DA Davidson Cuts Lovesac (NASDAQ:LOVE) Price Target to $24.00

Lovesac (NASDAQ:LOVE) had its price target trimmed by DA Davidson from $35.00 to $24.00 in a report issued on Friday morning,Benzinga reports. The brokerage currently has a buy rating on the stock.

Separately, Canaccord Genuity Group dropped their price target on Lovesac from $45.00 to $30.00 and set a “buy” rating on the stock in a research note on Friday. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Lovesac currently has an average rating of “Buy” and a consensus price target of $31.67.

Lovesac Price Performance

Shares of NASDAQ:LOVE opened at $18.34 on Friday. The stock’s 50 day moving average price is $18.93 and its 200 day moving average price is $25.33. The stock has a market cap of $283.04 million, a price-to-earnings ratio of 53.94, a PEG ratio of 0.65 and a beta of 3.08. Lovesac has a 12 month low of $12.12 and a 12 month high of $39.49.

Lovesac (NASDAQ:LOVE) last released its earnings results on Thursday, April 10th. The company reported $2.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.80 by $0.33. The firm had revenue of $241.50 million for the quarter, compared to analyst estimates of $230.33 million. Lovesac had a return on equity of 3.51% and a net margin of 1.04%. Lovesac’s revenue was down 3.6% compared to the same quarter last year. During the same period in the previous year, the company earned $1.87 earnings per share. On average, sell-side analysts expect that Lovesac will post 0.39 EPS for the current year.

Insider Activity

In other news, Director Albert Jack Krause sold 30,000 shares of the stock in a transaction on Friday, January 17th. The shares were sold at an average price of $26.33, for a total transaction of $789,900.00. Following the transaction, the director now owns 147,849 shares in the company, valued at $3,892,864.17. This represents a 16.87 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.33% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Lovesac

A number of large investors have recently bought and sold shares of the business. Heck Capital Advisors LLC bought a new position in Lovesac during the fourth quarter valued at about $26,000. Charles Schwab Investment Management Inc. raised its stake in shares of Lovesac by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,524 shares of the company’s stock valued at $982,000 after acquiring an additional 1,243 shares in the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Lovesac by 13.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,462 shares of the company’s stock valued at $272,000 after acquiring an additional 1,333 shares in the last quarter. MetLife Investment Management LLC boosted its position in Lovesac by 18.3% during the fourth quarter. MetLife Investment Management LLC now owns 9,233 shares of the company’s stock worth $218,000 after purchasing an additional 1,425 shares during the period. Finally, BCGM Wealth Management LLC grew its holdings in Lovesac by 1.2% during the fourth quarter. BCGM Wealth Management LLC now owns 135,979 shares of the company’s stock valued at $3,217,000 after purchasing an additional 1,615 shares during the last quarter. 91.32% of the stock is currently 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.