Lovesac (NASDAQ:LOVE)‘s stock had its “buy” rating reissued by analysts at Stifel Nicolaus in a research note issued on Wednesday, AnalystRatings.com reports. They presently have a $32.00 price objective on the stock. Stifel Nicolaus’ price objective indicates a potential upside of 51.01% from the company’s current price.
The analysts wrote, “We are trimming our 2020 revenue by less than 1% as we shift revenue growth expectations from 3Q into 4Q on later timing of marketing initiatives and new showroom openings. The company supply chain transition is ahead of our expectation and should benefit gross margin progression into next year. We are lowering our PT on shares of LOVE to $32 from $38 on slightly lower revenue estimates and maintain our Buy rating.””
LOVE has been the topic of a number of other reports. Roth Capital reduced their price objective on shares of Lovesac from $47.00 to $37.00 and set a “buy” rating on the stock in a research note on Wednesday, September 4th. ValuEngine raised shares of Lovesac from a “hold” rating to a “buy” rating in a research report on Friday, August 23rd. Zacks Investment Research upgraded shares of Lovesac from a “strong sell” rating to a “hold” rating in a research note on Friday, August 9th. Canaccord Genuity set a $49.00 price target on Lovesac and gave the stock a “buy” rating in a research note on Wednesday, June 19th. Finally, Oppenheimer assumed coverage on Lovesac in a research report on Thursday, August 8th. They issued an “outperform” rating and a $30.00 target price for the company. One investment analyst has rated the stock with a hold rating and seven have given a buy rating to the company. The company presently has an average rating of “Buy” and a consensus price target of $39.86.
Lovesac (NASDAQ:LOVE) last released its quarterly earnings results on Wednesday, September 11th. The company reported ($0.31) earnings per share for the quarter, topping analysts’ consensus estimates of ($0.50) by $0.19. The business had revenue of $48.10 million during the quarter, compared to the consensus estimate of $47.78 million. Lovesac had a negative net margin of 5.62% and a negative return on equity of 8.59%. The company’s revenue was up 44.9% compared to the same quarter last year. On average, analysts anticipate that Lovesac will post -0.7 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Deutsche Bank AG boosted its position in shares of Lovesac by 5.2% in the 4th quarter. Deutsche Bank AG now owns 7,441 shares of the company’s stock valued at $170,000 after purchasing an additional 367 shares during the period. BNP Paribas Arbitrage SA raised its position in Lovesac by 1,264.4% during 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 in the last quarter. Spark Investment Management LLC grew its position in Lovesac by 212.3% in the first quarter. Spark Investment Management LLC now owns 90,569 shares of the company’s stock worth $2,518,000 after acquiring an additional 61,569 shares in the last quarter. Wasatch Advisors Inc. raised its holdings in Lovesac by 9.2% during the first quarter. Wasatch Advisors Inc. now owns 547,510 shares of the company’s stock valued at $15,226,000 after buying an additional 46,238 shares in the last quarter. Finally, EAM Global Investors LLC acquired a new stake in Lovesac in the 1st quarter worth approximately $1,379,000. 70.46% of the stock is owned by institutional investors.
Lovesac Company Profile
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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