Lovesac (NASDAQ:LOVE) Price Target Lowered to $35.00 at Oppenheimer

Lovesac (NASDAQ:LOVE) had its price target trimmed by Oppenheimer from $60.00 to $35.00 in a report published on Wednesday, Benzinga reports. The firm currently has an outperform rating on the stock.

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

Lovesac Stock Up 4.9 %

Lovesac stock opened at $23.38 on Wednesday. The company has a market capitalization of $362.16 million, a P/E ratio of 16.70, a PEG ratio of 0.48 and a beta of 2.78. The stock’s 50 day moving average is $22.15 and its 200 day moving average is $22.07. Lovesac has a twelve month low of $14.18 and a twelve month high of $29.81.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings results on Thursday, April 11th. The company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.06). The company had revenue of $250.00 million during the quarter, compared to analysts’ expectations of $265.35 million. Lovesac had a return on equity of 12.19% and a net margin of 3.39%. The business’s quarterly revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.74 EPS. As a group, equities analysts expect that Lovesac will post 1.3 EPS for the current year.

Insider Activity

In other news, CFO Keith R. Siegner purchased 4,800 shares of the stock in a transaction dated Friday, April 19th. The shares were purchased at an average cost of $20.80 per share, with a total value of $99,840.00. Following the acquisition, the chief financial officer now directly owns 4,800 shares of the company’s stock, valued at $99,840. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Keith R. Siegner bought 4,800 shares of the firm’s stock in a transaction that occurred on Friday, April 19th. The shares were bought at an average cost of $20.80 per share, with a total value of $99,840.00. Following the acquisition, the chief financial officer now owns 4,800 shares in the company, valued at $99,840. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Andrew R. Heyer acquired 3,856 shares of the stock in a transaction dated Tuesday, April 16th. The stock was acquired at an average price of $18.76 per share, for a total transaction of $72,338.56. Following the completion of the transaction, the director now directly owns 3,856 shares of the company’s stock, valued at $72,338.56. The disclosure for this purchase can be found here. Insiders own 12.09% of the company’s stock.

Institutional Investors Weigh In On Lovesac

Large investors have recently made changes to their positions in the company. Byrne Asset Management LLC increased its stake in Lovesac by 515.4% during the first quarter. Byrne Asset Management LLC now owns 3,200 shares of the company’s stock worth $72,000 after acquiring an additional 2,680 shares during the last quarter. Virtu Financial LLC bought a new position in shares of Lovesac during the 4th quarter valued at approximately $340,000. CastleKnight Management LP raised its holdings in Lovesac by 251.3% during 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 bought a new stake in Lovesac in the fourth quarter worth $350,000. Finally, Halter Ferguson Financial Inc. purchased a new position in Lovesac during the fourth quarter worth $5,160,000. 91.32% of the stock is owned by institutional investors.

Lovesac Company Profile

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.