Victory Capital Management Inc. purchased a new position in The Lovesac Company (NASDAQ:LOVE) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm purchased 5,783 shares of the company’s stock, valued at approximately $461,000.
Several other institutional investors have also modified their holdings of LOVE. Goldman Sachs Group Inc. raised its holdings in The Lovesac by 12.3% in the 1st quarter. Goldman Sachs Group Inc. now owns 42,312 shares of the company’s stock worth $2,395,000 after purchasing an additional 4,640 shares during the period. Captrust Financial Advisors grew its stake in shares of The Lovesac by 37.4% during the 1st quarter. Captrust Financial Advisors now owns 892 shares of the company’s stock valued at $50,000 after acquiring an additional 243 shares during the period. Advisory Research Inc. increased its holdings in The Lovesac by 51.5% in the 1st quarter. Advisory Research Inc. now owns 107,938 shares of the company’s stock worth $6,109,000 after acquiring an additional 36,709 shares in the last quarter. Premier Fund Managers Ltd bought a new stake in The Lovesac during the 1st quarter worth approximately $7,316,000. Finally, Morgan Stanley lifted its holdings in The Lovesac by 323.1% during the first quarter. Morgan Stanley now owns 108,337 shares of the company’s stock valued at $6,131,000 after purchasing an additional 82,729 shares in the last quarter. Institutional investors and hedge funds own 86.58% of the company’s stock.
In related news, CFO Donna Dellomo sold 3,275 shares of The Lovesac stock in a transaction dated Wednesday, June 30th. The shares were sold at an average price of $80.04, for a total transaction of $262,131.00. Following the completion of the sale, the chief financial officer now owns 73,002 shares in the company, valued at approximately $5,843,080.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CEO Shawn David Nelson sold 6,000 shares of The Lovesac stock in a transaction that occurred on Monday, July 19th. The shares were sold at an average price of $57.31, for a total transaction of $343,860.00. The disclosure for this sale can be found here. Insiders have sold a total of 64,200 shares of company stock worth $4,267,204 in the last 90 days. 16.20% of the stock is currently owned by insiders.
The Lovesac (NASDAQ:LOVE) last released its quarterly earnings results on Wednesday, September 8th. The company reported $0.52 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.11) by $0.63. The company had revenue of $102.40 million during the quarter, compared to analyst estimates of $90.97 million. The Lovesac had a return on equity of 32.97% and a net margin of 8.90%. The firm’s revenue was up 65.4% on a year-over-year basis. During the same quarter last year, the business posted ($0.08) earnings per share. On average, equities research analysts forecast that The Lovesac Company will post 0.96 earnings per share for the current year.
A number of research firms recently weighed in on LOVE. BTIG Research lifted their target price on shares of The Lovesac from $98.00 to $102.00 and gave the company a “buy” rating in a research note on Friday, September 10th. Zacks Investment Research lowered The Lovesac from a “hold” rating to a “sell” rating in a research note on Saturday, September 11th. TheStreet raised The Lovesac from a “d+” rating to a “c” rating in a research note on Monday, June 28th. Roth Capital upped their price target on The Lovesac from $100.00 to $105.00 and gave the stock a “buy” rating in a research note on Friday, September 10th. Finally, Craig Hallum lifted their price objective on shares of The Lovesac from $85.00 to $110.00 and gave the company a “buy” rating in a research report on Thursday, June 10th. One investment analyst has rated the stock with a sell rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average price target of $101.63.
The Lovesac Profile
The Lovesac Co is a technology driven, omni-channel company. It designs, manufactures, and sells furniture comprised of modular couches called sactionals and foam beanbag chairs called sacs. Its products include sactionals, sacs, and accessories. The company was founded by Shawn David Nelson in 1995 and is headquartered in Stamford, CT.
Further Reading: Liquidity
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