Lovesac’s (LOVE) “Outperform” Rating Reaffirmed at Oppenheimer

Oppenheimer reaffirmed their outperform rating on shares of Lovesac (NASDAQ:LOVE) in a research report sent to investors on Friday morning,Benzinga reports. They currently have a $35.00 target price on the stock.

LOVE has been the subject of several other research reports. Roth Mkm raised their price objective on shares of Lovesac from $22.00 to $28.00 and gave the stock a “buy” rating in a research report on Friday. DA Davidson reduced their price target on shares of Lovesac from $35.00 to $24.00 and set a “buy” rating for the company in a report on Friday. Finally, Canaccord Genuity Group dropped their price objective on shares of Lovesac from $45.00 to $30.00 and set a “buy” rating on the stock in a report on Friday. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $31.67.

Lovesac Stock Down 0.8 %

NASDAQ LOVE opened at $18.34 on Friday. The company has a market capitalization of $283.04 million, a price-to-earnings ratio of 53.94, a PEG ratio of 0.65 and a beta of 3.08. Lovesac has a twelve month low of $12.12 and a twelve month high of $39.49. The stock has a fifty day simple moving average of $18.93 and a 200 day simple moving average of $25.35.

Lovesac (NASDAQ:LOVE) last released its 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 business had revenue of $241.50 million during the quarter, compared to the consensus estimate of $230.33 million. During the same quarter in the prior year, the firm posted $1.87 EPS. The company’s revenue for the quarter was down 3.6% compared to the same quarter last year. Research analysts expect that Lovesac will post 0.39 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lovesac news, Director Albert Jack Krause sold 30,000 shares of the business’s stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $26.33, for a total transaction of $789,900.00. Following the completion of the sale, the director now directly owns 147,849 shares of the company’s stock, valued at approximately $3,892,864.17. The trade was a 16.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 12.33% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of LOVE. Heck Capital Advisors LLC purchased a new position in Lovesac during the fourth quarter worth about $26,000. Cubist Systematic Strategies LLC purchased a new position in shares of Lovesac in the 4th quarter worth approximately $49,000. AlphaQuest LLC bought a new position in shares of Lovesac in the fourth quarter valued at approximately $70,000. Franklin Resources Inc. purchased a new stake in shares of Lovesac during the third quarter valued at approximately $231,000. Finally, MetLife Investment Management LLC lifted its holdings in Lovesac by 18.3% during the fourth quarter. MetLife Investment Management LLC now owns 9,233 shares of the company’s stock worth $218,000 after acquiring an additional 1,425 shares during the period. Hedge funds and other 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.