DA Davidson Weighs in on Lovesac Co’s FY2023 Earnings (LOVE)

Lovesac Co (NASDAQ:LOVE) – DA Davidson lifted their FY2023 EPS estimates for Lovesac in a note issued to investors on Wednesday, May 1st. DA Davidson analyst T. Forte now anticipates that the company will post earnings per share of $2.64 for the year, up from their prior forecast of $2.36. DA Davidson currently has a “Buy” rating and a $38.00 target price on the stock. DA Davidson also issued estimates for Lovesac’s FY2024 earnings at $3.98 EPS.

Several other research analysts have also commented on the stock. Zacks Investment Research upgraded shares of Lovesac from a “hold” rating to a “buy” rating and set a $48.00 price target on the stock in a report on Saturday. Craig Hallum restated a “buy” rating and issued a $45.00 price target (up previously from $33.00) on shares of Lovesac in a report on Wednesday. Roth Capital raised their price target on shares of Lovesac from $28.00 to $33.00 in a report on Wednesday, April 24th. Finally, Canaccord Genuity lifted their price objective on shares of Lovesac from $30.00 to $36.00 and gave the company a “buy” rating in a research note on Monday, February 11th. Five equities research analysts have rated the stock with a buy rating, The stock currently has a consensus rating of “Buy” and a consensus target price of $40.00.

NASDAQ LOVE traded up $1.40 during mid-day trading on Friday, hitting $44.35. The company’s stock had a trading volume of 180,907 shares, compared to its average volume of 92,166. Lovesac has a 52-week low of $16.46 and a 52-week high of $46.19.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings results on Tuesday, April 30th. The company reported $0.63 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.08. The business had revenue of $64.18 million during the quarter, compared to analysts’ expectations of $55.96 million. During the same quarter in the previous year, the business posted $0.31 EPS. The company’s quarterly revenue was up 64.4% on a year-over-year basis.

Several institutional investors and hedge funds have recently bought and sold shares of the company. Skylands Capital LLC raised its stake in shares of Lovesac by 15.8% during the first quarter. Skylands Capital LLC now owns 135,600 shares of the company’s stock valued at $3,771,000 after purchasing an additional 18,550 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Lovesac by 1,264.4% during the first quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock valued at $33,000 after purchasing an additional 1,100 shares during the period. FNY Investment Advisers LLC raised its stake in shares of Lovesac by 41.4% during the first quarter. FNY Investment Advisers LLC now owns 3,610 shares of the company’s stock valued at $100,000 after purchasing an additional 1,057 shares during the period. Deutsche Bank AG raised its stake in shares of Lovesac by 5.2% during the fourth quarter. Deutsche Bank AG now owns 7,441 shares of the company’s stock valued at $170,000 after purchasing an additional 367 shares during the period. Finally, Geode Capital Management LLC raised its stake in shares of Lovesac by 147.1% during the fourth quarter. Geode Capital Management LLC now owns 54,776 shares of the company’s stock valued at $1,256,000 after purchasing an additional 32,607 shares during the period. Institutional investors own 51.68% of the company’s stock.

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.

Further Reading: Understanding Market Liquidity

Earnings History and Estimates for Lovesac (NASDAQ:LOVE)

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