Lovesac (LOVE) Sets New 12-Month High Following Analyst Upgrade

Lovesac Co (NASDAQ:LOVE)’s share price reached a new 52-week high during trading on Monday after Canaccord Genuity raised their price target on the stock from $30.00 to $36.00. Canaccord Genuity currently has a buy rating on the stock. Lovesac traded as high as $30.36 and last traded at $29.26, with a volume of 10801 shares traded. The stock had previously closed at $27.40.

Separately, Zacks Investment Research raised shares of Lovesac from a “sell” rating to a “hold” rating in a research report on Saturday, November 10th.

In related news, Director Satori Capital, Llc sold 47,850 shares of the stock in a transaction on Thursday, November 15th. The stock was sold at an average price of $18.05, for a total value of $863,692.50. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink.

Several institutional investors have recently made changes to their positions in LOVE. Citigroup Inc. boosted its stake in Lovesac by 52.9% in the 4th quarter. Citigroup Inc. now owns 1,515 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the period. FNY Investment Advisers LLC boosted its stake in Lovesac by 499.3% in the 4th quarter. FNY Investment Advisers LLC now owns 2,553 shares of the company’s stock worth $58,000 after purchasing an additional 2,127 shares during the period. New York State Common Retirement Fund bought a new position in Lovesac in the 4th quarter worth about $128,000. Essex Investment Management Co. LLC bought a new position in Lovesac in the 4th quarter worth about $195,000. Finally, Bank of New York Mellon Corp bought a new position in Lovesac in the 4th quarter worth about $419,000. 31.51% of the stock is owned by hedge funds and other institutional investors.

Lovesac (NASDAQ:LOVE) last issued its earnings results on Tuesday, December 18th. The company reported ($0.15) EPS for the quarter, topping the consensus estimate of ($0.18) by $0.03. The company had revenue of $41.69 million during the quarter, compared to the consensus estimate of $36.64 million. On average, equities research analysts forecast that Lovesac Co will post -0.5 EPS for the current fiscal year.

COPYRIGHT VIOLATION NOTICE: This news story was originally reported by Markets Daily and is the property of of Markets Daily. If you are reading this news story on another website, it was illegally stolen and republished in violation of U.S. and international copyright and trademark legislation. The correct version of this news story can be read at https://www.themarketsdaily.com/2019/02/13/lovesac-love-sets-new-12-month-high-following-analyst-upgrade.html.

Lovesac Company Profile (NASDAQ:LOVE)

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.

Further Reading: Analyst Ratings Trading

Receive News & Ratings for Lovesac Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Lovesac and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply