Lovesac (NASDAQ:LOVE) Given a $49.00 Price Target by Canaccord Genuity Analysts

Canaccord Genuity set a $49.00 target price on Lovesac (NASDAQ:LOVE) in a report issued on Wednesday, TipRanks reports. The firm currently has a buy rating on the stock.

Several other analysts have also recently commented on the stock. Craig Hallum restated a buy rating and issued a $45.00 target price (up previously from $33.00) on shares of Lovesac in a research note on Wednesday, May 1st. Roth Capital raised their target price on shares of Lovesac from $28.00 to $33.00 in a research note on Wednesday, April 24th. DA Davidson started coverage on shares of Lovesac in a research note on Monday, April 1st. They issued a buy rating and a $38.00 target price for the company. Finally, Zacks Investment Research upgraded shares of Lovesac from a hold rating to a buy rating and set a $48.00 target price for the company in a research note on Saturday, May 4th. One investment analyst has rated the stock with a hold rating and four have given a buy rating to the company. The company currently has an average rating of Buy and an average target price of $42.60.

NASDAQ:LOVE traded down $0.70 during trading hours on Wednesday, reaching $30.60. 142,054 shares of the company’s stock were exchanged, compared to its average volume of 344,658. Lovesac has a 1-year low of $16.46 and a 1-year high of $46.79.

Lovesac (NASDAQ:LOVE) last issued its quarterly earnings results on Monday, June 10th. The company reported ($0.67) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.56) by ($0.11). The business had revenue of $40.96 million for the quarter, compared to analyst estimates of $40.66 million. Lovesac had a negative return on equity of 8.48% and a negative net margin of 5.62%. The company’s quarterly revenue was up 53.0% on a year-over-year basis. As a group, research analysts expect that Lovesac will post -0.57 earnings per share for the current fiscal year.

In related news, major shareholder Sac Acquisition Llc sold 1,457,255 shares of the firm’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $34.38, for a total value of $50,100,426.90. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Satori Capital, Llc sold 550,000 shares of the firm’s stock in a transaction dated Friday, May 24th. The shares were sold at an average price of $34.38, for a total transaction of $18,909,000.00. The disclosure for this sale can be found here. 54.70% of the stock is currently owned by company insiders.

Several hedge funds and other institutional investors have recently made changes to their positions in the stock. EAM Global Investors LLC bought a new stake in shares of Lovesac in the first quarter valued at approximately $1,379,000. Wasatch Advisors Inc. boosted its position in shares of Lovesac by 9.2% in the first quarter. Wasatch Advisors Inc. now owns 547,510 shares of the company’s stock valued at $15,226,000 after acquiring an additional 46,238 shares during the period. Spark Investment Management LLC boosted its position in shares of Lovesac by 212.3% in the first quarter. Spark Investment Management LLC now owns 90,569 shares of the company’s stock valued at $2,518,000 after acquiring an additional 61,569 shares during the period. Skylands Capital LLC boosted its position in shares of Lovesac by 15.8% in the first quarter. Skylands Capital LLC now owns 135,600 shares of the company’s stock valued at $3,771,000 after acquiring an additional 18,550 shares during the period. Finally, BNP Paribas Arbitrage SA boosted its position in shares of Lovesac by 1,264.4% in the first quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock valued at $33,000 after acquiring an additional 1,100 shares during the period. Hedge funds and other institutional investors own 51.27% of the company’s stock.

About Lovesac

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans.

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