December 3, 2022

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The Lovesac Company (NASDAQ:LOVEGet Rating) was the target of a significant decrease in short interest in September. As of September 30th, there was short interest totalling 1,880,000 shares, a decrease of 19.7% from the September 15th total of 2,340,000 shares. Based on an average daily volume of 377,000 shares, the days-to-cover ratio is currently 5.0 days. Approximately 14.3% of the shares of the company are short sold.

Insider Activity at Lovesac

In other news, Director Walter Field Mclallen bought 2,000 shares of the business’s stock in a transaction that occurred on Thursday, October 13th. The stock was acquired at an average cost of $20.60 per share, for a total transaction of $41,200.00. Following the completion of the purchase, the director now owns 12,136 shares of the company’s stock, valued at approximately $250,001.60. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 8.66% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Lovesac

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in LOVE. SG Capital Management LLC boosted its holdings in Lovesac by 346.7% during the first quarter. SG Capital Management LLC now owns 79,602 shares of the company’s stock worth $4,303,000 after buying an additional 61,780 shares during the last quarter. Kornitzer Capital Management Inc. KS boosted its holdings in Lovesac by 12.4% during the first quarter. Kornitzer Capital Management Inc. KS now owns 256,007 shares of the company’s stock worth $13,840,000 after buying an additional 28,300 shares during the last quarter. BCGM Wealth Management LLC boosted its holdings in Lovesac by 283.3% during the first quarter. BCGM Wealth Management LLC now owns 21,252 shares of the company’s stock worth $932,000 after buying an additional 15,708 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. bought a new position in Lovesac during the first quarter worth about $714,000. Finally, Millrace Asset Group Inc. raised its position in shares of Lovesac by 65.6% during the first quarter. Millrace Asset Group Inc. now owns 105,036 shares of the company’s stock worth $5,678,000 after purchasing an additional 41,603 shares during the period. Institutional investors own 94.97% of the company’s stock.

Lovesac Trading Down 0.8 %

Lovesac stock traded down $0.16 during mid-day trading on Friday, hitting $20.58. The stock had a trading volume of 313,464 shares, compared to its average volume of 419,607. The stock has a 50-day simple moving average of $28.08 and a two-hundred day simple moving average of $34.33. The stock has a market capitalization of $312.40 million, a PE ratio of 7.43, a P/E/G ratio of 0.25 and a beta of 2.46. Lovesac has a 12 month low of $19.42 and a 12 month high of $87.12.
Lovesac (NASDAQ:LOVEGet Rating) last posted its quarterly earnings results on Thursday, September 8th. The company reported $0.45 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.37 by $0.08. Lovesac had a return on equity of 18.61% and a net margin of 7.52%. The business had revenue of $148.50 million for the quarter, compared to analysts’ expectations of $130.51 million. During the same quarter last year, the business earned $0.52 earnings per share. The firm’s quarterly revenue was up 45.0% compared to the same quarter last year. Sell-side analysts expect that Lovesac will post 2.33 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

LOVE has been the subject of several recent analyst reports. Oppenheimer dropped their price objective on Lovesac from $95.00 to $60.00 and set an “outperform” rating for the company in a research note on Friday, September 9th. BTIG Research lowered their target price on Lovesac from $100.00 to $80.00 and set a “buy” rating for the company in a research note on Thursday, July 21st. DA Davidson lowered their target price on Lovesac from $124.00 to $97.00 and set a “buy” rating for the company in a research note on Friday, September 9th. Stifel Nicolaus lowered their target price on Lovesac from $90.00 to $72.00 and set a “buy” rating for the company in a research note on Friday, September 9th. Finally, Canaccord Genuity Group lowered their target price on Lovesac from $70.00 to $60.00 and set a “buy” rating for the company in a research note on Friday, September 9th. Six research analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company has an average rating of “Buy” and an average price target of $79.13.

Lovesac Company Profile

(Get Rating)
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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