Lovesac (NASDAQ:LOVE) Sets New 1-Year High on Analyst Upgrade

The Lovesac Company (NASDAQ:LOVE)’s share price hit a new 52-week high during trading 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.

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

Insider Activity at Lovesac

In other Lovesac news, Director Albert Jack Krause sold 10,000 shares of the company’s stock in a transaction dated Thursday, October 3rd. The shares were sold at an average price of $26.22, for a total value of $262,200.00. Following the completion of the transaction, the director now owns 177,849 shares in the company, valued at approximately $4,663,200.78. This represents a 5.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 12.33% of the stock is currently owned by insiders.

Institutional Trading of Lovesac

Institutional investors and hedge funds have recently modified their holdings of the stock. Senvest Management LLC grew its stake in shares of Lovesac by 47.3% in the 3rd quarter. Senvest Management LLC now owns 943,022 shares of the company’s stock valued at $27,018,000 after buying an additional 302,643 shares during the period. Marshall Wace LLP acquired a new stake in shares of Lovesac in the 2nd quarter valued at $4,328,000. Roubaix Capital LLC acquired a new stake in shares of Lovesac in the 3rd quarter valued at $4,520,000. American Century Companies Inc. raised its holdings in shares of Lovesac by 78.6% in the 2nd quarter. American Century Companies Inc. now owns 291,579 shares of the company’s stock valued at $6,584,000 after purchasing an additional 128,285 shares in the last quarter. Finally, Anson Funds Management LP grew its position in shares of Lovesac by 13.9% in the 3rd quarter. Anson Funds Management LP now owns 814,363 shares of the company’s stock valued at $23,332,000 after buying an additional 99,651 shares during the last quarter. Hedge funds and other institutional investors own 91.32% of the company’s stock.

Lovesac Stock Performance

The stock’s 50-day moving average is $28.21 and its 200 day moving average is $26.09. The stock has a market capitalization of $513.95 million, a PE ratio of 64.77, a P/E/G ratio of 0.82 and a beta of 2.91.

Lovesac (NASDAQ:LOVE) last released its earnings results on Thursday, September 12th. The company reported ($0.38) EPS for the quarter, topping the consensus estimate of ($0.46) by $0.08. The company had revenue of $156.59 million during the quarter, compared to analysts’ expectations of $154.01 million. Lovesac had a net margin of 1.41% and a return on equity of 4.83%. Analysts expect that The Lovesac Company will post 1.09 earnings per share 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.