Lovesac (NASDAQ:LOVE) Earns “Outperform” Rating from Oppenheimer

Lovesac (NASDAQ:LOVE)‘s stock had its “outperform” rating restated by equities research analysts at Oppenheimer in a research note issued on Friday,Benzinga reports. They currently have a $35.00 target price on the stock. Oppenheimer’s price target would suggest a potential upside of 94.10% from the stock’s previous close.

LOVE has been the topic of several other reports. DA Davidson cut their price target on Lovesac from $35.00 to $24.00 and set a “buy” rating for the company in a report on Friday. Canaccord Genuity Group cut their target price on Lovesac from $45.00 to $30.00 and set a “buy” rating for the company in a research note on Friday. Finally, Roth Mkm lifted their price target on shares of Lovesac from $22.00 to $28.00 and gave the stock a “buy” rating in a research note on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, Lovesac currently has an average rating of “Buy” and an average price target of $31.67.

Lovesac Stock Down 2.5 %

NASDAQ LOVE traded down $0.46 during trading on Friday, hitting $18.03. The company’s stock had a trading volume of 411,627 shares, compared to its average volume of 371,794. Lovesac has a 52 week low of $12.12 and a 52 week high of $39.49. The firm has a market cap of $278.29 million, a P/E ratio of 52.60, a price-to-earnings-growth ratio of 0.65 and a beta of 3.08. The firm has a 50 day moving average price of $19.06 and a 200 day moving average price 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. Lovesac had a net margin of 1.04% and a return on equity of 3.51%. The business had revenue of $241.50 million for the quarter, compared to analyst estimates of $230.33 million. During the same quarter in the previous year, the firm posted $1.87 earnings per share. Lovesac’s revenue was down 3.6% compared to the same quarter last year. On average, equities analysts expect that Lovesac will post 0.39 earnings per share for the current year.

Insider Transactions at Lovesac

In other news, Director Albert Jack Krause sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $26.33, for a total value of $789,900.00. Following the transaction, the director now directly owns 147,849 shares of the company’s stock, valued at $3,892,864.17. The trade was a 16.87 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 12.33% of the stock is owned by insiders.

Hedge Funds Weigh In On Lovesac

Institutional investors and hedge funds have recently bought and sold shares of the business. State Street Corp raised its holdings in shares of Lovesac by 1.7% in the third quarter. State Street Corp now owns 299,081 shares of the company’s stock valued at $8,569,000 after buying an additional 5,124 shares during the last quarter. Jane Street Group LLC increased its position in Lovesac by 74.4% in the 3rd quarter. Jane Street Group LLC now owns 80,776 shares of the company’s stock valued at $2,314,000 after acquiring an additional 34,451 shares in the last quarter. XTX Topco Ltd bought a new position in shares of Lovesac in the third quarter worth about $381,000. MML Investors Services LLC lifted its position in shares of Lovesac by 46.9% during the third quarter. MML Investors Services LLC now owns 138,893 shares of the company’s stock worth $3,979,000 after purchasing an additional 44,358 shares in the last quarter. Finally, Barclays PLC increased its holdings in shares of Lovesac by 312.7% in the third quarter. Barclays PLC now owns 20,312 shares of the company’s stock valued at $583,000 after purchasing an additional 15,390 shares in the last quarter. Institutional investors and hedge funds 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.