Connors Investor Services Inc. boosted its position in The Lovesac Company (NASDAQ:LOVE – Get Rating) by 2.9% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 82,455 shares of the company's stock after buying an additional 2,339 shares during the quarter. Connors Investor Services Inc. owned approximately 0.54% of Lovesac worth $4,458,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors have also recently bought and sold shares of the company. Captrust Financial Advisors increased its holdings in Lovesac by 110.6% in the first quarter. Captrust Financial Advisors now owns 577 shares of the company's stock valued at $31,000 after buying an additional 303 shares during the last quarter. MBM Wealth Consultants LLC increased its holdings in Lovesac by 23.3% in the fourth quarter. MBM Wealth Consultants LLC now owns 3,802 shares of the company's stock valued at $252,000 after buying an additional 718 shares during the last quarter. AlphaCrest Capital Management LLC bought a new stake in Lovesac in the fourth quarter valued at about $258,000. Seven Eight Capital LP bought a new stake in Lovesac in the fourth quarter valued at about $260,000. Finally, Envestnet Asset Management Inc. grew its holdings in shares of Lovesac by 23.0% during the fourth quarter. Envestnet Asset Management Inc. now owns 4,187 shares of the company's stock valued at $277,000 after purchasing an additional 782 shares during the last quarter. 94.97% of the stock is owned by institutional investors.
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Insider Activity
In other news, CEO Shawn David Nelson sold 8,000 shares of the stock in a transaction on Friday, July 15th. The stock was sold at an average price of $33.89, for a total transaction of $271,120.00. Following the completion of the sale, the chief executive officer now owns 64,895 shares in the company, valued at approximately $2,199,291.55. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Insiders own 8.66% of the company's stock.
Analyst Upgrades and Downgrades
Several research firms have recently commented on LOVE. BTIG Research lowered their target price on Lovesac from $100.00 to $80.00 and set a "buy" rating for the company in a report on Thursday, July 21st. Oppenheimer decreased their price objective on Lovesac from $95.00 to $60.00 and set an "outperform" rating for the company in a report on Friday, September 9th. Stifel Nicolaus decreased their price objective on Lovesac from $90.00 to $72.00 and set a "buy" rating for the company in a report on Friday, September 9th. Canaccord Genuity Group decreased their price objective on Lovesac from $70.00 to $60.00 and set a "buy" rating for the company in a report on Friday, September 9th. Finally, DA Davidson cut their target price on Lovesac from $124.00 to $97.00 and set a "buy" rating for the company in a research report on Friday, September 9th. Six analysts have rated the stock with a buy rating, According to data from MarketBeat, the stock has a consensus rating of "Buy" and a consensus target price of $79.13.
Lovesac Price Performance
LOVE opened at $26.11 on Wednesday. The company has a market capitalization of $394.91 million, a price-to-earnings ratio of 9.43, a price-to-earnings-growth ratio of 0.28 and a beta of 2.37. The Lovesac Company has a 1-year low of $25.55 and a 1-year high of $87.12. The business has a 50 day moving average price of $32.84 and a two-hundred day moving average price of $37.47.
Lovesac (NASDAQ:LOVE – Get Rating) last announced its quarterly earnings data on Thursday, September 8th. The company reported $0.45 EPS for the quarter, beating analysts' consensus estimates of $0.37 by $0.08. Lovesac had a return on equity of 19.27% and a net margin of 7.52%. The company had revenue of $148.50 million during the quarter, compared to the consensus estimate of $130.51 million. During the same quarter in the prior year, the firm earned $0.52 EPS. The company's quarterly revenue was up 45.0% compared to the same quarter last year. Equities analysts expect that The Lovesac Company will post 2.92 EPS for the current fiscal year.
Lovesac Profile
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The Lovesac Company designs, manufactures, and sells furniture. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans. As of January 30, 2022, the company operated 146 showrooms.
Further Reading
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