Insider Selling: The Lovesac Company (NASDAQ:LOVE) CEO Sells 18,988 Shares of Stock

The Lovesac Company (NASDAQ:LOVE) CEO Shawn David Nelson sold 18,988 shares of the business’s stock in a transaction on Thursday, June 20th. The shares were sold at an average price of $23.33, for a total value of $442,990.04. Following the completion of the transaction, the chief executive officer now owns 165,855 shares of the company’s stock, valued at $3,869,397.15. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink.

Lovesac Stock Performance

Lovesac stock opened at $23.26 on Monday. The Lovesac Company has a one year low of $14.18 and a one year high of $29.81. The stock’s 50 day moving average price is $24.69 and its 200 day moving average price is $24.12. The firm has a market capitalization of $361.69 million, a PE ratio of 27.37, a price-to-earnings-growth ratio of 0.61 and a beta of 2.86.

Lovesac (NASDAQ:LOVE) last posted its earnings results on Thursday, June 13th. The company reported ($0.83) EPS for the quarter, topping analysts’ consensus estimates of ($0.99) by $0.16. Lovesac had a net margin of 2.17% and a return on equity of 7.55%. The business had revenue of $132.64 million for the quarter, compared to analysts’ expectations of $128.20 million. On average, analysts forecast that The Lovesac Company will post 1.09 earnings per share for the current fiscal year.

Institutional Trading of Lovesac

Several large investors have recently modified their holdings of the business. EntryPoint Capital LLC bought a new stake in shares of Lovesac in the first quarter worth $39,000. Byrne Asset Management LLC raised its stake in shares of Lovesac by 515.4% in the 1st quarter. Byrne Asset Management LLC now owns 3,200 shares of the company’s stock valued at $72,000 after purchasing an additional 2,680 shares in the last quarter. SG Americas Securities LLC bought a new position in shares of Lovesac during the fourth quarter worth about $116,000. Barclays PLC grew its stake in Lovesac by 15.2% in the third quarter. Barclays PLC now owns 6,210 shares of the company’s stock worth $124,000 after purchasing an additional 818 shares in the last quarter. Finally, Price T Rowe Associates Inc. MD increased its holdings in Lovesac by 8.2% in the first quarter. Price T Rowe Associates Inc. MD now owns 9,633 shares of the company’s stock valued at $218,000 after buying an additional 726 shares during the last quarter. 91.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on LOVE shares. Roth Mkm reiterated a “buy” rating and set a $30.00 target price on shares of Lovesac in a research report on Tuesday, June 11th. Canaccord Genuity Group reaffirmed a “buy” rating and issued a $36.00 target price on shares of Lovesac in a research report on Friday, June 14th. Maxim Group lifted their price objective on Lovesac from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, June 17th. DA Davidson raised their price target on shares of Lovesac from $24.00 to $32.00 and gave the company a “buy” rating in a report on Friday, June 14th. Finally, Oppenheimer decreased their price objective on shares of Lovesac from $60.00 to $35.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Five analysts have rated the stock with a buy rating, According to MarketBeat, Lovesac presently has an average rating of “Buy” and a consensus target price of $34.20.

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.