Canaccord Genuity Raises Lovesac (LOVE) Price Target to $36.00

Lovesac (NASDAQ:LOVE) had its price objective lifted by Canaccord Genuity from $30.00 to $36.00 in a research note issued on Monday, The Fly reports. The firm presently has a “buy” rating on the stock. Canaccord Genuity’s price objective suggests a potential upside of 26.27% from the company’s previous close.

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

Shares of NASDAQ LOVE traded down $0.44 during trading on Monday, reaching $28.51. The company had a trading volume of 611 shares, compared to its average volume of 82,800. Lovesac has a 12-month low of $16.46 and a 12-month high of $30.36.

Lovesac (NASDAQ:LOVE) last released its earnings results on Tuesday, December 18th. The company reported ($0.15) EPS for the quarter, topping analysts’ consensus estimates of ($0.18) by $0.03. The company had revenue of $41.69 million during the quarter, compared to analysts’ expectations of $36.64 million. As a group, equities analysts anticipate that Lovesac will post -0.5 earnings per share for the current year.

In other 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 legal filing with the SEC, which is available through this link.

Institutional investors have recently added to or reduced their stakes in the stock. FNY Investment Advisers LLC boosted its position in shares of Lovesac by 499.3% during the fourth quarter. FNY Investment Advisers LLC now owns 2,553 shares of the company’s stock valued at $58,000 after buying an additional 2,127 shares during the last quarter. New York State Common Retirement Fund purchased a new stake in shares of Lovesac during the fourth quarter valued at $128,000. Essex Investment Management Co. LLC purchased a new stake in shares of Lovesac during the fourth quarter valued at $195,000. Bank of New York Mellon Corp purchased a new stake in shares of Lovesac during the fourth quarter valued at $419,000. Finally, Eidelman Virant Capital purchased a new stake in shares of Lovesac during the third quarter valued at $749,000. 31.51% of the stock is currently owned by institutional investors.

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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