Bank of New York Mellon Corp Has $11.58 Million Holdings in The Lovesac Company (NASDAQ:LOVE)

Bank of New York Mellon Corp lifted its position in The Lovesac Company (NASDAQ:LOVE) by 9.3% in the fourth quarter, HoldingsChannel.com reports. The firm owned 489,613 shares of the company’s stock after acquiring an additional 41,751 shares during the period. Bank of New York Mellon Corp’s holdings in Lovesac were worth $11,584,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also recently bought and sold shares of LOVE. Heck Capital Advisors LLC acquired a new stake in Lovesac in the 4th quarter valued at $26,000. Franklin Resources Inc. bought a new position in shares of Lovesac during the third quarter valued at $231,000. Versor Investments LP acquired a new stake in shares of Lovesac in the 3rd quarter valued at $255,000. XTX Topco Ltd bought a new stake in shares of Lovesac in the 3rd quarter worth about $381,000. Finally, SG Americas Securities LLC increased its position in shares of Lovesac by 305.0% during the 4th quarter. SG Americas Securities LLC now owns 24,064 shares of the company’s stock worth $569,000 after purchasing an additional 18,122 shares in the last quarter. 91.32% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on LOVE shares. Roth Mkm boosted their target price on Lovesac from $35.00 to $42.00 and gave the stock a “buy” rating in a report on Tuesday, December 10th. DA Davidson reduced their target price on shares of Lovesac from $44.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Finally, Canaccord Genuity Group lifted their price objective on Lovesac from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Six analysts have rated the stock with a buy rating, According to MarketBeat, the company presently has a consensus rating of “Buy” and an average target price of $38.33.

Lovesac Stock Down 7.2 %

NASDAQ:LOVE opened at $15.70 on Friday. The company has a market cap of $242.30 million, a P/E ratio of 46.18, a price-to-earnings-growth ratio of 0.65 and a beta of 3.05. The Lovesac Company has a twelve month low of $15.55 and a twelve month high of $39.49. The business has a 50 day moving average price of $23.28 and a two-hundred day moving average price of $26.65.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings data on Thursday, December 12th. The company reported ($0.32) EPS for the quarter, topping analysts’ consensus estimates of ($0.34) by $0.02. The business had revenue of $149.90 million for the quarter, compared to analyst estimates of $155.26 million. Lovesac had a net margin of 1.04% and a return on equity of 3.51%. The firm’s revenue for the quarter was down 2.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted ($0.15) earnings per share. As a group, analysts anticipate that The Lovesac Company will post 0.39 earnings per share for the current fiscal year.

Insider Buying and Selling at Lovesac

In related news, Director Walter Field Mclallen purchased 4,000 shares of Lovesac stock in a transaction that occurred on Friday, December 20th. The stock was purchased at an average cost of $24.68 per share, with a total value of $98,720.00. Following the completion of the transaction, the director now owns 23,540 shares of the company’s stock, valued at approximately $580,967.20. This trade represents a 20.47 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Albert Jack Krause sold 30,000 shares of the firm’s stock in a transaction that occurred on Friday, January 17th. The shares were sold at an average price of $26.33, for a total value of $789,900.00. Following the completion of the transaction, the director now owns 147,849 shares of the company’s stock, valued at approximately $3,892,864.17. This represents a 16.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 12.33% 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.