Lovesac (NASDAQ:LOVE – Get a Rating) saw its target price reduced by research analysts at Canaccord Genuity Group from $70.00 to $60.00 in a report on Friday, Benzinga reports. The company currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target suggests a potential upside of 129.18% from the company’s previous close.
LOVE has been the subject of several other research reports. Stifel Nicolaus lowered his price target on Lovesac shares from $90.00 to $72.00 and set a “buy” rating for the company in a report on Friday. Oppenheimer lowered his price target on Lovesac shares from $95.00 to $60.00 and set an “outperform” rating for the company in a report on Friday. Craig Hallum lowered his price target on Lovesac shares to $100.00 in a Thursday, June 9 report. DA Davidson reduced its target price on Lovesac shares from $124.00 to $97.00 in a research report on Friday. Finally, Canaccord Genuity Group cut its price target on Lovesac shares from $70.00 to $60.00 in a research report on Friday. Seven research analysts rated the stock with a buy rating. According to data from MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus price target of $82.00.
Lovesac Price Performance
Shares of LOVE opened at $26.18 on Friday. Lovesac has a 1 year minimum of $25.89 and a 1 year maximum of $87.12. The company has a fifty-day moving average price of $32.91 and a 200-day moving average price of $37.76. The company has a market capitalization of $396.10 million, a price/earnings ratio of 9.22, a PEG ratio of 0.27 and a beta of 2.37.
Lovesac (NASDAQ:LOVE – Get Rating) last released its quarterly earnings data on Thursday, September 8. The company reported earnings per share (EPS) of $0.45 for the quarter, beating consensus analyst estimates of $0.37 by $0.08. The company posted revenue of $148.50 million in the quarter, versus a consensus estimate of $130.51 million. Lovesac had a net margin of 8.40% and a return on equity of 21.22%. The company’s revenue for the quarter increased by 45.0% compared to the same quarter last year. In the same quarter a year earlier, the company posted EPS of $0.52. Equity research analysts expect Lovesac to post EPS of 3.11 for the current year.
Insiders place their bets
In other Lovesac news, CEO Shawn David Nelson sold 8,000 shares of Lovesac in a trade dated Friday, July 15. The shares were sold at an average price of $33.89, for a total transaction of $271,120.00. As a result of the transaction, the CEO now directly owns 64,895 shares of the company, valued at $2,199,291.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available on the SEC’s website. 8.66% of the shares are held by insiders.
Institutional investors weigh in on Lovesac
A number of institutional investors and hedge funds have recently changed their positions in LOVE. Captrust Financial Advisors increased its stake in Lovesac by 110.6% during the 1st quarter. Captrust Financial Advisors now owns 577 shares of the company worth $31,000 after purchasing an additional 303 shares during the period. Lazard Asset Management LLC acquired a new position in Lovesac during Q2 worth approximately $59,000. Sageworth Trust Co acquired a new position in Lovesac during Q2 worth approximately $96,000. Amalgamated Bank acquired a new position in Lovesac during Q1 worth approximately $112,000. Finally, BNP Paribas Arbitrage SA increased its stake in Lovesac by 265.5% during the second quarter. BNP Paribas Arbitrage SA now owns 4,112 shares in the company worth $113,000 after acquiring 2,987 additional shares last quarter. 94.97% of the shares are held by hedge funds and other institutional investors.
Lovesac Company Profile
(Get an assessment)
The Lovesac company designs, manufactures and sells furniture. It offers sactionals, such as seats and sides; bags, including foam bean bags; and accessories including cup holders, foot bag covers, decorative pillows, fitted seat tables and ottomans. As of January 30, 2022, the company operated 146 showrooms.
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