Canaccord Genuity Group Cuts Lovesac (NASDAQ:LOVE) Price Target to $36.00

Lovesac (NASDAQ:LOVE - Get Free Report) had its target price cut by investment analysts at Canaccord Genuity Group from $44.00 to $36.00 in a research note issued on Friday, Benzinga reports. The brokerage presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective would indicate a potential upside of 84.52% from the company's previous close.

Separately, Roth Mkm restated a "buy" rating and issued a $34.00 price target on shares of Lovesac in a report on Wednesday.

Lovesac Trading Down 5.9 %

Shares of Lovesac stock traded down $1.22 during mid-day trading on Friday, hitting $19.51. 854,605 shares of the stock were exchanged, compared to its average volume of 282,217. Lovesac has a twelve month low of $14.18 and a twelve month high of $30.93. The stock has a market capitalization of $302.21 million, a price-to-earnings ratio of 15.36, a price-to-earnings-growth ratio of 0.30 and a beta of 2.87. The company has a 50-day simple moving average of $22.89 and a 200 day simple moving average of $21.73.

Lovesac (NASDAQ:LOVE - Get Free Report) last announced its quarterly earnings data 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 for the quarter, compared to analysts' expectations of $265.35 million. Lovesac had a return on equity of 10.83% and a net margin of 2.97%. The company's revenue was up 4.8% on a year-over-year basis. During the same quarter in the previous year, the company earned $1.74 earnings per share. Equities research analysts forecast that Lovesac will post 1.5 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Lovesac news, CEO Shawn David Nelson sold 6,000 shares of the firm's stock in a transaction on Friday, March 15th. The stock was sold at an average price of $22.44, for a total value of $134,640.00. Following the sale, the chief executive officer now directly owns 179,970 shares in the company, valued at $4,038,526.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 12.09% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lovesac

Hedge funds and other institutional investors have recently modified their holdings of the stock. Captrust Financial Advisors raised its position in Lovesac by 110.6% in the first quarter. Captrust Financial Advisors now owns 577 shares of the company's stock worth $31,000 after acquiring an additional 303 shares in the last quarter. Citigroup Inc. raised its position in Lovesac by 32.6% in the first quarter. Citigroup Inc. now owns 2,339 shares of the company's stock worth $68,000 after acquiring an additional 575 shares in the last quarter. Royal Bank of Canada raised its position in Lovesac by 230.0% in the second quarter. Royal Bank of Canada now owns 2,627 shares of the company's stock worth $70,000 after acquiring an additional 1,831 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Lovesac by 567.0% in the third quarter. Tower Research Capital LLC TRC now owns 3,675 shares of the company's stock worth $73,000 after acquiring an additional 3,124 shares in the last quarter. Finally, State of Wyoming raised its position in Lovesac by 338.3% in the fourth quarter. State of Wyoming now owns 3,651 shares of the company's stock worth $80,000 after acquiring an additional 2,818 shares in the last quarter. 91.32% of the stock is currently owned by institutional investors.

About Lovesac

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 lovesac.com website, as well as showrooms at top tier malls, lifestyle centers, mobile concierges, kiosks, and street locations in 40 states of the United States; and in store pop-up- shops and shop-in-shops.