Lovesac (LOVE) Downgraded to Sell at Zacks Investment Research
Zacks Investment Research downgraded shares of Lovesac (NASDAQ:LOVE) from a hold rating to a sell rating in a research report report published on Thursday.
According to Zacks, “The Lovesac Company retails home furnishing products. The Company offers alternative furniture store, sectionals, bean bags, bean bag chairs as well as other accessories such as blankets, footsacs and throw pillows. Its registered trademark consists of Lovesac(R), Sac(R) and Sactionals(R). The Lovesac Company is based in Stamford, Connecticut. “
Separately, Canaccord Genuity increased their target price on shares of Lovesac from $27.00 to $30.00 and gave the stock a buy rating in a research note on Wednesday, December 19th.
Lovesac (NASDAQ:LOVE) last issued its earnings results on Tuesday, December 18th. The company reported ($0.15) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.18) by $0.03. The company had revenue of $41.69 million for the quarter, compared to the consensus estimate of $36.64 million. Equities research analysts predict that Lovesac will post -0.5 earnings per share for the current fiscal year.
In other Lovesac news, major shareholder Sac Acquisition Llc sold 583,756 shares of the firm’s stock in a transaction on Wednesday, October 31st. The shares were sold at an average price of $18.05, for a total value of $10,536,795.80. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Satori Capital, Llc sold 435,000 shares of the firm’s stock in a transaction on Wednesday, October 31st. The shares were sold at an average price of $18.05, for a total transaction of $7,851,750.00. The disclosure for this sale can be found here. Insiders sold 1,066,606 shares of company stock worth $19,252,238 over the last ninety days.
Institutional investors have recently added to or reduced their stakes in the business. Russell Investments Group Ltd. lifted its stake in shares of Lovesac by 20.2% in the third quarter. Russell Investments Group Ltd. now owns 86,473 shares of the company’s stock valued at $2,165,000 after buying an additional 14,538 shares in the last quarter. Eidelman Virant Capital bought a new position in shares of Lovesac during the third quarter valued at about $749,000. Granahan Investment Management Inc. MA bought a new position in shares of Lovesac during the second quarter valued at about $667,000. Janus Henderson Group PLC bought a new position in shares of Lovesac during the second quarter valued at about $4,428,000. Finally, Royce & Associates LP lifted its position in shares of Lovesac by 37.0% during the third quarter. Royce & Associates LP now owns 222,200 shares of the company’s stock valued at $5,551,000 after purchasing an additional 60,033 shares in the last quarter. 31.74% of the stock is currently owned by hedge funds and other institutional investors.
Lovesac Company Profile
The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. 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.
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