Lovesac (NASDAQ:LOVE) Hits New 12-Month Low at $34.82

The Lovesac Company (NASDAQ:LOVEGet Rating) reached a new 52-week low on Wednesday . The stock traded as low as $34.82 and last traded at $34.84, with a volume of 5338 shares traded. The stock had previously closed at $37.60.

LOVE has been the topic of a number of research reports. BTIG Research raised their price objective on Lovesac from $113.00 to $118.00 and gave the stock a “buy” rating in a report on Wednesday, March 30th. Zacks Investment Research upgraded Lovesac from a “hold” rating to a “strong-buy” rating and set a $62.00 target price for the company in a research note on Saturday, April 2nd. Finally, DA Davidson raised their price objective on Lovesac from $111.00 to $135.00 in a research note on Wednesday, March 30th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $104.25.

The stock has a 50 day moving average price of $45.68 and a 200 day moving average price of $55.28. The company has a market cap of $503.38 million, a P/E ratio of 12.10, a P/E/G ratio of 0.35 and a beta of 2.43.

Lovesac (NASDAQ:LOVEGet Rating) last posted its quarterly earnings data on Tuesday, March 29th. The company reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $0.54 by $0.47. Lovesac had a return on equity of 23.39% and a net margin of 9.21%. The company had revenue of $196.20 million for the quarter, compared to the consensus estimate of $174.34 million. During the same quarter in the previous year, the business earned $1.37 EPS. The company’s quarterly revenue was up 51.3% compared to the same quarter last year. On average, equities research analysts forecast that The Lovesac Company will post 3.16 EPS for the current year.

In other Lovesac news, CEO Shawn David Nelson sold 7,000 shares of the business’s stock in a transaction dated Tuesday, April 5th. The stock was sold at an average price of $49.43, for a total value of $346,010.00. Following the completion of the sale, the chief executive officer now owns 151,623 shares of the company’s stock, valued at $7,494,724.89. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, Director Shirley Romig sold 2,300 shares of the business’s stock in a transaction dated Tuesday, April 12th. The stock was sold at an average price of $49.38, for a total value of $113,574.00. Following the transaction, the director now directly owns 5,816 shares of the company’s stock, valued at approximately $287,194.08. The disclosure for this sale can be found here. 16.20% of the stock is currently owned by insiders.

Hedge funds have recently added to or reduced their stakes in the company. Alliancebernstein L.P. grew its position in Lovesac by 18.6% during the 4th quarter. Alliancebernstein L.P. now owns 1,502,883 shares of the company’s stock worth $99,581,000 after acquiring an additional 235,220 shares during the last quarter. Wasatch Advisors Inc. lifted its stake in shares of Lovesac by 29.0% in the 1st quarter. Wasatch Advisors Inc. now owns 1,014,661 shares of the company’s stock valued at $54,853,000 after purchasing an additional 228,148 shares during the period. Granahan Investment Management LLC lifted its stake in shares of Lovesac by 25.0% in the 1st quarter. Granahan Investment Management LLC now owns 890,522 shares of the company’s stock valued at $48,142,000 after purchasing an additional 178,119 shares during the period. BlackRock Inc. lifted its stake in shares of Lovesac by 0.5% in the 4th quarter. BlackRock Inc. now owns 862,980 shares of the company’s stock valued at $57,184,000 after purchasing an additional 4,338 shares during the period. Finally, Hood River Capital Management LLC lifted its stake in shares of Lovesac by 101.3% in the 1st quarter. Hood River Capital Management LLC now owns 821,468 shares of the company’s stock valued at $44,409,000 after purchasing an additional 413,458 shares during the period. Institutional investors own 97.12% of the company’s stock.

Lovesac Company Profile (NASDAQ:LOVE)

The Lovesac Company designs, manufactures, and sells furniture. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans. As of January 30, 2022, the company operated 146 showrooms.

Further Reading

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