DA Davidson Weighs in on Lovesac Co’s Q2 2020 Earnings (NASDAQ:LOVE)

Lovesac Co (NASDAQ:LOVE) – Investment analysts at DA Davidson decreased their Q2 2020 earnings estimates for shares of Lovesac in a report issued on Tuesday, June 11th. DA Davidson analyst T. Forte now forecasts that the company will earn ($0.61) per share for the quarter, down from their prior estimate of ($0.56). DA Davidson has a “Buy” rating and a $38.00 price objective on the stock. DA Davidson also issued estimates for Lovesac’s Q3 2020 earnings at ($0.12) EPS, FY2020 earnings at ($0.64) EPS, FY2021 earnings at ($0.23) EPS, FY2022 earnings at $0.67 EPS, FY2023 earnings at $2.11 EPS and FY2024 earnings at $3.46 EPS.

Lovesac (NASDAQ:LOVE) last announced its earnings results on Monday, June 10th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.56) by ($0.11). The company had revenue of $40.96 million for the quarter, compared to the consensus estimate of $40.66 million. Lovesac had a negative net margin of 5.62% and a negative return on equity of 8.48%. The firm’s revenue was up 53.0% on a year-over-year basis.

Several other analysts have also recently issued reports on the company. Canaccord Genuity set a $49.00 target price on Lovesac and gave the company a “buy” rating in a research report on Tuesday. Zacks Investment Research raised Lovesac from a “sell” rating to a “hold” rating in a research report on Tuesday, June 4th. Craig Hallum reaffirmed a “buy” rating and set a $45.00 target price (up previously from $33.00) on shares of Lovesac in a research report on Wednesday, May 1st. Finally, Roth Capital increased their target price on Lovesac from $28.00 to $33.00 in a research report on Wednesday, April 24th. One investment analyst has rated the stock with a hold rating and four have assigned a buy rating to the stock. The company presently has an average rating of “Buy” and an average target price of $42.60.

Shares of NASDAQ LOVE opened at $28.56 on Thursday. Lovesac has a 12-month low of $16.46 and a 12-month high of $46.79.

Several institutional investors and hedge funds have recently modified their holdings of LOVE. BNP Paribas Arbitrage SA lifted its holdings in Lovesac by 1,264.4% during the 1st quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock worth $33,000 after purchasing an additional 1,100 shares in the last quarter. Citigroup Inc. lifted its holdings 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 in the last quarter. American International Group Inc. lifted its holdings 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 in the last quarter. FNY Investment Advisers LLC lifted its holdings 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 in the last quarter. Finally, New York State Common Retirement Fund purchased a new stake in Lovesac during the 4th quarter worth about $128,000. Hedge funds and other institutional investors own 51.27% of the company’s stock.

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 transaction of $50,100,426.90. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 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. Corporate insiders own 54.70% of the company’s stock.

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 and Estimates for Lovesac (NASDAQ:LOVE)

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