The Lovesac (NASDAQ:LOVE) Sets New 52-Week High at $74.04

The Lovesac Company (NASDAQ:LOVE)’s share price reached a new 52-week high during mid-day trading on Thursday . The company traded as high as $74.04 and last traded at $72.55, with a volume of 2967 shares traded. The stock had previously closed at $71.98.

A number of research firms have issued reports on LOVE. Roth Capital increased their price target on The Lovesac from $80.00 to $85.00 and gave the stock a “buy” rating in a report on Monday. Canaccord Genuity increased their target price on The Lovesac from $65.00 to $77.00 and gave the stock a “buy” rating in a report on Tuesday. Stifel Nicolaus reiterated a “buy” rating and issued a $66.00 target price on shares of The Lovesac in a report on Monday, March 15th. DA Davidson raised their price objective on The Lovesac from $57.00 to $85.00 and gave the company a “buy” rating in a research note on Thursday, April 15th. Finally, Oppenheimer raised their price objective on The Lovesac from $60.00 to $85.00 and gave the company an “outperform” rating in a research note on Tuesday. One research analyst has rated the stock with a hold rating and seven have given a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $78.75.

The stock has a market capitalization of $1.06 billion, a PE ratio of -553.69, a price-to-earnings-growth ratio of 13.79 and a beta of 2.58. The firm has a 50-day moving average price of $60.73 and a 200-day moving average price of $46.21.

The Lovesac (NASDAQ:LOVE) last announced its quarterly earnings data on Tuesday, April 13th. The company reported $1.37 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.79. The Lovesac had a negative return on equity of 1.84% and a negative net margin of 0.55%. The company had revenue of $129.70 million during the quarter, compared to analyst estimates of $116.13 million. During the same quarter last year, the firm posted $0.37 EPS. The firm’s revenue for the quarter was up 40.7% on a year-over-year basis. On average, analysts anticipate that The Lovesac Company will post 0.1 earnings per share for the current year.

In other The Lovesac news, CEO Shawn David Nelson sold 6,000 shares of The Lovesac stock in a transaction dated Monday, April 19th. The stock was sold at an average price of $69.00, for a total transaction of $414,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Andrew R. Heyer sold 210,000 shares of The Lovesac stock in a transaction dated Tuesday, February 16th. The shares were sold at an average price of $59.39, for a total value of $12,471,900.00. The disclosure for this sale can be found here. In the last three months, insiders sold 321,000 shares of company stock valued at $18,532,800. 31.31% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently modified their holdings of LOVE. Morgan Stanley boosted its position in shares of The Lovesac by 1,492.4% during the 3rd quarter. Morgan Stanley now owns 211,855 shares of the company’s stock valued at $5,871,000 after acquiring an additional 198,551 shares during the last quarter. Hood River Capital Management LLC boosted its position in shares of The Lovesac by 13.0% during the 4th quarter. Hood River Capital Management LLC now owns 771,620 shares of the company’s stock valued at $33,249,000 after acquiring an additional 88,729 shares during the last quarter. Advisory Research Inc. bought a new stake in shares of The Lovesac during the 4th quarter valued at about $3,069,000. BlackRock Inc. boosted its position in shares of The Lovesac by 9.4% during the 4th quarter. BlackRock Inc. now owns 718,294 shares of the company’s stock valued at $30,950,000 after acquiring an additional 61,498 shares during the last quarter. Finally, GSA Capital Partners LLP bought a new stake in The Lovesac in the 4th quarter worth approximately $2,408,000. Hedge funds and other institutional investors own 84.16% of the company’s stock.

About The Lovesac (NASDAQ:LOVE)

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. The company offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, foot sac blankets, decorative pillows, fitted seat tables, and ottomans.

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