Lovesac (NASDAQ:LOVE) Sets New 12-Month High on Analyst Upgrade

The Lovesac Company (NASDAQ:LOVE)’s share price hit a new 52-week high during trading on Tuesday after Roth Mkm raised their price target on the stock from $31.00 to $35.00. Roth Mkm currently has a buy rating on the stock. Lovesac traded as high as $32.56 and last traded at $32.55, with a volume of 88122 shares changing hands. The stock had previously closed at $31.65.

Other equities research analysts also recently issued reports about the company. Canaccord Genuity Group reiterated a “buy” rating and issued a $36.00 target price on shares of Lovesac in a research report on Friday, September 13th. Craig Hallum boosted their target price on Lovesac from $30.00 to $35.00 and gave the stock a “buy” rating in a research report on Friday, September 13th. Finally, DA Davidson reiterated a “buy” rating and issued a $32.00 target price on shares of Lovesac in a research report on Thursday, October 3rd. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average price target of $35.17.

Insiders Place Their Bets

In other Lovesac news, Director Albert Jack Krause sold 10,000 shares of the business’s stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $26.22, for a total transaction of $262,200.00. Following the sale, the director now directly owns 177,849 shares of the company’s stock, valued at $4,663,200.78. The trade was a 5.32 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. 12.33% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Lovesac

Several large investors have recently added to or reduced their stakes in LOVE. EntryPoint Capital LLC bought a new stake in Lovesac during the first quarter worth approximately $39,000. Meeder Asset Management Inc. bought a new position in shares of Lovesac during the second quarter valued at approximately $43,000. SG Americas Securities LLC bought a new position in shares of Lovesac during the third quarter valued at approximately $170,000. Quest Partners LLC grew its stake in shares of Lovesac by 797.6% during the second quarter. Quest Partners LLC now owns 8,572 shares of the company’s stock valued at $194,000 after buying an additional 7,617 shares during the last quarter. Finally, Price T Rowe Associates Inc. MD grew its stake in shares of Lovesac by 8.2% during the first quarter. Price T Rowe Associates Inc. MD now owns 9,633 shares of the company’s stock valued at $218,000 after buying an additional 726 shares during the last quarter. 91.32% of the stock is owned by institutional investors.

Lovesac Stock Up 2.2 %

The stock has a market cap of $503.52 million, a P/E ratio of 62.24, a PEG ratio of 0.82 and a beta of 2.91. The business has a 50 day moving average price of $27.97 and a 200 day moving average price of $26.03.

Lovesac (NASDAQ:LOVE) last released its earnings results on Thursday, September 12th. The company reported ($0.38) EPS for the quarter, beating analysts’ consensus estimates of ($0.46) by $0.08. The firm had revenue of $156.59 million for the quarter, compared to analysts’ expectations of $154.01 million. Lovesac had a return on equity of 4.83% and a net margin of 1.41%. On average, research analysts expect that The Lovesac Company will post 1.09 earnings per share for the current fiscal year.

About Lovesac

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.