Lovesac (NASDAQ:LOVE) Earns Buy Rating from Analysts at Maxim Group

Maxim Group assumed coverage on shares of Lovesac (NASDAQ:LOVE) in a research note released on Wednesday, MarketBeat Ratings reports. The firm issued a buy rating and a $36.00 price objective on the stock.

Several other research firms have also recently weighed in on LOVE. Roth Mkm reiterated a buy rating and set a $34.00 price objective on shares of Lovesac in a research report on Wednesday, April 10th. Canaccord Genuity Group lowered their price objective on Lovesac from $44.00 to $36.00 and set a buy rating on the stock in a research report on Friday, April 12th.

Lovesac Trading Up 4.3 %

LOVE opened at $20.18 on Wednesday. Lovesac has a 1-year low of $14.18 and a 1-year high of $30.93. The stock’s fifty day simple moving average is $22.66 and its 200 day simple moving average is $21.75. The stock has a market cap of $312.59 million, a PE ratio of 14.41, a price-to-earnings-growth ratio of 0.43 and a beta of 2.87.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings results on Thursday, April 11th. The company reported $1.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.06). Lovesac had a net margin of 3.39% and a return on equity of 12.19%. The business had revenue of $250.00 million during the quarter, compared to the consensus estimate of $265.35 million. During the same quarter last year, the company posted $1.74 EPS. The firm’s revenue was up 4.8% on a year-over-year basis. Equities analysts forecast that Lovesac will post 1.3 earnings per share for the current year.

Insider Transactions at Lovesac

In other news, CEO Shawn David Nelson sold 6,000 shares of the stock in a transaction 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 sale, the chief executive officer now directly owns 179,970 shares of the company’s stock, valued at approximately $4,038,526.80. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 12.09% of the stock is currently owned by insiders.

Institutional Trading of Lovesac

Several large investors have recently modified their holdings of the stock. FMR LLC grew its holdings in shares of Lovesac by 11.2% during the 1st quarter. FMR LLC now owns 1,047,033 shares of the company’s stock worth $30,259,000 after purchasing an additional 105,827 shares in the last quarter. BlackRock Inc. boosted its stake in Lovesac by 6.1% in the second quarter. BlackRock Inc. now owns 1,045,068 shares of the company’s stock valued at $28,165,000 after buying an additional 59,671 shares in the last quarter. Wasatch Advisors Inc. boosted its stake in Lovesac by 29.0% in the first quarter. Wasatch Advisors Inc. now owns 1,014,661 shares of the company’s stock valued at $54,853,000 after buying an additional 228,148 shares in the last quarter. Wasatch Advisors LP boosted its stake in Lovesac by 0.7% in the first quarter. Wasatch Advisors LP now owns 953,318 shares of the company’s stock valued at $27,551,000 after buying an additional 6,174 shares in the last quarter. Finally, Vanguard Group Inc. boosted its stake in Lovesac by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 829,792 shares of the company’s stock valued at $21,201,000 after buying an additional 20,300 shares in the last quarter. 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.