LOVE - Stock Market Sell-Off: Is Lovesac a Buy?
There hasn't been a lot of love for Lovesac (NASDAQ: LOVE) these days. Shares of the furniture maker tumbled 21% on Wednesday after it posted poorly received financial results . The company that makes high-end beanbag chairs and high-tech modular sectionals has seen its stock plummet 73% this year, off a blistering 81% since last year's all-time high.
The downticks may seem extreme for a company growing sales at a double-digit percentage clip, gaining market share along the way. However, with guidance pointing to continuing deceleration, an uptick in promotional activity, and general concerns about where the economy and real estate market are heading in the near future, investors are moving to the sidelines. It could be a mistake.
Image source: Lovesac.
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Stock Market Sell-Off: Is Lovesac a Buy?