Cornercap Investment Counsel Inc. Acquires New Shares in The Lovesac Company (NASDAQ:LOVE)

Cornercap Investment Counsel Inc. bought a new stake in shares of The Lovesac Company (NASDAQ:LOVE) during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund bought 19,438 shares of the company’s stock, valued at approximately $497,000. Cornercap Investment Counsel Inc. owned approximately 0.13% of Lovesac at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in LOVE. FMR LLC raised its stake in shares of Lovesac by 11.2% in the 1st quarter. FMR LLC now owns 1,047,033 shares of the company’s stock worth $30,259,000 after buying an additional 105,827 shares in the last quarter. BlackRock Inc. grew its holdings in shares of Lovesac by 6.1% in the 2nd quarter. BlackRock Inc. now owns 1,045,068 shares of the company’s stock worth $28,165,000 after acquiring an additional 59,671 shares during the last quarter. Wasatch Advisors Inc. grew its holdings in shares of Lovesac by 29.0% in the 1st quarter. Wasatch Advisors Inc. now owns 1,014,661 shares of the company’s stock worth $54,853,000 after acquiring an additional 228,148 shares during the last quarter. Wasatch Advisors LP grew its holdings in shares of Lovesac by 0.7% during the first quarter. Wasatch Advisors LP now owns 953,318 shares of the company’s stock valued at $27,551,000 after buying an additional 6,174 shares in the last quarter. Finally, Vanguard Group Inc. grew its holdings in shares of Lovesac by 2.7% during the third quarter. Vanguard Group Inc. now owns 809,492 shares of the company’s stock valued at $16,125,000 after buying an additional 21,353 shares in the last quarter. Institutional investors own 91.32% of the company’s stock.

Lovesac Stock Up 2.9 %

Shares of NASDAQ:LOVE opened at $19.35 on Wednesday. The business has a 50 day moving average price of $22.72 and a 200 day moving average price of $21.76. The Lovesac Company has a twelve month low of $14.18 and a twelve month high of $30.93. The company has a market cap of $299.73 million, a price-to-earnings ratio of 13.82, a PEG ratio of 0.41 and a beta of 2.87.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings data on Thursday, April 11th. The company reported $1.87 EPS for the quarter, missing analysts’ consensus estimates of $1.93 by ($0.06). Lovesac had a return on equity of 12.19% and a net margin of 3.39%. The firm had revenue of $250.00 million during the quarter, compared to the consensus estimate of $265.35 million. During the same quarter in the prior year, the business posted $1.74 EPS. Lovesac’s revenue was up 4.8% compared to the same quarter last year. Analysts anticipate that The Lovesac Company will post 1.3 EPS for the current year.

Analysts Set New Price Targets

A number of research analysts have recently weighed in on LOVE shares. Canaccord Genuity Group lowered their price target on Lovesac from $44.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, April 12th. Roth Mkm reaffirmed a “buy” rating and issued a $34.00 price target on shares of Lovesac in a research report on Wednesday, April 10th.

Insider Transactions at Lovesac

In related 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 completion of the sale, the chief executive officer now directly owns 179,970 shares of the company’s stock, valued at approximately $4,038,526.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 12.09% of the stock is currently owned by insiders.

About Lovesac

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.