Lovesac (NASDAQ:LOVE) Sets New 12-Month High on Analyst Upgrade

Shares of The Lovesac Company (NASDAQ:LOVE) reached a new 52-week high on Tuesday after Roth Mkm raised their price target on the stock from $31.00 to $35.00. Roth Mkm currently has a buy rating on the stock. Lovesac traded as high as $32.56 and last traded at $32.55, with a volume of 88122 shares trading hands. The stock had previously closed at $31.65.

LOVE has been the subject of a number of other research reports. Craig Hallum lifted their target price on Lovesac from $30.00 to $35.00 and gave the stock a “buy” rating in a report on Friday, September 13th. DA Davidson reissued a “buy” rating and issued a $32.00 target price on shares of Lovesac in a report on Thursday, October 3rd. Finally, Canaccord Genuity Group reaffirmed a “buy” rating and issued a $36.00 price objective on shares of Lovesac in a report on Friday, September 13th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, Lovesac presently has an average rating of “Buy” and a consensus target price of $35.17.

Insider Buying and Selling

In related news, Director Albert Jack Krause sold 10,000 shares of Lovesac stock in a transaction on Thursday, October 3rd. The stock was sold at an average price of $26.22, for a total transaction 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. The trade was a 5.32 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. 12.33% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lovesac

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Price T Rowe Associates Inc. MD lifted its position in Lovesac by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,633 shares of the company’s stock valued at $218,000 after purchasing an additional 726 shares in the last quarter. BCGM Wealth Management LLC lifted its position in Lovesac by 0.8% during the third quarter. BCGM Wealth Management LLC now owns 134,364 shares of the company’s stock valued at $3,850,000 after purchasing an additional 1,023 shares in the last quarter. Russell Investments Group Ltd. lifted its position in Lovesac by 12.8% during the first quarter. Russell Investments Group Ltd. now owns 13,966 shares of the company’s stock valued at $316,000 after purchasing an additional 1,584 shares in the last quarter. EntryPoint Capital LLC purchased a new position in Lovesac during the first quarter valued at $39,000. Finally, Meeder Asset Management Inc. purchased a new position in Lovesac during the second quarter valued at $43,000. 91.32% of the stock is currently owned by hedge funds and other institutional investors.

Lovesac Price Performance

The company has a 50-day moving average of $27.97 and a two-hundred day moving average of $26.03. The company has a market capitalization of $503.52 million, a PE ratio of 62.24, a P/E/G ratio of 0.82 and a beta of 2.91.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings data on Thursday, September 12th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.08. Lovesac had a return on equity of 4.83% and a net margin of 1.41%. The business had revenue of $156.59 million for the quarter, compared to the consensus estimate of $154.01 million. As a group, research analysts anticipate that The Lovesac Company will post 1.09 EPS for the current year.

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.