The Lovesac Company (NASDAQ:LOVE) Short Interest Up 13.8% in February

The Lovesac Company (NASDAQ:LOVE – Get Rating) was the target of a large growth in short interest in February. As of February 28th, there was short interest totalling 3,880,000 shares, a growth of 13.8% from the February 13th total of 3,410,000 shares. Currently, 29.7% of the company’s stock are short sold. Based on an average trading volume of 479,600 shares, the days-to-cover ratio is currently 8.1 days.

Analysts Set New Price Targets

A number of analysts have recently commented on LOVE shares. Craig Hallum reduced their price target on shares of Lovesac from $100.00 to $60.00 in a research note on Thursday, December 8th. DA Davidson lowered their price target on Lovesac from $97.00 to $64.00 in a report on Thursday, December 8th. Finally, Canaccord Genuity Group cut their price objective on Lovesac from $55.00 to $50.00 and set a “buy” rating for the company in a report on Thursday, December 8th. Six research analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Lovesac currently has a consensus rating of “Buy” and an average target price of $63.71.

Lovesac Stock Performance

NASDAQ:LOVE opened at $21.42 on Thursday. The stock has a 50-day simple moving average of $27.02 and a two-hundred day simple moving average of $24.63. Lovesac has a 52-week low of $17.60 and a 52-week high of $63.41. The firm has a market capitalization of $325.29 million, a PE ratio of 10.77, a P/E/G ratio of 0.34 and a beta of 2.41.

Insider Activity at Lovesac

In other Lovesac news, insider Albert Jack Krause bought 10,000 shares of Lovesac stock in a transaction on Wednesday, December 21st. The stock was acquired at an average price of $19.17 per share, with a total value of $191,700.00. Following the acquisition, the insider now owns 127,474 shares in the company, valued at $2,443,676.58. The purchase was disclosed in a filing with the SEC, which can be accessed through this hyperlink. 8.66% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the stock. IFP Advisors Inc lifted its holdings in Lovesac by 333.1% during the third quarter. IFP Advisors Inc now owns 615 shares of the company’s stock valued at $25,000 after purchasing an additional 473 shares in the last quarter. Allspring Global Investments Holdings LLC raised its position in shares of Lovesac by 1,064.1% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,525 shares of the company’s stock valued at $31,000 after purchasing an additional 1,394 shares during the period. Captrust Financial Advisors lifted its stake in shares of Lovesac by 110.6% during the 1st quarter. Captrust Financial Advisors now owns 577 shares of the company’s stock valued at $31,000 after buying an additional 303 shares in the last quarter. Lazard Asset Management LLC purchased a new position in shares of Lovesac during the 2nd quarter valued at $59,000. Finally, Great West Life Assurance Co. Can bought a new position in Lovesac in the 3rd quarter worth $63,000. 88.34% of the stock is currently owned by institutional investors.

About Lovesac

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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.