Canaccord Genuity Group Reiterates “Buy” Rating for Lovesac (NASDAQ:LOVE)

Lovesac (NASDAQ:LOVE)‘s stock had its “buy” rating reaffirmed by investment analysts at Canaccord Genuity Group in a research note issued to investors on Friday, Benzinga reports. They currently have a $36.00 target price on the stock. Canaccord Genuity Group’s price objective indicates a potential upside of 37.14% from the company’s current price.

LOVE has been the subject of a number of other research reports. DA Davidson boosted their target price on shares of Lovesac from $24.00 to $32.00 and gave the stock a “buy” rating in a research report on Friday, June 14th. Craig Hallum boosted their target price on shares of Lovesac from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday. Roth Mkm boosted their target price on shares of Lovesac from $30.00 to $31.00 and gave the stock a “buy” rating in a research report on Friday. Finally, Maxim Group boosted their target price on shares of Lovesac from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has an average rating of “Buy” and an average target price of $34.50.

Lovesac Trading Up 2.9 %

LOVE stock opened at $26.25 on Friday. Lovesac has a 1 year low of $14.18 and a 1 year high of $30.39. The company has a fifty day simple moving average of $24.70 and a 200 day simple moving average of $23.98. The firm has a market cap of $408.21 million, a PE ratio of 30.88, a PEG ratio of 0.55 and a beta of 2.90.

Lovesac (NASDAQ:LOVE) last released its earnings results on Thursday, June 13th. The company reported ($0.83) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.99) by $0.16. The firm had revenue of $132.64 million during the quarter, compared to analyst estimates of $128.20 million. Lovesac had a net margin of 2.17% and a return on equity of 7.55%. As a group, analysts forecast that Lovesac will post 1.09 EPS for the current fiscal year.

Insider Transactions at Lovesac

In other news, CEO Shawn David Nelson sold 18,988 shares of the business’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $23.33, for a total transaction of $442,990.04. Following the transaction, the chief executive officer now owns 165,855 shares in the company, valued at approximately $3,869,397.15. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Insiders own 12.33% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the stock. 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 acquiring an additional 726 shares during the period. Russell Investments Group Ltd. increased its stake in Lovesac by 12.8% in the first quarter. Russell Investments Group Ltd. now owns 13,966 shares of the company’s stock valued at $316,000 after acquiring an additional 1,584 shares during the period. EntryPoint Capital LLC bought a new stake in Lovesac in the first quarter valued at about $39,000. Meeder Asset Management Inc. bought a new stake in Lovesac in the second quarter valued at about $43,000. Finally, Rhumbline Advisers increased its stake in Lovesac by 12.4% in the second quarter. Rhumbline Advisers now owns 22,199 shares of the company’s stock valued at $501,000 after acquiring an additional 2,449 shares during the period. Institutional investors own 91.32% of the company’s stock.

Lovesac Company Profile

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.