The Lovesac Company (NASDAQ:LOVE) Shares Purchased by Merit Financial Group LLC

Merit Financial Group LLC grew its stake in shares of The Lovesac Company (NASDAQ:LOVE) by 40.7% during the fourth quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,354 shares of the company’s stock after purchasing an additional 5,600 shares during the quarter. Merit Financial Group LLC owned 0.12% of Lovesac worth $494,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of the stock. GSA Capital Partners LLP purchased a new stake in shares of Lovesac during the third quarter worth about $1,189,000. Millrace Asset Group Inc. raised its position in shares of Lovesac by 73.9% in the 3rd quarter. Millrace Asset Group Inc. now owns 115,704 shares of the company’s stock valued at $2,305,000 after purchasing an additional 49,153 shares in the last quarter. Bank of New York Mellon Corp raised its position in shares of Lovesac by 13.8% in the 3rd quarter. Bank of New York Mellon Corp now owns 403,945 shares of the company’s stock valued at $8,047,000 after purchasing an additional 49,096 shares in the last quarter. Soltis Investment Advisors LLC boosted its stake in shares of Lovesac by 87.8% during the 3rd quarter. Soltis Investment Advisors LLC now owns 104,783 shares of the company’s stock valued at $2,087,000 after buying an additional 48,988 shares during the last quarter. Finally, Kornitzer Capital Management Inc. KS grew its position in shares of Lovesac by 14.8% during the third quarter. Kornitzer Capital Management Inc. KS now owns 323,254 shares of the company’s stock worth $6,439,000 after buying an additional 41,555 shares in the last quarter. Institutional investors and hedge funds own 91.32% of the company’s stock.

Lovesac Trading Down 0.1 %

NASDAQ:LOVE opened at $23.95 on Wednesday. The stock has a 50 day moving average of $22.18 and a 200-day moving average of $22.26. The firm has a market capitalization of $370.99 million, a PE ratio of 17.11, a price-to-earnings-growth ratio of 0.57 and a beta of 2.78. The Lovesac Company has a 52 week low of $14.18 and a 52 week high of $29.81.

Lovesac (NASDAQ:LOVE) last issued its earnings results on Thursday, April 11th. The company reported $1.87 earnings per share for the quarter, missing the consensus estimate of $1.93 by ($0.06). The company had revenue of $250.00 million during the quarter, compared to analyst estimates of $265.35 million. Lovesac had a return on equity of 12.19% and a net margin of 3.39%. Lovesac’s quarterly revenue was up 4.8% on a year-over-year basis. During the same period in the prior year, the business earned $1.74 earnings per share. As a group, analysts predict that The Lovesac Company will post 1.18 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on LOVE shares. Canaccord Genuity Group cut their price target on shares of Lovesac from $44.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Maxim Group initiated coverage on shares of Lovesac in a research note on Wednesday, April 17th. They issued a “buy” rating and a $36.00 target price on the stock. Roth Mkm reiterated a “buy” rating and issued a $34.00 price target on shares of Lovesac in a research note on Wednesday, April 10th. Finally, Oppenheimer cut their price objective on Lovesac from $60.00 to $35.00 and set an “outperform” rating on the stock in a research note on Wednesday, May 1st.

Insider Buying and Selling

In other news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction on Friday, March 15th. The stock was sold at an average price of $22.44, for a total transaction of $134,640.00. Following the transaction, the chief executive officer now directly owns 179,970 shares of the company’s stock, valued at $4,038,526.80. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction that occurred on Friday, March 15th. The shares were sold at an average price of $22.44, for a total transaction of $134,640.00. Following the transaction, the chief executive officer now owns 179,970 shares in the company, valued at $4,038,526.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Keith R. Siegner bought 4,800 shares of the company’s stock in a transaction that occurred on Friday, April 19th. The shares were purchased at an average cost of $20.80 per share, for a total transaction of $99,840.00. Following the acquisition, the chief financial officer now owns 4,800 shares of the company’s stock, valued at $99,840. The disclosure for this purchase can be found here. Corporate insiders own 12.09% of the company’s stock.

Lovesac Company Profile

The Lovesac Company designs, manufactures, and sells furniture. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and other products comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans. The company markets its products primarily through www.lovesac.com website, as well as showrooms at top tier malls, lifestyle centers, mobile concierges, kiosks, and street locations in 41 states in the United States; and in store pop-up- shops and shop-in-shops, and barter inventory transactions.