Lovesac (NASDAQ:LOVE) Reaches New 52-Week High Following Analyst Upgrade

The Lovesac Company (NASDAQ:LOVE) hit a new 52-week high during mid-day trading on Tuesday after Roth Mkm raised their price target on the stock from $31.00 to $35.00. Roth Mkm currently has a buy rating on the stock. Lovesac traded as high as $32.56 and last traded at $32.55, with a volume of 88122 shares trading hands. The stock had previously closed at $31.65.

Several other brokerages have also issued reports on LOVE. Canaccord Genuity Group reaffirmed a “buy” rating and set a $36.00 price objective on shares of Lovesac in a report on Friday, September 13th. DA Davidson reissued a “buy” rating and set a $32.00 price target on shares of Lovesac in a report on Thursday, October 3rd. Finally, Craig Hallum raised their price target on Lovesac from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, September 13th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of “Buy” and an average price target of $35.17.

Insiders Place Their Bets

In related news, Director Albert Jack Krause sold 10,000 shares of the company’s stock in a transaction on Thursday, October 3rd. The shares were 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 of the company’s stock, valued at approximately $4,663,200.78. This represents a 5.32 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.33% of the stock is owned by corporate insiders.

Institutional Trading of Lovesac

Institutional investors have recently added to or reduced their stakes in the business. EntryPoint Capital LLC acquired a new stake in shares of Lovesac in the 1st quarter valued at about $39,000. Meeder Asset Management Inc. acquired a new position in Lovesac in the second quarter worth approximately $43,000. SG Americas Securities LLC acquired a new position in Lovesac in the third quarter worth approximately $170,000. Valeo Financial Advisors LLC acquired a new position in Lovesac in the 3rd quarter worth approximately $242,000. Finally, Quest Partners LLC boosted its stake in Lovesac by 797.6% in the 2nd 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. 91.32% of the stock is owned by hedge funds and other institutional investors.

Lovesac Stock Performance

The business’s 50 day simple moving average is $28.45 and its 200-day simple moving average is $26.14. The company has a market cap of $514.41 million, a price-to-earnings ratio of 64.82, a price-to-earnings-growth ratio of 0.82 and a beta of 2.91.

Lovesac (NASDAQ:LOVE) last released its quarterly earnings data on Thursday, September 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.46) by $0.08. Lovesac had a net margin of 1.41% and a return on equity of 4.83%. The business had revenue of $156.59 million during the quarter, compared to analyst estimates of $154.01 million. Research analysts expect that The Lovesac Company will post 1.09 earnings per share for the current year.

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.