Canaccord Genuity Group Reiterates “Buy” Rating for Lovesac (NASDAQ:LOVE)

Lovesac (NASDAQ:LOVE)‘s stock had its “buy” rating reiterated by stock analysts at Canaccord Genuity Group in a report issued on Friday, Benzinga reports. They presently have a $36.00 price target on the stock. Canaccord Genuity Group’s price target indicates a potential upside of 37.14% from the stock’s current price.

A number of other equities analysts have also issued reports on LOVE. Craig Hallum increased their target price on shares of Lovesac from $30.00 to $35.00 and gave the company a “buy” rating in a research report on Friday. Roth Mkm increased their target price on shares of Lovesac from $30.00 to $31.00 and gave the company a “buy” rating in a research report on Friday. DA Davidson upped their price target on shares of Lovesac from $24.00 to $32.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, Maxim Group upped their price target on shares of Lovesac from $36.00 to $38.00 and gave the company a “buy” rating in a report on Monday, June 17th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Lovesac currently has an average rating of “Buy” and a consensus target price of $34.50.

Lovesac Stock Up 2.9 %

Shares of LOVE opened at $26.25 on Friday. The firm has a 50-day moving average price of $24.70 and a 200 day moving average price of $23.98. The firm has a market capitalization of $408.21 million, a PE ratio of 30.88, a P/E/G ratio of 0.55 and a beta of 2.90. Lovesac has a 52-week low of $14.18 and a 52-week high of $30.39.

Lovesac (NASDAQ:LOVE) last announced its earnings results on Thursday, June 13th. The company reported ($0.83) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.99) by $0.16. The firm had revenue of $132.64 million during the quarter, compared to analyst estimates of $128.20 million. Lovesac had a net margin of 2.17% and a return on equity of 7.55%. On average, equities analysts expect that Lovesac will post 1.09 EPS for the current year.

Insider Buying and Selling at Lovesac

In other Lovesac news, CEO Shawn David Nelson sold 18,988 shares of the firm’s stock in a transaction dated Thursday, June 20th. The shares were sold at an average price of $23.33, for a total value of $442,990.04. Following the completion of the transaction, the chief executive officer now directly owns 165,855 shares in the company, valued at $3,869,397.15. The sale was disclosed in a filing with the SEC, which is accessible through this link. 12.33% of the stock is owned by corporate insiders.

Institutional Trading of Lovesac

Several hedge funds and other institutional investors have recently modified their holdings of LOVE. Price T Rowe Associates Inc. MD grew its stake in Lovesac by 8.2% in 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. Russell Investments Group Ltd. increased its stake in shares of Lovesac by 12.8% during the 1st quarter. Russell Investments Group Ltd. now owns 13,966 shares of the company’s stock worth $316,000 after purchasing an additional 1,584 shares during the last quarter. EntryPoint Capital LLC bought a new position in shares of Lovesac during the 1st quarter valued at $39,000. Meeder Asset Management Inc. acquired a new stake in shares of Lovesac in the 2nd quarter valued at $43,000. Finally, Rhumbline Advisers lifted its stake in shares of Lovesac by 12.4% in the 2nd quarter. Rhumbline Advisers now owns 22,199 shares of the company’s stock valued at $501,000 after purchasing an additional 2,449 shares during the last quarter. Institutional investors and hedge funds 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.