Oppenheimer Cuts Lovesac (NASDAQ:LOVE) Price Target to $35.00

Lovesac (NASDAQ:LOVE) had its price target cut by Oppenheimer from $60.00 to $35.00 in a report released on Wednesday, Benzinga reports. They currently have an outperform rating on the stock.

Other analysts have also issued reports about the company. Canaccord Genuity Group decreased their target price on Lovesac from $44.00 to $36.00 and set a buy rating for the company in a research report on Friday, April 12th. Roth Mkm reaffirmed a buy rating and issued a $34.00 target price on shares of Lovesac in a research report on Wednesday, April 10th. Finally, Maxim Group began coverage on Lovesac in a research report on Wednesday, April 17th. They issued a buy rating and a $36.00 target price for the company.

Lovesac Price Performance

Shares of NASDAQ:LOVE opened at $23.38 on Wednesday. The company has a market capitalization of $362.16 million, a price-to-earnings ratio of 16.70, a P/E/G ratio of 0.48 and a beta of 2.78. The business’s 50-day moving average is $22.15 and its 200-day moving average is $22.07. Lovesac has a 1 year low of $14.18 and a 1 year high of $29.81.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings data 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). The business had revenue of $250.00 million during the quarter, compared to analyst estimates of $265.35 million. Lovesac had a net margin of 3.39% and a return on equity of 12.19%. The firm’s revenue for the quarter was up 4.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.74 earnings per share. Analysts anticipate that Lovesac will post 1.3 EPS for the current year.

Insiders Place Their Bets

In related news, Director Andrew R. Heyer acquired 3,856 shares of the firm’s stock in a transaction on Tuesday, April 16th. The stock was purchased at an average cost of $18.76 per share, with a total value of $72,338.56. Following the acquisition, the director now owns 3,856 shares of the company’s stock, valued at approximately $72,338.56. The purchase was disclosed in a document filed with the SEC, which is accessible through this link. In other news, CEO Shawn David Nelson sold 6,000 shares of the company’s stock in a transaction that occurred 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 completion of the transaction, the chief executive officer now directly owns 179,970 shares of the company’s stock, valued at $4,038,526.80. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Andrew R. Heyer purchased 3,856 shares of the firm’s stock in a transaction that occurred on Tuesday, April 16th. The shares were acquired at an average cost of $18.76 per share, with a total value of $72,338.56. Following the completion of the transaction, the director now directly owns 3,856 shares of the company’s stock, valued at approximately $72,338.56. The disclosure for this purchase can be found here. Corporate insiders own 12.09% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Bank of New York Mellon Corp boosted its holdings in shares of Lovesac by 13.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 403,945 shares of the company’s stock worth $8,047,000 after buying an additional 49,096 shares during the last quarter. Kornitzer Capital Management Inc. KS grew its holdings in Lovesac by 14.8% during the third quarter. Kornitzer Capital Management Inc. KS now owns 323,254 shares of the company’s stock valued at $6,439,000 after purchasing an additional 41,555 shares during the period. Halter Ferguson Financial Inc. purchased a new stake in Lovesac in the fourth quarter worth $5,160,000. Skylands Capital LLC raised its stake in shares of Lovesac by 1.4% in the fourth quarter. Skylands Capital LLC now owns 178,965 shares of the company’s stock valued at $4,573,000 after buying an additional 2,525 shares during the period. Finally, BCGM Wealth Management LLC lifted its position in shares of Lovesac by 5.6% during the 4th quarter. BCGM Wealth Management LLC now owns 128,691 shares of the company’s stock valued at $3,288,000 after buying an additional 6,858 shares during the last quarter. Institutional investors own 91.32% of the company’s stock.

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.