Lovesac (NASDAQ:LOVE) Price Target Lowered to $24.00 at DA Davidson

Lovesac (NASDAQ:LOVE) had its price target trimmed by DA Davidson from $35.00 to $24.00 in a report issued on Friday,Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Canaccord Genuity Group lowered their price target on Lovesac from $45.00 to $30.00 and set a “buy” rating for the company in a report on Friday. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Lovesac currently has a consensus rating of “Buy” and a consensus price target of $31.67.

Lovesac Stock Performance

Shares of NASDAQ:LOVE opened at $18.34 on Friday. The stock has a 50-day simple moving average of $18.93 and a 200-day simple moving average of $25.35. The stock has a market capitalization of $283.04 million, a P/E ratio of 53.94, a PEG ratio of 0.65 and a beta of 3.08. Lovesac has a 1 year low of $12.12 and a 1 year high of $39.49.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings results on Thursday, April 10th. The company reported $2.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.80 by $0.33. Lovesac had a net margin of 1.04% and a return on equity of 3.51%. The firm had revenue of $241.50 million for the quarter, compared to analysts’ expectations of $230.33 million. During the same period in the previous year, the company posted $1.87 earnings per share. Lovesac’s revenue was down 3.6% compared to the same quarter last year. Analysts predict that Lovesac will post 0.39 earnings per share for the current year.

Insider Activity

In related news, Director Albert Jack Krause sold 30,000 shares of the stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $26.33, for a total value of $789,900.00. Following the completion of the transaction, the director now owns 147,849 shares of the company’s stock, valued at approximately $3,892,864.17. This represents a 16.87 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 12.33% of the company’s stock.

Institutional Investors Weigh In On Lovesac

Several hedge funds and other institutional investors have recently bought and sold shares of LOVE. Jane Street Group LLC raised its stake in shares of Lovesac by 74.4% in the 3rd quarter. Jane Street Group LLC now owns 80,776 shares of the company’s stock valued at $2,314,000 after purchasing an additional 34,451 shares in the last quarter. JPMorgan Chase & Co. increased its holdings in Lovesac by 76.1% in the third quarter. JPMorgan Chase & Co. now owns 33,510 shares of the company’s stock valued at $960,000 after buying an additional 14,480 shares during the last quarter. Franklin Resources Inc. bought a new position in Lovesac during the 3rd quarter worth approximately $231,000. Bank of New York Mellon Corp grew its position in shares of Lovesac by 9.3% in the 4th quarter. Bank of New York Mellon Corp now owns 489,613 shares of the company’s stock worth $11,584,000 after acquiring an additional 41,751 shares in the last quarter. Finally, American Century Companies Inc. increased its holdings in shares of Lovesac by 15.0% in the 4th quarter. American Century Companies Inc. now owns 436,790 shares of the company’s stock valued at $10,334,000 after acquiring an additional 56,989 shares during the last quarter. 91.32% of the stock is currently owned by hedge funds and other 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.