Lovesac (NASDAQ:LOVE) PT Lowered to $35.00

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

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

Lovesac Price Performance

NASDAQ LOVE opened at $22.03 on Wednesday. Lovesac has a 12 month low of $14.18 and a 12 month high of $29.81. The stock has a market capitalization of $341.24 million, a P/E ratio of 15.74, a PEG ratio of 0.49 and a beta of 2.78. The firm’s 50-day moving average is $22.14 and its two-hundred day moving average is $22.03.

Lovesac (NASDAQ:LOVE) last issued its quarterly earnings data on Thursday, April 11th. The company reported $1.87 EPS 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 during the quarter, compared to analyst estimates of $265.35 million. During the same quarter in the prior year, the company posted $1.74 earnings per share. The business’s revenue was up 4.8% compared to the same quarter last year. As a group, analysts anticipate that Lovesac will post 1.3 EPS for the current year.

Insider Buying and Selling at Lovesac

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

Institutional Investors Weigh In On Lovesac

Several hedge funds and other institutional investors have recently made changes to their positions in LOVE. Byrne Asset Management LLC increased its stake in Lovesac by 515.4% in the first quarter. Byrne Asset Management LLC now owns 3,200 shares of the company’s stock valued at $72,000 after purchasing an additional 2,680 shares during the last quarter. SG Americas Securities LLC acquired a new position in shares of Lovesac in the 4th quarter valued at $116,000. Barclays PLC grew its position in shares of Lovesac by 15.2% in the 3rd quarter. Barclays PLC now owns 6,210 shares of the company’s stock valued at $124,000 after buying an additional 818 shares during the last quarter. Graham Capital Management L.P. acquired a new stake in Lovesac during the 3rd quarter worth $255,000. Finally, International Assets Investment Management LLC purchased a new stake in Lovesac in the fourth quarter valued at $261,000. Institutional investors and hedge funds own 91.32% of the company’s stock.

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.