The Lovesac Company (NASDAQ:LOVE) is one of the best performers on the stock market today. At current price of $40.5, the shares have already added 3.09 points (8.26% higher) from its previous close of $37.41. Should you buy or avoid them? The stock sets an active trading volume day with a reported 117623 contracts so far this session. LOVE shares had a relatively better volume day versus average trading capacity of 92.72 million shares, but with a 7.75 million float and a -12.74% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for LOVE stock indicates that the average analyst price target is $45.5 per share. This means the stock has a potential increase of 12.35% from where the LOVE share price has been trading recently which is between $36.72 and $39.0648. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $45.
The shorts are running away from The Lovesac Company (LOVE) stock. The latest set of short interest data was released on 30 April 2019, and the numbers show a drop in short interest in LOVE shares. While short interest still represents only 12.72% of LOVE’s float, the number of shares shorted have fallen by -44556. The number of shares shorted fell to 940857 shares, down from 985413 shares during the preceding fortnight. With average daily trading volumes at 87162 shares, days to cover decreased to about 14.91333 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “5 Stocks to Ride the $1.4 Trillion Coming Millennial Spending Wave” and dated May 17, 2019.
Looking at the current readings for The Lovesac Company, the two-week RSI stands at 59.02. This figure suggests that LOVE stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current LOVE readings is similarly very revealing as it has a stochastic reading of 56.02% at this stage. This figure means that LOVE share price today is being neutral.
Technical chart claims that The Lovesac Company (LOVE) would settle between $38.74/share to $40.08/share level. However, if the stock price goes below the $36.4 mark, then the market for The Lovesac Company becomes much weaker. If that happens, the stock price might even plunge as low as $35.39 for its downside target. The stock is currently in the red zone of MACD, with the indicator reading -2.68. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.
Analysts at DA Davidson, assumed coverage of LOVE assigning Buy rating, according to their opinion released on April 02. Canaccord Genuity, analysts launched coverage of The Lovesac Company (NASDAQ:LOVE) stock with a Buy recommendation, according to their flash note issued to investors on November 26.
LOVE equity has an average rating of 1.5, with the figure leaning towards a bullish end. 4 analysts who tracked the company were contacted by Reuters. Amongst them, 0 rated the stock as a hold while the remaining 4 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 4 analysts rated The Lovesac Company (NASDAQ:LOVE) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.