Lovesac (NASDAQ:LOVE) Given New $124.00 Price Target at DA Davidson

Lovesac (NASDAQ:LOVEGet Rating) had its target price reduced by investment analysts at DA Davidson from $135.00 to $124.00 in a research note issued to investors on Wednesday, The Fly reports. DA Davidson’s price target suggests a potential upside of 256.01% from the company’s current price.

LOVE has been the subject of several other reports. BTIG Research upped their price objective on shares of Lovesac from $113.00 to $118.00 and gave the company a “buy” rating in a research note on Wednesday, March 30th. Zacks Investment Research downgraded shares of Lovesac from a “strong-buy” rating to a “hold” rating in a research note on Wednesday. One investment analyst has rated the stock with a hold rating and seven have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus target price of $102.88.

Lovesac stock opened at $34.83 on Wednesday. The company has a market capitalization of $526.98 million, a PE ratio of 12.22, a P/E/G ratio of 0.31 and a beta of 2.43. The firm has a fifty day simple moving average of $43.36 and a two-hundred day simple moving average of $51.79. Lovesac has a twelve month low of $26.05 and a twelve month high of $95.51.

Lovesac (NASDAQ:LOVEGet Rating) last issued its quarterly earnings data on Tuesday, March 29th. The company reported $1.01 EPS for the quarter, beating the consensus estimate of $0.54 by $0.47. The firm had revenue of $196.20 million during the quarter, compared to the consensus estimate of $174.34 million. Lovesac had a net margin of 9.21% and a return on equity of 23.39%. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. During the same period in the prior year, the firm posted $1.37 earnings per share. As a group, analysts predict that Lovesac will post 3.16 earnings per share for the current year.

In other Lovesac news, Director Shirley Romig sold 2,300 shares of the company’s stock in a transaction dated Tuesday, April 12th. The shares were sold at an average price of $49.38, for a total value of $113,574.00. Following the sale, the director now owns 5,816 shares in the company, valued at $287,194.08. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, CEO Shawn David Nelson sold 7,000 shares of the company’s stock in a transaction dated Tuesday, April 5th. The stock was sold at an average price of $49.43, for a total transaction of $346,010.00. Following the completion of the sale, the chief executive officer now owns 151,623 shares in the company, valued at approximately $7,494,724.89. The disclosure for this sale can be found here. 8.66% of the stock is owned by insiders.

A number of institutional investors and hedge funds have recently made changes to their positions in LOVE. Hood River Capital Management LLC grew its holdings in Lovesac by 101.3% in the first quarter. Hood River Capital Management LLC now owns 821,468 shares of the company’s stock worth $44,409,000 after purchasing an additional 413,458 shares during the period. Marshall Wace LLP purchased a new stake in Lovesac in the fourth quarter worth about $21,233,000. Alliancebernstein L.P. grew its holdings in shares of Lovesac by 18.6% during the fourth quarter. Alliancebernstein L.P. now owns 1,502,883 shares of the company’s stock valued at $99,581,000 after buying an additional 235,220 shares during the last quarter. Wasatch Advisors Inc. grew its holdings in shares of Lovesac by 29.0% during the first quarter. Wasatch Advisors Inc. now owns 1,014,661 shares of the company’s stock valued at $54,853,000 after buying an additional 228,148 shares during the last quarter. Finally, Granahan Investment Management LLC grew its holdings in shares of Lovesac by 25.0% during the first quarter. Granahan Investment Management LLC now owns 890,522 shares of the company’s stock valued at $48,142,000 after buying an additional 178,119 shares during the last quarter. Institutional investors and hedge funds own 97.12% of the company’s stock.

About Lovesac (Get Rating)

The Lovesac Company designs, manufactures, and sells furniture. 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. As of January 30, 2022, the company operated 146 showrooms.

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