Lovesac (NASDAQ:LOVE) PT Lowered to $35.00 at Oppenheimer

Lovesac (NASDAQ:LOVE) had its price target decreased by Oppenheimer from $60.00 to $35.00 in a research report report published on Wednesday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Several other equities analysts have also recently issued reports on the company. Roth Mkm reaffirmed a buy rating and set a $34.00 price objective on shares of Lovesac in a report on Wednesday, April 10th. Maxim Group initiated coverage on Lovesac in a research note on Wednesday, April 17th. They set a buy rating and a $36.00 price target for the company. Finally, Canaccord Genuity Group lowered their price objective on shares of Lovesac from $44.00 to $36.00 and set a buy rating on the stock in a research note on Friday, April 12th.

Lovesac Stock Up 4.9 %

Shares of LOVE opened at $23.38 on Wednesday. Lovesac has a 52-week low of $14.18 and a 52-week high of $29.81. The company has a 50-day simple moving average of $22.15 and a 200-day simple moving average of $22.10. The company has a market capitalization of $362.16 million, a PE ratio of 16.70, a P/E/G ratio of 0.49 and a beta of 2.78.

Lovesac (NASDAQ:LOVE) last issued its earnings results 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 12.19% and a net margin of 3.39%. The company had revenue of $250.00 million for the quarter, compared to analyst estimates of $265.35 million. During the same quarter in the previous year, the company posted $1.74 earnings per share. The company’s quarterly revenue was up 4.8% compared to the same quarter last year. On average, research analysts anticipate that Lovesac will post 1.3 EPS for the current year.

Insiders Place Their Bets

In related news, CFO Keith R. Siegner acquired 4,800 shares of Lovesac stock in a transaction dated Friday, April 19th. The shares were acquired at an average cost of $20.80 per share, for a total transaction of $99,840.00. Following the completion of the transaction, the chief financial officer now directly owns 4,800 shares of the company’s stock, valued at $99,840. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Lovesac news, CEO Shawn David Nelson sold 6,000 shares of the business’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $22.44, for a total value of $134,640.00. Following the completion of the transaction, the chief executive officer now directly owns 179,970 shares in the company, valued at approximately $4,038,526.80. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Keith R. Siegner acquired 4,800 shares of the firm’s stock in a transaction dated Friday, April 19th. The shares were acquired at an average price of $20.80 per share, for a total transaction of $99,840.00. Following the acquisition, the chief financial officer now directly owns 4,800 shares of the company’s stock, valued at $99,840. The disclosure for this purchase can be found here. 12.09% of the stock is currently owned by company insiders.

Institutional Trading of Lovesac

A number of hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its holdings in shares of Lovesac by 13.8% during the 3rd quarter. Bank of New York Mellon Corp now owns 403,945 shares of the company’s stock worth $8,047,000 after acquiring an additional 49,096 shares during the period. Kornitzer Capital Management Inc. KS raised its stake in Lovesac by 14.8% during the third quarter. Kornitzer Capital Management Inc. KS now owns 323,254 shares of the company’s stock worth $6,439,000 after purchasing an additional 41,555 shares during the period. Halter Ferguson Financial Inc. acquired a new position in shares of Lovesac in the 4th quarter valued at $5,160,000. Skylands Capital LLC grew its stake in shares of Lovesac by 1.4% during the 4th quarter. Skylands Capital LLC now owns 178,965 shares of the company’s stock valued at $4,573,000 after buying an additional 2,525 shares during the period. Finally, BCGM Wealth Management LLC increased its holdings in shares of Lovesac by 5.6% during the 4th quarter. BCGM Wealth Management LLC now owns 128,691 shares of the company’s stock worth $3,288,000 after buying an additional 6,858 shares during the last quarter. 91.32% of the stock is owned by institutional investors and hedge funds.

Lovesac Company Profile

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.