Canaccord Genuity Group Cuts Lovesac (NASDAQ:LOVE) Price Target to $36.00

Lovesac (NASDAQ:LOVEFree Report) had its price target lowered by Canaccord Genuity Group from $44.00 to $36.00 in a research report report published on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Roth Mkm restated a buy rating and issued a $34.00 target price on shares of Lovesac in a research note on Wednesday, April 10th.

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Lovesac Stock Performance

NASDAQ LOVE opened at $19.51 on Friday. Lovesac has a fifty-two week low of $14.18 and a fifty-two week high of $30.93. The stock has a 50 day simple moving average of $22.89 and a two-hundred day simple moving average of $21.77. The stock has a market cap of $302.21 million, a P/E ratio of 13.94, a price-to-earnings-growth ratio of 0.42 and a beta of 2.87.

Lovesac (NASDAQ:LOVEGet Free Report) last released its quarterly earnings data on Thursday, April 11th. The company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.06). Lovesac had a return on equity of 12.69% and a net margin of 3.39%. The business had revenue of $250.00 million during the quarter, compared to analysts’ expectations of $265.35 million. During the same quarter last year, the business posted $1.74 EPS. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. Sell-side analysts predict that Lovesac will post 1.33 earnings per share for the current year.

Insider Activity

In related news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $22.44, for a total transaction of $134,640.00. Following the completion of the transaction, the chief executive officer now owns 179,970 shares of the company’s stock, valued at approximately $4,038,526.80. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. 12.09% of the stock is currently owned by company insiders.

Institutional Trading of Lovesac

Institutional investors and hedge funds have recently modified their holdings of the business. Captrust Financial Advisors increased its holdings in shares of Lovesac by 110.6% in the 1st quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock worth $31,000 after purchasing an additional 303 shares in the last quarter. Citigroup Inc. increased its holdings in shares of Lovesac by 32.6% in the 1st quarter. Citigroup Inc. now owns 2,339 shares of the company’s stock worth $68,000 after purchasing an additional 575 shares in the last quarter. Royal Bank of Canada increased its holdings in shares of Lovesac by 230.0% in the 2nd quarter. Royal Bank of Canada now owns 2,627 shares of the company’s stock worth $70,000 after purchasing an additional 1,831 shares in the last quarter. Tower Research Capital LLC TRC increased its holdings in shares of Lovesac by 567.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,675 shares of the company’s stock worth $73,000 after purchasing an additional 3,124 shares in the last quarter. Finally, State of Wyoming grew its holdings in shares of Lovesac by 338.3% in the fourth quarter. State of Wyoming now owns 3,651 shares of the company’s stock worth $80,000 after acquiring an additional 2,818 shares during the period. Institutional investors own 91.32% of the company’s stock.

Lovesac Company Profile

(Get Free Report)

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.

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