DA Davidson Reaffirms “Buy” Rating for Lovesac (NASDAQ:LOVE)

Lovesac (NASDAQ:LOVE)‘s stock had its “buy” rating restated by stock analysts at DA Davidson in a report released on Thursday, Benzinga reports. They presently have a $32.00 price objective on the stock. DA Davidson’s price objective would suggest a potential upside of 24.80% from the stock’s current price.

Other analysts also recently issued reports about the company. Canaccord Genuity Group restated a “buy” rating and issued a $36.00 price target on shares of Lovesac in a research note on Friday, September 13th. Craig Hallum boosted their price target on Lovesac from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Maxim Group boosted their price target on Lovesac from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Finally, Roth Mkm boosted their price target on Lovesac from $30.00 to $31.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus price target of $34.50.

Lovesac Price Performance

LOVE traded down $0.62 during trading on Thursday, hitting $25.64. The stock had a trading volume of 117,802 shares, compared to its average volume of 290,863. The company has a 50 day moving average price of $24.76 and a 200-day moving average price of $24.41. The firm has a market cap of $398.73 million, a price-to-earnings ratio of 30.16, a P/E/G ratio of 0.71 and a beta of 2.90. Lovesac has a one year low of $14.18 and a one year high of $30.39.

Hedge Funds Weigh In On Lovesac

Several hedge funds and other institutional investors have recently added to or reduced their stakes in LOVE. Marshall Wace LLP acquired a new position in shares of Lovesac during the 2nd quarter worth $4,328,000. Lombard Odier Asset Management USA Corp acquired a new position in shares of Lovesac during the 2nd quarter worth $346,000. Hood River Capital Management LLC raised its holdings in shares of 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 buying an additional 62,615 shares in the last quarter. Dimensional Fund Advisors LP raised its holdings in shares of 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 buying an additional 26,872 shares in the last quarter. Finally, Meeder Asset Management Inc. acquired a new position in shares of Lovesac during the 2nd quarter worth $43,000. 91.32% of the stock is 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.