Lovesac (NASDAQ:LOVE) Trading 3.4% Higher – Still a Buy?

The Lovesac Company (NASDAQ:LOVE)’s share price rose 3.4% during trading on Monday . The stock traded as high as $11.05 and last traded at $10.99. Approximately 160,901 shares changed hands during mid-day trading, a decline of 15% from the average session volume of 188,204 shares. The stock had previously closed at $10.63.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the stock. Weiss Ratings restated a “sell (d)” rating on shares of Lovesac in a report on Monday, December 29th. Canaccord Genuity Group cut their price target on shares of Lovesac from $30.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday, December 12th. DA Davidson reduced their price target on shares of Lovesac from $24.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, December 11th. Wall Street Zen downgraded shares of Lovesac from a “hold” rating to a “strong sell” rating in a research note on Saturday, December 13th. Finally, Maxim Group set a $26.00 target price on Lovesac in a research report on Friday, December 12th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Lovesac presently has a consensus rating of “Moderate Buy” and an average price target of $26.20.

Lovesac Trading Down 3.1%

The business’s fifty day moving average price is $13.42 and its 200 day moving average price is $14.55. The firm has a market capitalization of $156.40 million, a price-to-earnings ratio of 46.52, a PEG ratio of 0.35 and a beta of 2.35.

Institutional Investors Weigh In On Lovesac

Hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC grew its holdings in shares of Lovesac by 139.5% during the fourth quarter. Corient Private Wealth LLC now owns 279,087 shares of the company’s stock worth $4,117,000 after buying an additional 162,580 shares during the last quarter. Invesco Ltd. raised its stake in Lovesac by 32.3% during the 4th quarter. Invesco Ltd. now owns 73,880 shares of the company’s stock valued at $1,090,000 after acquiring an additional 18,027 shares during the last quarter. Empowered Funds LLC lifted its position in Lovesac by 10.8% during the 4th quarter. Empowered Funds LLC now owns 76,547 shares of the company’s stock worth $1,129,000 after acquiring an additional 7,483 shares during the period. XTX Topco Ltd purchased a new position in shares of Lovesac in the 4th quarter valued at approximately $149,000. Finally, Millennium Management LLC grew its stake in shares of Lovesac by 378.9% in the 4th quarter. Millennium Management LLC now owns 327,477 shares of the company’s stock valued at $4,830,000 after purchasing an additional 259,097 shares during the last quarter. Institutional investors and hedge funds own 91.32% of the company’s stock.

Lovesac Company Profile

Lovesac, trading on NASDAQ under the symbol LOVE, is an American furniture company known for its modular seating systems and distinctive foam-filled “Sacs.” Founded in 1995 by Shawn Nelson, the company has built a reputation for innovative design that emphasizes comfort, durability and adaptability. Its core offerings include Sactionals—customizable sectional sofas assembled from individual “Sactional” cubes—and the original Lovesac Sacs, large fabric-covered bean bag chairs available in a variety of sizes and materials.

In addition to seating solutions, Lovesac has expanded into home entertainment products with the introduction of the Stage, a modular soundbar system designed to integrate seamlessly with Sactionals.