Lovesac (NASDAQ:LOVE) Earns Buy Rating from Analysts at Maxim Group

Equities research analysts at Maxim Group assumed coverage on shares of Lovesac (NASDAQ:LOVE) in a report issued on Wednesday, Marketbeat.com reports. The brokerage set a “buy” rating and a $36.00 price target on the stock. Maxim Group’s price target indicates a potential upside of 77.25% from the stock’s previous close.

Several other research analysts also recently weighed in on LOVE. Roth Mkm reiterated a “buy” rating and issued a $34.00 price target on shares of Lovesac in a research report on Wednesday, April 10th. Canaccord Genuity Group decreased their price objective on shares of Lovesac from $44.00 to $36.00 and set a “buy” rating on the stock in a research report on Friday, April 12th.

Lovesac Price Performance

LOVE stock traded up $0.96 during trading on Wednesday, reaching $20.31. The company had a trading volume of 298,876 shares, compared to its average volume of 287,421. Lovesac has a 52 week low of $14.18 and a 52 week high of $30.93. The company has a market cap of $314.60 million, a P/E ratio of 14.51, a PEG ratio of 0.41 and a beta of 2.87. The business has a 50 day moving average of $22.72 and a 200 day moving average of $21.76.

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

Insiders Place Their Bets

In related news, CEO Shawn David Nelson sold 6,000 shares of Lovesac stock in a transaction dated Friday, March 15th. The shares were sold at an average price of $22.44, for a total transaction of $134,640.00. Following the completion of the transaction, the chief executive officer now directly 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 available through the SEC website. Corporate insiders own 12.09% of the company’s stock.

Hedge Funds Weigh In On Lovesac

A number of large investors have recently made changes to their positions in the company. FMR LLC boosted its stake in shares of Lovesac by 11.2% during the 1st quarter. FMR LLC now owns 1,047,033 shares of the company’s stock worth $30,259,000 after purchasing an additional 105,827 shares during the period. BlackRock Inc. lifted its holdings in Lovesac by 6.1% during the 2nd quarter. BlackRock Inc. now owns 1,045,068 shares of the company’s stock valued at $28,165,000 after buying an additional 59,671 shares in the last quarter. Wasatch Advisors Inc. lifted its holdings in Lovesac by 29.0% during the 1st 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 in the last quarter. Wasatch Advisors LP raised its holdings in shares of Lovesac by 0.7% in the 1st quarter. Wasatch Advisors LP now owns 953,318 shares of the company’s stock valued at $27,551,000 after purchasing an additional 6,174 shares in the last quarter. Finally, Vanguard Group Inc. raised its holdings in shares of Lovesac by 2.5% in the 4th quarter. Vanguard Group Inc. now owns 829,792 shares of the company’s stock valued at $21,201,000 after purchasing an additional 20,300 shares in the last quarter. 91.32% of the stock is owned by hedge funds and other 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.