Lovesac (NASDAQ:LOVE) Price Target Raised to $35.00

Lovesac (NASDAQ:LOVE) had its price objective raised by Craig Hallum from $30.00 to $35.00 in a research report released on Friday, Benzinga reports. The brokerage currently has a buy rating on the stock.

A number of other analysts have also recently issued reports on LOVE. Canaccord Genuity Group reissued a buy rating and set a $36.00 price objective on shares of Lovesac in a report on Friday, June 14th. Roth Mkm raised their price target on Lovesac from $30.00 to $31.00 and gave the company a buy rating in a report on Friday. DA Davidson raised their price target on Lovesac from $24.00 to $32.00 and gave the company a buy rating in a report on Friday, June 14th. Finally, Maxim Group raised their price target on Lovesac from $36.00 to $38.00 and gave the company a buy rating in a report on Monday, June 17th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat, Lovesac has an average rating of Buy and an average price target of $34.50.

Lovesac Stock Performance

Shares of LOVE opened at $26.25 on Friday. The stock’s 50-day simple moving average is $24.70 and its 200 day simple moving average is $23.98. The stock has a market capitalization of $408.21 million, a price-to-earnings ratio of 30.88, a price-to-earnings-growth ratio of 0.55 and a beta of 2.90. Lovesac has a 52-week low of $14.18 and a 52-week high of $30.39.

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

Insider Activity at Lovesac

In related news, CEO Shawn David Nelson sold 18,988 shares of the firm’s stock in a transaction dated Thursday, June 20th. The stock was sold at an average price of $23.33, for a total transaction of $442,990.04. Following the transaction, the chief executive officer now directly owns 165,855 shares of the company’s stock, valued at approximately $3,869,397.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 12.33% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Lovesac

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. grew its position in Lovesac by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 841,537 shares of the company’s stock worth $19,019,000 after acquiring an additional 11,745 shares during the last quarter. Dimensional Fund Advisors LP grew its position in Lovesac by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 795,011 shares of the company’s stock worth $17,951,000 after acquiring an additional 26,872 shares during the last quarter. Hood River Capital Management LLC grew its position in Lovesac by 8.8% during the 2nd quarter. Hood River Capital Management LLC now owns 774,015 shares of the company’s stock worth $17,477,000 after acquiring an additional 62,615 shares during the last quarter. American Century Companies Inc. grew its position in Lovesac by 78.6% during the 2nd quarter. American Century Companies Inc. now owns 291,579 shares of the company’s stock worth $6,584,000 after acquiring an additional 128,285 shares during the last quarter. Finally, Skylands Capital LLC grew its position in Lovesac by 6.3% during the 2nd quarter. Skylands Capital LLC now owns 218,500 shares of the company’s stock worth $4,934,000 after acquiring an additional 12,960 shares during the last quarter. 91.32% of the stock is currently owned by institutional investors.

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.