Lovesac (NASDAQ:LOVE) Given New $35.00 Price Target at Oppenheimer

Lovesac (NASDAQ:LOVE) had its target price lowered by Oppenheimer from $60.00 to $35.00 in a research note issued to investors on Wednesday, Benzinga reports. Oppenheimer currently has an outperform rating on the stock.

Other equities research analysts have also recently issued reports about the company. Canaccord Genuity Group reduced their target price on Lovesac from $44.00 to $36.00 and set a buy rating on the stock in a report on Friday, April 12th. Roth Mkm reiterated a buy rating and set a $34.00 target price on shares of Lovesac in a research report on Wednesday, April 10th. Finally, Maxim Group assumed coverage on shares of Lovesac in a research report on Wednesday, April 17th. They issued a buy rating and a $36.00 price target on the stock.

Lovesac Price Performance

LOVE stock opened at $22.03 on Wednesday. Lovesac has a 1-year low of $14.18 and a 1-year high of $29.81. The business has a 50 day simple moving average of $22.14 and a two-hundred day simple moving average of $22.03. The company has a market capitalization of $341.24 million, a price-to-earnings ratio of 15.74, a PEG ratio of 0.49 and a beta of 2.78.

Lovesac (NASDAQ:LOVE) last issued its 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 company had revenue of $250.00 million for the quarter, compared to the consensus estimate of $265.35 million. Lovesac had a return on equity of 12.19% and a net margin of 3.39%. Lovesac’s revenue was up 4.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.74 EPS. Sell-side analysts anticipate that Lovesac will post 1.3 EPS for the current fiscal year.

Insider Activity

In other news, CEO Shawn David Nelson sold 6,000 shares of the business’s stock in a transaction that occurred on Friday, March 15th. The stock was sold at an average price of $22.44, for a total transaction of $134,640.00. Following the transaction, the chief executive officer now owns 179,970 shares of the company’s stock, valued at approximately $4,038,526.80. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, Director Andrew R. Heyer acquired 3,856 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was acquired at an average price of $18.76 per share, with a total value of $72,338.56. Following the completion of the purchase, the director now directly owns 3,856 shares in the company, valued at $72,338.56. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shawn David Nelson sold 6,000 shares of the company’s stock in a transaction that occurred 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 transaction, the chief executive officer now directly owns 179,970 shares in the company, valued at approximately $4,038,526.80. The disclosure for this sale can be found here. Corporate insiders own 12.09% of the company’s stock.

Institutional Investors Weigh In On Lovesac

A number of institutional investors and hedge funds have recently modified their holdings of the business. Byrne Asset Management LLC increased its stake in Lovesac by 515.4% in the first quarter. Byrne Asset Management LLC now owns 3,200 shares of the company’s stock worth $72,000 after purchasing an additional 2,680 shares during the period. Virtu Financial LLC purchased a new position in Lovesac in the 4th quarter worth about $340,000. CastleKnight Management LP boosted its position in Lovesac by 251.3% in the 4th quarter. CastleKnight Management LP now owns 40,400 shares of the company’s stock valued at $1,032,000 after buying an additional 28,900 shares during the period. Premier Fund Managers Ltd purchased a new position in shares of Lovesac during the fourth quarter worth approximately $350,000. Finally, Halter Ferguson Financial Inc. bought a new stake in shares of Lovesac during the fourth quarter valued at approximately $5,160,000. 91.32% of the stock is owned by institutional investors.

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.