Zacks Investment Research Downgrades Lovesac (NASDAQ:LOVE) to Hold

Zacks Investment Research cut shares of Lovesac (NASDAQ:LOVE) from a buy rating to a hold rating in a report released on Wednesday morning, Zacks.com reports.

According to Zacks, “The Lovesac Company retails home furnishing products. The Company offers alternative furniture store, sectionals, bean bags, bean bag chairs as well as other accessories such as blankets, footsacs and throw pillows. Its registered trademark consists of Lovesac(R), Sac(R) and Sactionals(R). The Lovesac Company is based in Stamford, Connecticut. “

LOVE has been the subject of several other reports. Roth Capital reduced their target price on Lovesac from $47.00 to $37.00 and set a buy rating for the company in a research report on Wednesday, September 4th. ValuEngine raised Lovesac from a hold rating to a buy rating in a research report on Thursday, October 31st. Canaccord Genuity reaffirmed a buy rating and issued a $33.00 target price on shares of Lovesac in a research report on Tuesday, September 17th. Oppenheimer initiated coverage on Lovesac in a research report on Thursday, August 8th. They issued an outperform rating and a $30.00 target price for the company. Finally, Stifel Nicolaus reaffirmed a buy rating and issued a $32.00 target price on shares of Lovesac in a research report on Wednesday, September 11th. One analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock has an average rating of Buy and an average target price of $34.00.

Shares of NASDAQ LOVE traded up $0.58 during mid-day trading on Wednesday, reaching $13.83. The company had a trading volume of 219,500 shares, compared to its average volume of 300,973. The stock has a fifty day moving average of $17.17 and a two-hundred day moving average of $24.95. Lovesac has a 12-month low of $13.11 and a 12-month high of $46.79.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings data on Wednesday, September 11th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.51) by $0.20. The business had revenue of $48.10 million for the quarter, compared to the consensus estimate of $47.78 million. Lovesac had a negative net margin of 4.06% and a negative return on equity of 9.23%. The company’s revenue was up 44.9% on a year-over-year basis. On average, analysts predict that Lovesac will post -0.64 EPS for the current year.

Hedge funds have recently modified their holdings of the stock. FNY Investment Advisers LLC lifted its holdings in shares of Lovesac by 13.4% during the second quarter. FNY Investment Advisers LLC now owns 4,094 shares of the company’s stock valued at $127,000 after acquiring an additional 484 shares during the period. 1492 Capital Management LLC lifted its holdings in shares of Lovesac by 0.4% during the third quarter. 1492 Capital Management LLC now owns 150,014 shares of the company’s stock valued at $2,801,000 after acquiring an additional 615 shares during the period. Charles Schwab Investment Management Inc. lifted its holdings in shares of Lovesac by 6.0% during the second quarter. Charles Schwab Investment Management Inc. now owns 13,655 shares of the company’s stock valued at $425,000 after acquiring an additional 775 shares during the period. Glen Harbor Capital Management LLC bought a new position in shares of Lovesac during the second quarter valued at $29,000. Finally, Elkfork Partners LLC bought a new position in shares of Lovesac during the second quarter valued at $35,000. 72.83% of the stock is owned by hedge funds and other institutional investors.

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.

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