Lovesac (NASDAQ:LOVE) Price Target Raised to $45.00 at Canaccord Genuity Group

Lovesac (NASDAQ:LOVE) had its price target increased by equities researchers at Canaccord Genuity Group from $36.00 to $45.00 in a research report issued on Monday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s target price indicates a potential upside of 19.30% from the stock’s current price.

Several other brokerages also recently issued reports on LOVE. Roth Mkm upped their price target on shares of Lovesac from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Craig Hallum increased their target price on Lovesac from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Friday, September 13th. Finally, DA Davidson restated a “buy” rating and set a $32.00 price target on shares of Lovesac in a report on Thursday, October 3rd. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $36.67.

Lovesac Stock Performance

Lovesac stock opened at $37.72 on Monday. The stock has a fifty day moving average of $29.91 and a 200-day moving average of $26.71. The stock has a market capitalization of $586.89 million, a P/E ratio of 73.96, a price-to-earnings-growth ratio of 0.99 and a beta of 2.91. Lovesac has a 52 week low of $18.21 and a 52 week high of $38.94.

Lovesac (NASDAQ:LOVE) last posted its earnings results on Thursday, September 12th. The company reported ($0.38) EPS for the quarter, topping analysts’ consensus estimates of ($0.46) by $0.08. The firm had revenue of $156.59 million during the quarter, compared to analysts’ expectations of $154.01 million. Lovesac had a net margin of 1.41% and a return on equity of 4.83%. On average, research analysts forecast that Lovesac will post 1.09 earnings per share for the current year.

Insiders Place Their Bets

In other Lovesac news, Director Albert Jack Krause sold 10,000 shares of the stock in a transaction dated Thursday, October 3rd. The stock was sold at an average price of $26.22, for a total transaction of $262,200.00. Following the completion of the sale, the director now directly owns 177,849 shares in the company, valued at approximately $4,663,200.78. This trade represents a 5.32 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 12.33% of the company’s stock.

Institutional Investors Weigh In On Lovesac

Several institutional investors and hedge funds have recently made changes to their positions in the business. Meeder Asset Management Inc. bought a new position in shares of Lovesac during the 2nd quarter worth approximately $43,000. SG Americas Securities LLC bought a new position in Lovesac during the third quarter worth $170,000. Quest Partners LLC grew its holdings in Lovesac by 797.6% in the second quarter. Quest Partners LLC now owns 8,572 shares of the company’s stock worth $194,000 after purchasing an additional 7,617 shares during the period. Price T Rowe Associates Inc. MD increased its stake in Lovesac by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,633 shares of the company’s stock valued at $218,000 after purchasing an additional 726 shares in the last quarter. Finally, Franklin Resources Inc. acquired a new position in shares of Lovesac during the third quarter valued at about $231,000. Institutional investors own 91.32% of the company’s stock.

About Lovesac

The Lovesac Company designs, manufactures, and sells furniture. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and other products comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans. The company markets its products primarily through www.lovesac.com website, as well as showrooms at top tier malls, lifestyle centers, mobile concierges, kiosks, and street locations in 41 states in the United States; and in store pop-up- shops and shop-in-shops, and barter inventory transactions.