Ibrox side Glasgow Rangers have made nine additions so far this summer.
Rangers have made nine signings already this summer, which has made them one of the most active teams in Scotland.
However, Lovenkrands feels that there are still areas of Rangers’ squad which need strengthening.
"I still feel like they're letting far too many chances against them," Lovenkrands said. "It's difficult because I think they're going to go up against better teams that are going to take more advantage of it and score goals against them.
"That's the area they need to look at. They need to strengthen up at the back and make sure that they don't let the other team get too many chances. Luckily enough, they're scoring a lot of goals at the other end.
"They need another centre-half and maybe another striker."
Rangers earned promotion from the Scottish Championship with a relatively small squad.
There were times when Mark Warburton’s side struggled to fill their places on the bench, but there should be no such problems this time around.
Rangers have added quality in every department of their team, but Warburton is still hunting for new additions.
It is reported that Rangers are still looking for a centre-back and a striker (Daily Express), meaning Lovenkrands may get his wish.
Rangers’ competitive campaign begins at the start of next month with a match against Hamilton at Ibrox.