Canaccord Genuity Group Lowers Lovesac (NASDAQ:LOVE) Price Target to $30.00

Lovesac (NASDAQ:LOVE) had its price objective dropped by stock analysts at Canaccord Genuity Group from $45.00 to $30.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Canaccord Genuity Group’s price target would suggest a potential upside of 70.25% from the company’s previous close.

Separately, DA Davidson reaffirmed a “buy” rating and set a $35.00 price target on shares of Lovesac in a report on Tuesday, March 25th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Lovesac presently has a consensus rating of “Buy” and a consensus price target of $35.83.

Lovesac Trading Down 4.7 %

NASDAQ:LOVE traded down $0.87 during mid-day trading on Friday, hitting $17.62. The company’s stock had a trading volume of 89,910 shares, compared to its average volume of 370,456. Lovesac has a fifty-two week low of $12.12 and a fifty-two week high of $39.49. The company has a market capitalization of $271.94 million, a price-to-earnings ratio of 51.71, a P/E/G ratio of 0.65 and a beta of 3.08. The stock has a fifty day moving average of $19.06 and a 200-day moving average of $25.41.

Lovesac (NASDAQ:LOVE) last announced its earnings results on Thursday, April 10th. The company reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.33. The business had revenue of $241.50 million during the quarter, compared to analysts’ expectations of $230.33 million. Lovesac had a net margin of 1.04% and a return on equity of 3.51%. The firm’s revenue for the quarter was down 3.6% on a year-over-year basis. During the same quarter last year, the company posted $1.87 EPS. On average, equities analysts anticipate that Lovesac will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Lovesac

In related news, Director Albert Jack Krause sold 30,000 shares of the company’s stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $26.33, for a total value of $789,900.00. Following the completion of the sale, the director now owns 147,849 shares in the company, valued at approximately $3,892,864.17. This represents a 16.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 12.33% of the company’s stock.

Hedge Funds Weigh In On Lovesac

Institutional investors have recently modified their holdings of the stock. Heck Capital Advisors LLC acquired a new stake in Lovesac in the fourth quarter worth $26,000. Cubist Systematic Strategies LLC bought a new position in shares of Lovesac in the 4th quarter valued at about $49,000. AlphaQuest LLC acquired a new position in shares of Lovesac during the 4th quarter worth about $70,000. MetLife Investment Management LLC raised its holdings in shares of Lovesac by 18.3% in the 4th quarter. MetLife Investment Management LLC now owns 9,233 shares of the company’s stock valued at $218,000 after purchasing an additional 1,425 shares during the period. Finally, GAMMA Investing LLC lifted its stake in Lovesac by 12,234.3% in the 1st quarter. GAMMA Investing LLC now owns 12,581 shares of the company’s stock valued at $229,000 after purchasing an additional 12,479 shares during the last quarter. 91.32% of the stock is currently owned by institutional investors and hedge funds.

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.