Lovesac (NASDAQ:LOVE) Given a $49.00 Price Target at Canaccord Genuity

Canaccord Genuity set a $49.00 price objective on Lovesac (NASDAQ:LOVE) in a research report sent to investors on Tuesday morning, Stock Target Advisor reports. The firm currently has a buy rating on the stock.

A number of other analysts have also weighed in on LOVE. Zacks Investment Research lowered Lovesac from a buy rating to a sell rating in a research note on Saturday, May 18th. DA Davidson assumed coverage on Lovesac in a research note on Monday, April 1st. They issued a buy rating and a $38.00 target price on the stock. Roth Capital increased their target price on Lovesac from $28.00 to $33.00 in a research note on Wednesday, April 24th. Finally, Craig Hallum reiterated a buy rating and issued a $45.00 target price (up previously from $33.00) on shares of Lovesac in a research note on Wednesday, May 1st. One research analyst has rated the stock with a hold rating and four have issued a buy rating to the company. The stock has a consensus rating of Buy and an average target price of $42.60.

LOVE stock opened at $30.51 on Tuesday. Lovesac has a twelve month low of $16.46 and a twelve month high of $46.79.

Lovesac (NASDAQ:LOVE) last released its earnings results on Monday, June 10th. The company reported ($0.67) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.56) by ($0.11). Lovesac had a negative return on equity of 8.48% and a negative net margin of 5.62%. The business had revenue of $40.96 million during the quarter, compared to analysts’ expectations of $40.66 million. The company’s revenue for the quarter was up 53.0% compared to the same quarter last year. Equities research analysts anticipate that Lovesac will post -0.25 EPS for the current year.

In other news, Director Satori Capital, Llc sold 550,000 shares of the firm’s stock in a transaction on Friday, May 24th. The stock was sold at an average price of $34.38, for a total transaction of $18,909,000.00. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, major shareholder Sac Acquisition Llc sold 1,457,255 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $34.38, for a total value of $50,100,426.90. The disclosure for this sale can be found here. Company insiders own 54.70% of the company’s stock.

Institutional investors have recently made changes to their positions in the company. Vanguard Group Inc purchased a new position in shares of Lovesac during the third quarter valued at $2,300,000. Timpani Capital Management LLC increased its stake in shares of Lovesac by 18.9% during the fourth quarter. Timpani Capital Management LLC now owns 48,563 shares of the company’s stock valued at $1,114,000 after buying an additional 7,729 shares during the period. Penn Capital Management Co. Inc. increased its stake in shares of Lovesac by 55.8% during the fourth quarter. Penn Capital Management Co. Inc. now owns 107,542 shares of the company’s stock valued at $2,467,000 after buying an additional 38,497 shares during the period. Lord Abbett & CO. LLC increased its stake in shares of Lovesac by 15.2% during the fourth quarter. Lord Abbett & CO. LLC now owns 469,143 shares of the company’s stock valued at $10,762,000 after buying an additional 62,001 shares during the period. Finally, Royce & Associates LP increased its stake in shares of Lovesac by 49.5% during the fourth quarter. Royce & Associates LP now owns 332,172 shares of the company’s stock valued at $7,620,000 after buying an additional 109,972 shares during the period. Hedge funds and other institutional investors own 51.27% of the company’s stock.

Lovesac Company Profile

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans.

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