Lovesac (NASDAQ:LOVE) Given Buy Rating at Canaccord Genuity Group

Canaccord Genuity Group reiterated their buy rating on shares of Lovesac (NASDAQ:LOVE) in a research report released on Friday, Benzinga reports. The brokerage currently has a $36.00 price target on the stock.

Other equities analysts have also issued reports about the stock. Maxim Group assumed coverage on shares of Lovesac in a report on Wednesday, April 17th. They issued a buy rating and a $36.00 price objective on the stock. Oppenheimer decreased their price objective on shares of Lovesac from $60.00 to $35.00 and set an outperform rating on the stock in a report on Wednesday, May 1st. Finally, Roth Mkm restated a buy rating and issued a $30.00 price objective on shares of Lovesac in a report on Tuesday, June 11th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat, Lovesac currently has an average rating of Buy and a consensus price target of $34.20.

Lovesac Price Performance

NASDAQ:LOVE opened at $24.27 on Friday. The firm has a market capitalization of $377.35 million, a price-to-earnings ratio of 28.55, a PEG ratio of 0.64 and a beta of 2.86. The company’s 50-day moving average is $24.59 and its two-hundred day moving average is $24.09. Lovesac has a 1-year low of $14.18 and a 1-year high of $29.81.

Lovesac (NASDAQ:LOVE) last posted its earnings results on Thursday, June 13th. The company reported ($0.83) earnings per share for the quarter, beating the consensus estimate of ($0.99) by $0.16. The company had revenue of $132.64 million for the quarter, compared to analyst estimates of $128.20 million. Lovesac had a net margin of 2.17% and a return on equity of 7.55%. As a group, equities analysts anticipate that Lovesac will post 1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In other Lovesac news, Director Andrew R. Heyer bought 3,856 shares of the business’s stock in a transaction that occurred on Tuesday, April 16th. The shares were purchased at an average cost of $18.76 per share, with a total value of $72,338.56. Following the purchase, the director now directly owns 3,856 shares in the company, valued at $72,338.56. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Andrew R. Heyer acquired 3,856 shares of the company’s stock in a transaction on Tuesday, April 16th. The shares were bought at an average cost of $18.76 per share, with a total value of $72,338.56. Following the transaction, the director now owns 3,856 shares in the company, valued at approximately $72,338.56. The purchase was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Keith R. Siegner acquired 4,800 shares of the company’s stock in a transaction on Friday, April 19th. The stock was purchased at an average cost of $20.80 per share, for a total transaction of $99,840.00. Following the completion of the transaction, the chief financial officer now owns 4,800 shares in the company, valued at approximately $99,840. The disclosure for this purchase can be found here. 12.33% of the stock is owned by insiders.

Institutional Trading of Lovesac

Large investors have recently bought and sold shares of the business. Barclays PLC lifted its stake in shares of Lovesac by 15.2% in the third quarter. Barclays PLC now owns 6,210 shares of the company’s stock valued at $124,000 after purchasing an additional 818 shares during the period. Janney Montgomery Scott LLC acquired a new stake in shares of Lovesac in the third quarter valued at about $803,000. Millrace Asset Group Inc. lifted its stake in shares of Lovesac by 73.9% in the third quarter. Millrace Asset Group Inc. now owns 115,704 shares of the company’s stock valued at $2,305,000 after purchasing an additional 49,153 shares during the period. GSA Capital Partners LLP acquired a new stake in shares of Lovesac in the third quarter valued at about $1,189,000. Finally, Graham Capital Management L.P. purchased a new position in Lovesac during the 3rd quarter valued at about $255,000. Institutional investors and hedge funds own 91.32% of the company’s stock.

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 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.