Canaccord Genuity Group Has Lowered Expectations for Lovesac (NASDAQ:LOVE) Stock Price

Lovesac (NASDAQ:LOVE - Get Free Report) had its target price cut by equities researchers at Canaccord Genuity Group from $45.00 to $30.00 in a report released on Friday,Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective suggests a potential upside of 54.88% from the company's previous close.

Separately, DA Davidson restated a "buy" rating and issued a $35.00 price target on shares of Lovesac in a research note on Tuesday, March 25th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock presently has a consensus rating of "Buy" and a consensus target price of $31.67.

Lovesac Trading Down 0.6 %

LOVE stock traded down $0.12 during midday trading on Friday, reaching $19.37. 356,612 shares of the company's stock traded hands, compared to its average volume of 365,737. The stock's 50-day moving average is $18.77 and its 200 day moving average is $25.23. The stock has a market cap of $298.94 million, a P/E ratio of 56.97, a PEG ratio of 0.65 and a beta of 3.08. Lovesac has a 52-week low of $12.12 and a 52-week high of $39.49.

Lovesac (NASDAQ:LOVE - Get Free Report) last released its earnings results on Thursday, April 10th. The company reported $2.13 earnings per share for the quarter, beating the consensus estimate of $1.80 by $0.33. The company had revenue of $241.50 million for the quarter, compared to the consensus estimate of $230.33 million. Lovesac had a return on equity of 3.51% and a net margin of 1.04%. Lovesac's quarterly revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the business earned $1.87 earnings per share. As a group, research analysts expect that Lovesac will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling

In other 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 value of $789,900.00. Following the sale, the director now directly owns 147,849 shares in the company, valued at approximately $3,892,864.17. This trade represents a 16.87 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lovesac

Several institutional investors have recently bought and sold shares of LOVE. Voya Investment Management LLC purchased a new position in shares of Lovesac in the 4th quarter valued at approximately $7,354,000. SG Americas Securities LLC lifted its holdings in shares of Lovesac by 1,165.7% in the 1st quarter. SG Americas Securities LLC now owns 304,586 shares of the company's stock valued at $5,537,000 after buying an additional 280,522 shares during the period. AWM Investment Company Inc. boosted its stake in shares of Lovesac by 33.2% in the fourth quarter. AWM Investment Company Inc. now owns 681,741 shares of the company's stock worth $16,130,000 after buying an additional 170,045 shares during the last quarter. Senvest Management LLC grew its holdings in Lovesac by 17.4% during the fourth quarter. Senvest Management LLC now owns 1,106,767 shares of the company's stock worth $26,186,000 after acquiring an additional 163,745 shares during the period. Finally, Penn Capital Management Company LLC acquired a new position in Lovesac in the fourth quarter valued at approximately $3,722,000. 91.32% of the stock is currently owned by institutional investors and hedge funds.

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.