Lovesac Co (NASDAQ:LOVE) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 3,190,000 shares, a growth of 20.4% from the September 30th total of 2,650,000 shares. Currently, 33.8% of the company’s shares are sold short. Based on an average daily trading volume, of 312,300 shares, the short-interest ratio is presently 10.2 days.
Shares of NASDAQ:LOVE traded down $0.47 during midday trading on Thursday, hitting $13.25. The company had a trading volume of 286,900 shares, compared to its average volume of 204,000. Lovesac has a 12 month low of $13.18 and a 12 month high of $46.79. The firm has a fifty day simple moving average of $17.26 and a 200 day simple moving average of $25.03.
Lovesac (NASDAQ:LOVE) last posted its quarterly earnings results on Wednesday, September 11th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.20. Lovesac had a negative return on equity of 9.23% and a negative net margin of 4.06%. The business had revenue of $48.10 million for the quarter, compared to analyst estimates of $47.78 million. Lovesac’s quarterly revenue was up 44.9% compared to the same quarter last year. As a group, equities research analysts expect that Lovesac will post -0.64 earnings per share for the current year.
A number of research analysts have commented on LOVE shares. Oppenheimer started coverage on Lovesac in a research report on Thursday, August 8th. They issued an “outperform” rating and a $30.00 price objective on the stock. Zacks Investment Research lowered Lovesac from a “buy” rating to a “hold” rating in a research report on Wednesday. Roth Capital reduced their price target on Lovesac from $47.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. ValuEngine upgraded Lovesac from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Canaccord Genuity restated a “buy” rating and issued a $33.00 price target on shares of Lovesac in a research report on Tuesday, September 17th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Lovesac currently has a consensus rating of “Buy” and a consensus price target of $34.00.
Lovesac Company Profile
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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