Lovesac (NASDAQ:LOVE) Trading 3.4% Higher – Here’s What Happened

The Lovesac Company (NASDAQ:LOVE)’s share price traded up 3.4% during mid-day trading on Monday . The company traded as high as $11.05 and last traded at $10.99. 160,901 shares were traded during mid-day trading, a decline of 15% from the average session volume of 188,204 shares. The stock had previously closed at $10.63.

Analysts Set New Price Targets

LOVE has been the subject of a number of analyst reports. DA Davidson decreased their target price on shares of Lovesac from $24.00 to $18.00 and set a “buy” rating for the company in a research report on Thursday, December 11th. Wall Street Zen lowered shares of Lovesac from a “hold” rating to a “strong sell” rating in a report on Saturday, December 13th. Canaccord Genuity Group reduced their price target on Lovesac from $30.00 to $24.00 and set a “buy” rating on the stock in a research report on Friday, December 12th. Weiss Ratings reiterated a “sell (d)” rating on shares of Lovesac in a report on Monday, December 29th. Finally, Maxim Group set a $26.00 price objective on Lovesac in a research report on Friday, December 12th. Five equities research analysts have rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat, Lovesac presently has an average rating of “Moderate Buy” and an average target price of $26.20.

Lovesac Price Performance

The stock has a market cap of $160.67 million, a price-to-earnings ratio of 47.78, a P/E/G ratio of 0.34 and a beta of 2.35. The company’s fifty day moving average price is $13.50 and its 200-day moving average price is $14.61.

Lovesac (NASDAQ:LOVE) last released its earnings results on Thursday, December 11th. The company reported ($0.72) EPS for the quarter, missing analysts’ consensus estimates of ($0.70) by ($0.02). Lovesac had a return on equity of 3.61% and a net margin of 1.05%.The company had revenue of $150.17 million during the quarter, compared to analyst estimates of $154.17 million. During the same quarter last year, the business earned ($0.32) earnings per share. The firm’s revenue for the quarter was up .2% on a year-over-year basis. On average, sell-side analysts forecast that The Lovesac Company will post 0.39 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lovesac

Institutional investors and hedge funds have recently made changes to their positions in the stock. Corient Private Wealth LLC purchased a new position in Lovesac in the 2nd quarter worth $2,024,000. Isthmus Partners LLC purchased a new stake in Lovesac during the 3rd quarter valued at about $2,348,000. Hood River Capital Management LLC grew its stake in Lovesac by 17.4% during the 2nd quarter. Hood River Capital Management LLC now owns 989,117 shares of the company’s stock valued at $18,002,000 after purchasing an additional 146,911 shares during the last quarter. Divisadero Street Capital Management LP acquired a new position in shares of Lovesac in the second quarter valued at about $694,000. Finally, AWM Investment Company Inc. increased its holdings in shares of Lovesac by 7.2% in the second quarter. AWM Investment Company Inc. now owns 730,960 shares of the company’s stock valued at $13,303,000 after purchasing an additional 49,219 shares during the period. 91.32% of the stock is currently owned by institutional investors and hedge funds.

Lovesac Company Profile

Lovesac, trading on NASDAQ under the symbol LOVE, is an American furniture company known for its modular seating systems and distinctive foam-filled “Sacs.” Founded in 1995 by Shawn Nelson, the company has built a reputation for innovative design that emphasizes comfort, durability and adaptability. Its core offerings include Sactionals—customizable sectional sofas assembled from individual “Sactional” cubes—and the original Lovesac Sacs, large fabric-covered bean bag chairs available in a variety of sizes and materials.

In addition to seating solutions, Lovesac has expanded into home entertainment products with the introduction of the Stage, a modular soundbar system designed to integrate seamlessly with Sactionals.