The Lovesac Company (NASDAQ:LOVE) Director Andrew R. Heyer Sells 98,330 Shares of Stock

The Lovesac Company (NASDAQ:LOVE) Director Andrew R. Heyer sold 98,330 shares of the firm’s stock in a transaction that occurred on Monday, January 11th. The shares were sold at an average price of $48.97, for a total transaction of $4,815,220.10. The sale was disclosed in a filing with the SEC, which is available through this link.

Shares of The Lovesac stock opened at $46.64 on Thursday. The company’s fifty day simple moving average is $40.04 and its 200-day simple moving average is $31.55. The stock has a market capitalization of $684.82 million, a PE ratio of -358.77 and a beta of 2.52. The Lovesac Company has a 1-year low of $3.99 and a 1-year high of $52.00.

The Lovesac (NASDAQ:LOVE) last issued its quarterly earnings results on Tuesday, December 8th. The company reported $0.16 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.88) by $1.04. The business had revenue of $74.70 million for the quarter, compared to analysts’ expectations of $66.14 million. The Lovesac had a negative net margin of 0.55% and a negative return on equity of 1.84%. The company’s revenue was up 43.4% compared to the same quarter last year. During the same quarter last year, the company posted ($0.46) EPS. On average, equities research analysts expect that The Lovesac Company will post 0.04 EPS for the current fiscal year.

Several institutional investors have recently modified their holdings of the company. Federated Hermes Inc. boosted its stake in shares of The Lovesac by 1.6% during the 3rd quarter. Federated Hermes Inc. now owns 668,006 shares of the company’s stock worth $18,510,000 after acquiring an additional 10,333 shares during the last quarter. BlackRock Inc. lifted its stake in shares of The Lovesac by 2.3% during the 3rd quarter. BlackRock Inc. now owns 656,796 shares of the company’s stock valued at $18,200,000 after buying an additional 14,641 shares in the last quarter. Scopus Asset Management L.P. purchased a new position in shares of The Lovesac during the 3rd quarter valued at $6,669,000. Morgan Stanley lifted its stake in shares of The Lovesac by 1,492.4% during the 3rd quarter. Morgan Stanley now owns 211,855 shares of the company’s stock valued at $5,871,000 after buying an additional 198,551 shares in the last quarter. Finally, Great Lakes Advisors LLC purchased a new position in shares of The Lovesac during the 3rd quarter valued at $4,839,000. Institutional investors and hedge funds own 75.19% of the company’s stock.

Several brokerages recently weighed in on LOVE. Zacks Investment Research raised shares of The Lovesac from a “sell” rating to a “hold” rating in a research report on Tuesday, December 15th. BTIG Research raised their price target on shares of The Lovesac from $49.00 to $62.00 and gave the company a “buy” rating in a research report on Friday, January 8th. Canaccord Genuity lifted their target price on shares of The Lovesac from $35.00 to $50.00 and gave the stock a “buy” rating in a research report on Wednesday, December 9th. BidaskClub raised shares of The Lovesac from a “buy” rating to a “strong-buy” rating in a research report on Friday, December 18th. Finally, Oppenheimer lifted their target price on shares of The Lovesac from $40.00 to $55.00 and gave the stock an “outperform” rating in a research report on Wednesday, January 6th. They noted that the move was a valuation call. Two investment analysts have rated the stock with a hold rating, eight have issued a buy rating and one has issued a strong buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $40.22.

About The Lovesac

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. The company offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, foot sac blankets, decorative pillows, fitted seat tables, and ottomans.

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