Lovesac (NASDAQ:LOVE) Given New $36.00 Price Target at Canaccord Genuity Group

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

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

Lovesac Price Performance

Shares of NASDAQ:LOVE opened at $18.80 on Friday. The company has a market capitalization of $291.19 million, a price-to-earnings ratio of 13.43, a P/E/G ratio of 0.42 and a beta of 2.87. The firm’s 50 day simple moving average is $22.81 and its 200 day simple moving average is $21.77. Lovesac has a fifty-two week low of $14.18 and a fifty-two week high of $30.93.

Lovesac (NASDAQ:LOVE) last announced its earnings results on Thursday, April 11th. The company reported $1.87 EPS for the quarter, missing the consensus estimate of $1.93 by ($0.06). The company had revenue of $250.00 million for the quarter, compared to analyst estimates of $265.35 million. Lovesac had a return on equity of 12.19% and a net margin of 3.39%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter last year, the business posted $1.74 earnings per share. Equities research analysts expect that Lovesac will post 1.33 earnings per share for the current year.

Insiders Place Their Bets

In other news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were 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 approximately $4,038,526.80. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 12.09% of the company’s stock.

Hedge Funds Weigh In On Lovesac

Several hedge funds have recently made changes to their positions in the business. Vanguard Group Inc. grew its stake in shares of Lovesac by 2.5% during the 4th quarter. Vanguard Group Inc. now owns 829,792 shares of the company’s stock worth $21,201,000 after acquiring an additional 20,300 shares in the last quarter. Virtu Financial LLC bought a new position in shares of Lovesac in the fourth quarter valued at $340,000. Price T Rowe Associates Inc. MD bought a new position in shares of Lovesac in the fourth quarter valued at $228,000. Barclays PLC grew its stake in shares of Lovesac by 264.3% in the fourth quarter. Barclays PLC now owns 22,626 shares of the company’s stock valued at $578,000 after buying an additional 16,416 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its stake in shares of Lovesac by 120.6% in the fourth quarter. Nuveen Asset Management LLC now owns 207,912 shares of the company’s stock valued at $5,312,000 after buying an additional 113,676 shares in the last quarter. 91.32% of the stock is owned by institutional investors.

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.