Insider Buying: The Lovesac Company (NASDAQ:LOVE) Director Purchases 3,856 Shares of Stock

The Lovesac Company (NASDAQ:LOVE) Director Andrew R. Heyer bought 3,856 shares of the stock in a transaction dated Tuesday, April 16th. The shares were bought at an average price of $18.76 per share, for a total transaction of $72,338.56. Following the completion of the acquisition, the director now owns 3,856 shares in the company, valued at $72,338.56. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink.

Lovesac Price Performance

LOVE traded up $0.17 during trading hours on Thursday, reaching $20.35. The company’s stock had a trading volume of 379,558 shares, compared to its average volume of 290,454. The Lovesac Company has a fifty-two week low of $14.18 and a fifty-two week high of $29.81. The stock has a market cap of $315.22 million, a PE ratio of 14.54, a P/E/G ratio of 0.43 and a beta of 2.87. The business’s 50-day moving average is $22.59 and its 200-day moving average is $21.74.

Lovesac (NASDAQ:LOVE) last released 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 net margin of 3.39% and a return on equity of 12.19%. The business had revenue of $250.00 million during the quarter, compared to analyst estimates of $265.35 million. During the same quarter in the prior year, the company posted $1.74 earnings per share. The company’s revenue was up 4.8% on a year-over-year basis. Analysts expect that The Lovesac Company will post 1.3 EPS for the current year.

Institutional Trading of Lovesac

A number of institutional investors and hedge funds have recently added to or reduced their stakes in LOVE. JPMorgan Chase & Co. raised its position in Lovesac by 127.2% in the first quarter. JPMorgan Chase & Co. now owns 40,858 shares of the company’s stock valued at $2,209,000 after purchasing an additional 22,872 shares during the period. Raymond James & Associates raised its position in Lovesac by 39.6% in the first quarter. Raymond James & Associates now owns 62,068 shares of the company’s stock valued at $3,355,000 after purchasing an additional 17,615 shares during the period. Bank of New York Mellon Corp raised its position in Lovesac by 0.9% in the first quarter. Bank of New York Mellon Corp now owns 47,547 shares of the company’s stock valued at $2,571,000 after purchasing an additional 418 shares during the period. Bank of Montreal Can purchased a new stake in Lovesac in the first quarter valued at approximately $1,631,000. Finally, MetLife Investment Management LLC increased its position in shares of Lovesac by 54.2% during the first quarter. MetLife Investment Management LLC now owns 6,964 shares of the company’s stock worth $376,000 after acquiring an additional 2,447 shares during the period. Hedge funds and other institutional investors own 91.32% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently weighed in on LOVE shares. Roth Mkm restated a “buy” rating and set a $34.00 target price on shares of Lovesac in a report on Wednesday, April 10th. Maxim Group assumed coverage on Lovesac in a report on Wednesday. They issued a “buy” rating and a $36.00 price objective on the stock. Finally, Canaccord Genuity Group decreased their price objective on Lovesac from $44.00 to $36.00 and set a “buy” rating on the stock in a report on Friday, April 12th.

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.