Canaccord Genuity Group Issues Positive Forecast for Lovesac (NASDAQ:LOVE) Stock Price

Lovesac (NASDAQ:LOVE) had its price target raised by Canaccord Genuity Group from $36.00 to $45.00 in a report issued on Monday morning,Benzinga reports. They currently have a buy rating on the stock.

Several other equities analysts have also issued reports on LOVE. DA Davidson restated a “buy” rating and set a $32.00 price target on shares of Lovesac in a research note on Thursday, October 3rd. Roth Mkm boosted their price objective on Lovesac from $31.00 to $35.00 and gave the company a “buy” rating in a research report on Tuesday, November 19th. Finally, Craig Hallum raised their target price on Lovesac from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Six investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Lovesac presently has a consensus rating of “Buy” and a consensus target price of $36.67.

Lovesac Trading Up 0.6 %

Shares of Lovesac stock opened at $37.94 on Monday. Lovesac has a 1 year low of $18.21 and a 1 year high of $38.94. The company’s fifty day simple moving average is $29.91 and its 200-day simple moving average is $26.71. The company has a market cap of $590.31 million, a price-to-earnings ratio of 73.96, a PEG ratio of 0.99 and a beta of 2.91.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings results on Thursday, September 12th. The company reported ($0.38) earnings per share (EPS) for the quarter, topping 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 company had revenue of $156.59 million for the quarter, compared to analyst estimates of $154.01 million. As a group, research analysts forecast that Lovesac will post 1.09 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Albert Jack Krause sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $26.22, for a total value of $262,200.00. Following the sale, the director now 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Corporate insiders own 12.33% of the company’s stock.

Hedge Funds Weigh In On Lovesac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LOVE. Senvest Management LLC boosted its stake in Lovesac by 47.3% in the third quarter. Senvest Management LLC now owns 943,022 shares of the company’s stock worth $27,018,000 after purchasing an additional 302,643 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Lovesac by 1.4% in the first quarter. Vanguard Group Inc. now owns 841,537 shares of the company’s stock valued at $19,019,000 after buying an additional 11,745 shares in the last quarter. Anson Funds Management LP raised its holdings in shares of Lovesac by 13.9% in the third quarter. Anson Funds Management LP now owns 814,363 shares of the company’s stock valued at $23,332,000 after buying an additional 99,651 shares during the last quarter. Dimensional Fund Advisors LP lifted 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 buying an additional 26,872 shares in the last quarter. Finally, Hood River Capital Management LLC grew its holdings 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. 91.32% of the stock is currently 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.