Lovesac (NASDAQ:LOVE) Shares Down 11%

Lovesac Co (NASDAQ:LOVE) shares were down 11% on Thursday . The company traded as low as $18.87 and last traded at $18.97, approximately 727,268 shares traded hands during mid-day trading. An increase of 314% from the average daily volume of 175,778 shares. The stock had previously closed at $21.31.

A number of equities analysts have weighed in on LOVE shares. Canaccord Genuity set a $49.00 price target on shares of Lovesac and gave the stock a “buy” rating in a research report on Wednesday, June 19th. Stifel Nicolaus restated a “buy” rating and set a $32.00 target price on shares of Lovesac in a research report on Wednesday. Zacks Investment Research upgraded shares of Lovesac from a “strong sell” rating to a “hold” rating in a research report on Friday, August 9th. ValuEngine upgraded shares of Lovesac from a “hold” rating to a “buy” rating in a research report on Friday, August 23rd. Finally, Roth Capital dropped their target price on shares of Lovesac from $47.00 to $37.00 and set a “buy” rating for the company in a research report on Wednesday, September 4th. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has a consensus rating of “Buy” and an average price target of $39.86.

The company has a fifty day moving average of $18.67 and a two-hundred day moving average of $28.66.

Lovesac (NASDAQ:LOVE) last issued its quarterly earnings results on Wednesday, September 11th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of ($0.51) by $0.20. Lovesac had a negative return on equity of 9.79% and a negative net margin of 4.06%. The company had revenue of $48.10 million during the quarter, compared to the consensus estimate of $47.78 million. Lovesac’s quarterly revenue was up 44.9% on a year-over-year basis. On average, analysts forecast that Lovesac Co will post -0.7 earnings per share for the current year.

Several institutional investors and hedge funds have recently made changes to their positions in LOVE. Deutsche Bank AG raised its stake in shares of Lovesac by 5.2% in the fourth quarter. Deutsche Bank AG now owns 7,441 shares of the company’s stock valued at $170,000 after acquiring an additional 367 shares during the period. BNP Paribas Arbitrage SA raised its stake in shares of Lovesac by 1,264.4% in the first quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock valued at $33,000 after acquiring an additional 1,100 shares during the period. Spark Investment Management LLC raised its stake in shares of Lovesac by 212.3% in the first quarter. Spark Investment Management LLC now owns 90,569 shares of the company’s stock valued at $2,518,000 after acquiring an additional 61,569 shares during the period. Wasatch Advisors Inc. raised its stake in shares of Lovesac by 9.2% in the first quarter. Wasatch Advisors Inc. now owns 547,510 shares of the company’s stock valued at $15,226,000 after acquiring an additional 46,238 shares during the period. Finally, EAM Global Investors LLC purchased a new stake in shares of Lovesac in the first quarter valued at $1,379,000. 70.46% of the stock is currently owned by institutional investors and hedge funds.

About Lovesac (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.

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