Canaccord Genuity Group Increases Lovesac (NASDAQ:LOVE) Price Target to $45.00

Lovesac (NASDAQ:LOVE) had its target price boosted by equities researchers at Canaccord Genuity Group from $36.00 to $45.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage currently has a “buy” rating on the stock. Canaccord Genuity Group’s price objective would indicate a potential upside of 19.30% from the stock’s previous close.

Other analysts have also recently issued research reports about the stock. DA Davidson reiterated a “buy” rating and issued a $32.00 price target on shares of Lovesac in a research note on Thursday, October 3rd. Craig Hallum raised their target price on shares of Lovesac from $30.00 to $35.00 and gave the company a “buy” rating in a research note on Friday, September 13th. Finally, Roth Mkm boosted their price target on Lovesac from $31.00 to $35.00 and gave the stock a “buy” rating in a research report on Tuesday, November 19th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $36.67.

Lovesac Price Performance

Shares of NASDAQ LOVE opened at $37.72 on Monday. The business has a 50-day moving average of $29.91 and a 200-day moving average of $26.71. The stock has a market capitalization of $586.89 million, a price-to-earnings ratio of 73.96, a PEG ratio of 0.99 and a beta of 2.91. Lovesac has a fifty-two week low of $18.21 and a fifty-two week high of $38.94.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings results on Thursday, September 12th. The company reported ($0.38) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.08. Lovesac had a return on equity of 4.83% and a net margin of 1.41%. The firm had revenue of $156.59 million during the quarter, compared to the consensus estimate of $154.01 million. On average, sell-side analysts expect that Lovesac will post 1.09 EPS for the current year.

Insider Buying and Selling at Lovesac

In related news, Director Albert Jack Krause sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $26.22, for a total value of $262,200.00. Following the transaction, the director now directly owns 177,849 shares in the company, valued at approximately $4,663,200.78. This represents a 5.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 12.33% of the company’s stock.

Institutional Trading of Lovesac

A number of institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. boosted its stake in shares of Lovesac by 1.4% in the first quarter. Vanguard Group Inc. now owns 841,537 shares of the company’s stock valued at $19,019,000 after buying an additional 11,745 shares during the period. Price T Rowe Associates Inc. MD grew its holdings in shares of Lovesac by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,633 shares of the company’s stock worth $218,000 after purchasing an additional 726 shares in the last quarter. Wesbanco Bank Inc. bought a new position in shares of Lovesac in the second quarter worth $305,000. Skylands Capital LLC raised its stake in Lovesac by 6.3% in the second quarter. Skylands Capital LLC now owns 218,500 shares of the company’s stock valued at $4,934,000 after purchasing an additional 12,960 shares in the last quarter. Finally, Rhumbline Advisers lifted its position in Lovesac by 12.4% during the second quarter. Rhumbline Advisers now owns 22,199 shares of the company’s stock worth $501,000 after purchasing an additional 2,449 shares during the period. Institutional investors 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.