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

Lovesac (NASDAQ:LOVE) had its price objective cut by analysts at DA Davidson from $35.00 to $24.00 in a report issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. DA Davidson’s price target points to a potential upside of 38.33% from the stock’s previous close.

Separately, Canaccord Genuity Group reduced their price target on shares of Lovesac from $45.00 to $30.00 and set a “buy” rating for the company in a research report on Friday. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, Lovesac currently has a consensus rating of “Buy” and a consensus target price of $34.00.

Lovesac Price Performance

Shares of LOVE stock traded down $1.14 on Friday, reaching $17.35. 290,724 shares of the company were exchanged, compared to its average volume of 371,125. The company has a 50-day moving average of $19.06 and a 200-day moving average of $25.41. The company has a market cap of $267.76 million, a price-to-earnings ratio of 51.17, a PEG ratio of 0.65 and a beta of 3.08. Lovesac has a one year low of $12.12 and a one 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 (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.33. Lovesac had a return on equity of 3.51% and a net margin of 1.04%. The business had revenue of $241.50 million for the quarter, compared to analyst estimates of $230.33 million. During the same quarter in the prior year, the company earned $1.87 earnings per share. The company’s quarterly revenue was down 3.6% on a year-over-year basis. As a group, sell-side analysts predict that Lovesac will post 0.39 EPS for the current year.

Insider Transactions at Lovesac

In related news, Director Albert Jack Krause sold 30,000 shares of the firm’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $26.33, for a total transaction of $789,900.00. Following the transaction, the director now directly owns 147,849 shares of the company’s stock, valued at $3,892,864.17. This trade represents a 16.87 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 12.33% of the company’s stock.

Institutional Investors Weigh In On Lovesac

Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Senvest Management LLC boosted its stake in shares of Lovesac by 17.4% in the 4th quarter. Senvest Management LLC now owns 1,106,767 shares of the company’s stock worth $26,186,000 after buying an additional 163,745 shares during the last quarter. Hood River Capital Management LLC lifted its holdings in Lovesac by 6.4% during the fourth quarter. Hood River Capital Management LLC now owns 986,947 shares of the company’s stock worth $23,351,000 after acquiring an additional 59,231 shares during the period. Anson Funds Management LP boosted its position in Lovesac by 12.9% in the fourth quarter. Anson Funds Management LP now owns 919,229 shares of the company’s stock worth $21,749,000 after purchasing an additional 104,866 shares during the last quarter. AWM Investment Company Inc. grew its stake in Lovesac by 33.2% in the 4th quarter. AWM Investment Company Inc. now owns 681,741 shares of the company’s stock valued at $16,130,000 after purchasing an additional 170,045 shares during the period. Finally, Bank of New York Mellon Corp increased its position in shares of Lovesac by 9.3% during the 4th quarter. Bank of New York Mellon Corp now owns 489,613 shares of the company’s stock valued at $11,584,000 after purchasing an additional 41,751 shares during the last quarter. Hedge funds and other institutional investors own 91.32% of the company’s stock.

Lovesac Company Profile

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.