Lovesac (NASDAQ:LOVE) Earns Buy Rating from Analysts at Maxim Group

Analysts at Maxim Group initiated coverage on shares of Lovesac (NASDAQ:LOVE) in a note issued to investors on Wednesday, Marketbeat.com reports. The firm set a “buy” rating and a $36.00 price target on the stock. Maxim Group’s price target would indicate a potential upside of 77.25% from the stock’s current price.

Other analysts have also recently issued research reports about the stock. Roth Mkm reiterated a “buy” rating and set a $34.00 price target on shares of Lovesac in a research note on Wednesday, April 10th. Canaccord Genuity Group decreased their price target on shares of Lovesac from $44.00 to $36.00 and set a “buy” rating for the company in a research note on Friday, April 12th.

Lovesac Trading Up 5.0 %

Shares of NASDAQ LOVE traded up $0.96 during mid-day trading on Wednesday, reaching $20.31. The company had a trading volume of 298,876 shares, compared to its average volume of 287,421. The firm has a 50 day simple moving average of $22.72 and a two-hundred day simple moving average of $21.76. The stock has a market cap of $314.60 million, a P/E ratio of 14.51, a PEG ratio of 0.41 and a beta of 2.87. Lovesac has a 52-week low of $14.18 and a 52-week high of $30.93.

Lovesac (NASDAQ:LOVE) last issued its quarterly earnings results on Thursday, April 11th. The company reported $1.87 earnings per share for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.06). The business had revenue of $250.00 million for the quarter, compared to analyst estimates of $265.35 million. Lovesac had a return on equity of 12.19% and a net margin of 3.39%. The firm’s revenue for the quarter was up 4.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.74 EPS. On average, equities analysts expect that Lovesac will post 1.3 EPS for the current year.

Insider Transactions at Lovesac

In other news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction on Friday, March 15th. The shares were sold at an average price of $22.44, for a total value of $134,640.00. Following the completion of the sale, the chief executive officer now owns 179,970 shares in the company, valued at approximately $4,038,526.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 12.09% of the company’s stock.

Hedge Funds Weigh In On Lovesac

Institutional investors and hedge funds have recently modified their holdings of the company. Captrust Financial Advisors grew its position in shares of Lovesac by 110.6% in the first quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock valued at $31,000 after purchasing an additional 303 shares during the period. Citigroup Inc. boosted its holdings in Lovesac by 32.6% in the first quarter. Citigroup Inc. now owns 2,339 shares of the company’s stock valued at $68,000 after acquiring an additional 575 shares during the last quarter. Royal Bank of Canada boosted its holdings in Lovesac by 230.0% in the second quarter. Royal Bank of Canada now owns 2,627 shares of the company’s stock valued at $70,000 after acquiring an additional 1,831 shares during the last quarter. State of Wyoming lifted its stake in shares of Lovesac by 338.3% during the fourth quarter. State of Wyoming now owns 3,651 shares of the company’s stock worth $80,000 after purchasing an additional 2,818 shares in the last quarter. Finally, Tower Research Capital LLC TRC lifted its stake in shares of Lovesac by 567.0% during the third quarter. Tower Research Capital LLC TRC now owns 3,675 shares of the company’s stock worth $73,000 after purchasing an additional 3,124 shares in the last quarter. Hedge funds and other institutional investors own 91.32% of the company’s stock.

Lovesac Company Profile

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.