Lovesac (NASDAQ:LOVE) Given New $36.00 Price Target at Canaccord Genuity Group

Lovesac (NASDAQ:LOVE) had its price target trimmed by Canaccord Genuity Group from $44.00 to $36.00 in a report released on Friday, Benzinga reports. The firm currently has a buy rating on the stock.

Separately, Roth Mkm reaffirmed a buy rating and set a $34.00 price target on shares of Lovesac in a research note on Wednesday, April 10th.

Lovesac Stock Down 3.6 %

NASDAQ LOVE opened at $18.80 on Friday. The stock has a market capitalization of $291.19 million, a P/E ratio of 13.43, a P/E/G ratio of 0.42 and a beta of 2.87. Lovesac has a 52-week low of $14.18 and a 52-week high of $30.93. The firm has a 50-day moving average price of $22.81 and a 200 day moving average price of $21.77.

Lovesac (NASDAQ:LOVE) last issued its earnings results on Thursday, April 11th. The company reported $1.87 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.06). The company had revenue of $250.00 million during the quarter, compared to analysts’ expectations of $265.35 million. Lovesac had a net margin of 3.39% and a return on equity of 12.19%. The company’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period last year, the business posted $1.74 earnings per share. On average, equities research analysts expect that Lovesac will post 1.33 earnings per share for the current fiscal year.

Insider Activity

In other Lovesac news, CEO Shawn David Nelson sold 6,000 shares of the business’s stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.44, for a total transaction of $134,640.00. Following the completion of the transaction, the chief executive officer now directly owns 179,970 shares of the company’s stock, valued at approximately $4,038,526.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 12.09% of the company’s stock.

Institutional Investors Weigh In On Lovesac

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. grew its position in Lovesac by 2.5% in the fourth quarter. Vanguard Group Inc. now owns 829,792 shares of the company’s stock worth $21,201,000 after acquiring an additional 20,300 shares in the last quarter. Virtu Financial LLC bought a new stake in Lovesac in the fourth quarter worth approximately $340,000. Price T Rowe Associates Inc. MD bought a new stake in Lovesac in the fourth quarter worth approximately $228,000. Barclays PLC grew its position in Lovesac by 264.3% in the fourth quarter. Barclays PLC now owns 22,626 shares of the company’s stock worth $578,000 after acquiring an additional 16,416 shares in the last quarter. Finally, Nuveen Asset Management LLC grew its position in Lovesac by 120.6% in the fourth quarter. Nuveen Asset Management LLC now owns 207,912 shares of the company’s stock worth $5,312,000 after acquiring an additional 113,676 shares in the last quarter. Institutional investors and hedge funds own 91.32% of the company’s stock.

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.