Maxim Group Begins Coverage on Lovesac (NASDAQ:LOVE)

Maxim Group initiated coverage on shares of Lovesac (NASDAQ:LOVE) in a research note released on Wednesday morning, Marketbeat Ratings reports. The brokerage issued a buy rating and a $36.00 price objective on the stock.

Several other brokerages have also weighed in on LOVE. Canaccord Genuity Group dropped their price objective on shares of Lovesac from $44.00 to $36.00 and set a buy rating on the stock in a report on Friday, April 12th. Roth Mkm reiterated a buy rating and set a $34.00 price objective on shares of Lovesac in a report on Wednesday, April 10th.

Lovesac Trading Up 2.2 %

Shares of NASDAQ LOVE opened at $20.80 on Wednesday. The firm’s 50-day moving average price is $22.51 and its 200-day moving average price is $21.75. Lovesac has a 1-year low of $14.18 and a 1-year high of $29.81. The firm has a market capitalization of $322.19 million, a P/E ratio of 14.86, a P/E/G ratio of 0.45 and a beta of 2.87.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings data on Thursday, April 11th. The company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.06). Lovesac had a net margin of 3.39% and a return on equity of 12.19%. The company had revenue of $250.00 million for the quarter, compared to analyst estimates of $265.35 million. During the same quarter in the prior year, the company posted $1.74 EPS. Lovesac’s revenue for the quarter was up 4.8% on a year-over-year basis. Equities research analysts forecast that Lovesac will post 1.3 EPS for the current year.

Insider Buying and Selling at Lovesac

In other news, CEO Shawn David Nelson sold 6,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $22.44, for a total transaction 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 approximately $4,038,526.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, Director Andrew R. Heyer bought 3,856 shares of Lovesac stock in a transaction dated 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 transaction, the director now directly owns 3,856 shares of the company’s stock, valued at $72,338.56. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CEO Shawn David Nelson sold 6,000 shares of the stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $22.44, for a total transaction of $134,640.00. Following the transaction, the chief executive officer now directly owns 179,970 shares of the company’s stock, valued at $4,038,526.80. The disclosure for this sale can be found here. Company insiders own 12.09% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors boosted its holdings in Lovesac by 110.6% in the 1st quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock worth $31,000 after buying an additional 303 shares during the period. Citigroup Inc. boosted its holdings in Lovesac by 32.6% in the 1st quarter. Citigroup Inc. now owns 2,339 shares of the company’s stock worth $68,000 after buying an additional 575 shares during the period. Royal Bank of Canada boosted its holdings in Lovesac by 230.0% in the 2nd quarter. Royal Bank of Canada now owns 2,627 shares of the company’s stock worth $70,000 after buying an additional 1,831 shares during the period. Tower Research Capital LLC TRC boosted its holdings in Lovesac by 567.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,675 shares of the company’s stock worth $73,000 after buying an additional 3,124 shares during the period. Finally, State of Wyoming boosted its holdings in Lovesac by 338.3% in the 4th quarter. State of Wyoming now owns 3,651 shares of the company’s stock worth $80,000 after buying an additional 2,818 shares during the period. 91.32% of the stock is 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.