Canaccord Genuity reiterated their buy rating on shares of Lovesac (NASDAQ:LOVE) in a research note released on Tuesday morning, The Fly reports. Canaccord Genuity currently has a $33.00 price objective on the stock.
LOVE has been the subject of several other reports. ValuEngine raised shares of Lovesac from a hold rating to a buy rating in a report on Friday, August 23rd. Oppenheimer assumed coverage on shares of Lovesac in a report on Thursday, August 8th. They set an outperform rating and a $30.00 price objective for the company. Zacks Investment Research raised shares of Lovesac from a hold rating to a buy rating and set a $23.00 price objective for the company in a report on Tuesday. Stifel Nicolaus reissued a buy rating and set a $32.00 price objective on shares of Lovesac in a report on Wednesday, September 11th. Finally, Roth Capital decreased their price objective on shares of Lovesac from $47.00 to $37.00 and set a buy rating for the company in a report on Wednesday, September 4th. Eight investment analysts have rated the stock with a buy rating, The stock currently has a consensus rating of Buy and a consensus target price of $34.00.
LOVE opened at $21.80 on Tuesday. The company has a fifty day simple moving average of $18.51 and a 200 day simple moving average of $28.32. Lovesac has a twelve month low of $15.07 and a twelve month high of $46.79.
Lovesac (NASDAQ:LOVE) last released its quarterly earnings results on Wednesday, September 11th. The company reported ($0.31) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.20. The business had revenue of $48.10 million during the quarter, compared to analyst estimates of $47.78 million. Lovesac had a negative net margin of 4.06% and a negative return on equity of 9.23%. Lovesac’s revenue was up 44.9% on a year-over-year basis. Equities analysts forecast that Lovesac will post -0.64 earnings per share for the current year.
A number of hedge funds have recently made changes to their positions in the business. Wasatch Advisors Inc. grew its holdings in Lovesac by 9.0% during the 2nd quarter. Wasatch Advisors Inc. now owns 596,754 shares of the company’s stock worth $18,541,000 after acquiring an additional 49,244 shares in the last quarter. BlackRock Inc. boosted its holdings in shares of Lovesac by 44.1% in the 2nd quarter. BlackRock Inc. now owns 430,739 shares of the company’s stock valued at $13,383,000 after buying an additional 131,791 shares during the period. Vanguard Group Inc. boosted its holdings in shares of Lovesac by 36.3% in the 2nd quarter. Vanguard Group Inc. now owns 391,068 shares of the company’s stock valued at $12,150,000 after buying an additional 104,219 shares during the period. Skylands Capital LLC boosted its holdings in shares of Lovesac by 19.3% in the 2nd quarter. Skylands Capital LLC now owns 161,748 shares of the company’s stock valued at $5,026,000 after buying an additional 26,148 shares during the period. Finally, Venator Capital Management Ltd. boosted its holdings in shares of Lovesac by 42.3% in the 2nd quarter. Venator Capital Management Ltd. now owns 153,000 shares of the company’s stock valued at $4,754,000 after buying an additional 45,489 shares during the period. 70.13% of the stock is owned by institutional investors.
Lovesac Company Profile
The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans.
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