Roth Mkm Reaffirms Buy Rating for Lovesac (NASDAQ:LOVE)

Lovesac (NASDAQ:LOVE)‘s stock had its “buy” rating restated by investment analysts at Roth Mkm in a research note issued to investors on Wednesday, Benzinga reports. They currently have a $30.00 price target on the stock. Roth Mkm’s target price indicates a potential upside of 34.71% from the company’s previous close.

A number of other brokerages have also weighed in on LOVE. Maxim Group increased their target price on shares of Lovesac from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Oppenheimer reduced their price objective on shares of Lovesac from $60.00 to $35.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Canaccord Genuity Group restated a “buy” rating and set a $36.00 target price on shares of Lovesac in a research report on Friday, June 14th. Finally, DA Davidson boosted their price objective on Lovesac from $24.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Five equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the company currently has a consensus rating of “Buy” and an average target price of $34.20.

Lovesac Trading Up 1.3 %

LOVE opened at $22.27 on Wednesday. The company has a market cap of $346.30 million, a price-to-earnings ratio of 26.20, a PEG ratio of 0.58 and a beta of 2.94. The company’s fifty day moving average price is $24.89 and its two-hundred day moving average price is $23.88. Lovesac has a 1-year low of $14.18 and a 1-year high of $29.81.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings data on Thursday, June 13th. The company reported ($0.83) EPS for the quarter, beating the consensus estimate of ($0.99) by $0.16. The firm had revenue of $132.64 million during 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 forecast that Lovesac will post 1.09 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Shawn David Nelson sold 18,988 shares of Lovesac stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $23.33, for a total value of $442,990.04. Following the transaction, the chief executive officer now owns 165,855 shares in the company, valued at approximately $3,869,397.15. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Lovesac news, Director Andrew R. Heyer purchased 3,856 shares of Lovesac stock in a transaction that occurred on Tuesday, April 16th. The shares were bought at an average price of $18.76 per share, for a total transaction of $72,338.56. Following the acquisition, the director now directly owns 3,856 shares in the company, valued at $72,338.56. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, CEO Shawn David Nelson sold 18,988 shares of the stock in a transaction that occurred on Thursday, June 20th. The stock was sold at an average price of $23.33, for a total value of $442,990.04. Following the completion of the sale, the chief executive officer now owns 165,855 shares of the company’s stock, valued at approximately $3,869,397.15. The disclosure for this sale can be found here. 12.33% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Lovesac

Hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in Lovesac by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 841,537 shares of the company’s stock valued at $19,019,000 after acquiring an additional 11,745 shares during the period. Halter Ferguson Financial Inc. bought a new position in shares of Lovesac during the fourth quarter valued at approximately $5,160,000. Skylands Capital LLC lifted its holdings in shares of Lovesac by 1.4% during the fourth quarter. Skylands Capital LLC now owns 178,965 shares of the company’s stock valued at $4,573,000 after purchasing an additional 2,525 shares during the last quarter. BCGM Wealth Management LLC boosted its position in shares of Lovesac by 3.5% in the 1st quarter. BCGM Wealth Management LLC now owns 133,141 shares of the company’s stock worth $3,009,000 after purchasing an additional 4,450 shares in the last quarter. Finally, Wellington Management Group LLP grew its stake in shares of Lovesac by 56.2% in the 3rd quarter. Wellington Management Group LLP now owns 82,000 shares of the company’s stock worth $1,633,000 after buying an additional 29,500 shares during 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 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.