating to a “strong sell” rating in a research note on Wednesday, July 3rd. Canaccord Genuity set a $49.00 target price on Lovesac and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Finally, Roth Capital upped their target price on Lovesac from $28.00 to $33.00 in a research note on Wednesday, April 24th. One investment analyst has rated the stock with a sell rating and four have issued a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and an average target price of $41.83.
NASDAQ LOVE traded down $0.83 on Tuesday, hitting $19.88. 220,558 shares of the company’s stock were exchanged, compared to its average volume of 222,732. The business has a 50-day moving average price of $27.19. Lovesac has a 52 week low of $16.46 and a 52 week high of $46.79.
In other news, major shareholder Sac Acquisition Llc sold 1,457,255 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $34.38, for a total value of $50,100,426.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Satori Capital, Llc sold 550,000 shares of the stock in a transaction on Friday, May 24th. The shares were sold at an average price of $34.38, for a total value of $18,909,000.00. The disclosure for this sale can be found here. 54.70% of the stock is owned by corporate insiders.
Institutional investors and hedge funds have recently made changes to their positions in the company. BNP Paribas Arbitrage SA lifted its stake in shares of Lovesac by 1,264.4% in the 1st quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock valued at $33,000 after acquiring an additional 1,100 shares during the last quarter. Citigroup Inc. raised its position in Lovesac by 52.9% during the 4th quarter. Citigroup Inc. now owns 1,515 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the last quarter. American International Group Inc. raised its position in Lovesac by 59.7% during the 4th quarter. American International Group Inc. now owns 3,745 shares of the company’s stock worth $86,000 after purchasing an additional 1,400 shares during the last quarter. FNY Investment Advisers LLC raised its position in Lovesac by 41.4% during the 1st quarter. FNY Investment Advisers LLC now owns 3,610 shares of the company’s stock worth $100,000 after purchasing an additional 1,057 shares during the last quarter. Finally, New York State Common Retirement Fund bought a new position in Lovesac during the 4th quarter worth $128,000. Institutional investors own 48.56% of the company’s stock.
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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