Lovesac (NASDAQ:LOVE) Upgraded to Hold at Wall Street Zen

Lovesac (NASDAQ:LOVE - Get Free Report) was upgraded by analysts at Wall Street Zen from a "sell" rating to a "hold" rating in a report released on Saturday.

A number of other brokerages also recently commented on LOVE. Canaccord Genuity Group decreased their price target on Lovesac from $45.00 to $30.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Oppenheimer reaffirmed an "outperform" rating and set a $35.00 price target on shares of Lovesac in a research note on Friday, April 11th. DA Davidson dropped their price target on Lovesac from $35.00 to $24.00 and set a "buy" rating for the company in a research note on Friday, April 11th. Finally, Roth Mkm lifted their price objective on Lovesac from $22.00 to $28.00 and gave the stock a "buy" rating in a report on Friday, April 11th. One equities research analyst has rated the stock with a hold rating and five have issued a buy rating to the company. According to data from MarketBeat, Lovesac currently has a consensus rating of "Moderate Buy" and an average target price of $30.40.

Lovesac Price Performance

Shares of NASDAQ:LOVE traded down $0.43 during midday trading on Friday, reaching $17.65. The company's stock had a trading volume of 105,357 shares, compared to its average volume of 385,040. The business's fifty day simple moving average is $19.19 and its 200-day simple moving average is $20.41. The company has a market capitalization of $256.81 million, a P/E ratio of 25.35, a P/E/G ratio of 0.58 and a beta of 2.24. Lovesac has a fifty-two week low of $12.12 and a fifty-two week high of $39.49.

Lovesac (NASDAQ:LOVE - Get Free Report) last posted its quarterly earnings results on Thursday, June 12th. The company reported ($0.73) earnings per share for the quarter, topping the consensus estimate of ($0.81) by $0.08. The firm had revenue of $138.37 million for the quarter, compared to analyst estimates of $137.20 million. Lovesac had a return on equity of 6.70% and a net margin of 1.99%. The business's quarterly revenue was up 4.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned ($0.83) EPS. On average, analysts forecast that Lovesac will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Lovesac

In related news, Director Walter Field Mclallen purchased 1,950 shares of the company's stock in a transaction dated Friday, June 20th. The shares were purchased at an average cost of $18.08 per share, with a total value of $35,256.00. Following the transaction, the director directly owned 40,000 shares in the company, valued at $723,200. This trade represents a 5.12% increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.33% of the company's stock.

Hedge Funds Weigh In On Lovesac

Hedge funds and other institutional investors have recently modified their holdings of the company. Empowered Funds LLC increased its stake in Lovesac by 8.1% in the 1st quarter. Empowered Funds LLC now owns 55,925 shares of the company's stock worth $1,017,000 after buying an additional 4,200 shares in the last quarter. Millennium Management LLC boosted its holdings in shares of Lovesac by 344.8% during the 1st quarter. Millennium Management LLC now owns 302,291 shares of the company's stock valued at $5,496,000 after purchasing an additional 234,324 shares during the last quarter. Invenomic Capital Management LP bought a new position in shares of Lovesac during the 1st quarter valued at about $2,143,000. Jacobs Levy Equity Management Inc. bought a new position in shares of Lovesac during the 1st quarter valued at about $675,000. Finally, AQR Capital Management LLC boosted its holdings in shares of Lovesac by 391.8% during the 1st quarter. AQR Capital Management LLC now owns 111,727 shares of the company's stock valued at $2,031,000 after purchasing an additional 89,007 shares during the last quarter. 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.