Bank of New York Mellon Corp Has $8.89 Million Holdings in The Lovesac Company (NASDAQ:LOVE)

Bank of New York Mellon Corp trimmed its position in shares of The Lovesac Company (NASDAQ:LOVE) by 3.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 393,473 shares of the company’s stock after selling 14,962 shares during the period. Bank of New York Mellon Corp owned about 2.53% of Lovesac worth $8,885,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds also recently bought and sold shares of the company. Wesbanco Bank Inc. acquired a new position in shares of Lovesac during the 2nd quarter worth about $305,000. Grandeur Peak Global Advisors LLC acquired a new position in Lovesac in the first quarter valued at about $247,000. Price T Rowe Associates Inc. MD increased its holdings in Lovesac by 8.2% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,633 shares of the company’s stock valued at $218,000 after purchasing an additional 726 shares in the last quarter. Anson Funds Management LP acquired a new stake in Lovesac during the 1st quarter valued at $1,742,000. Finally, EntryPoint Capital LLC bought a new position in Lovesac in the 1st quarter valued at $39,000. 91.32% of the stock is owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of equities analysts have weighed in on LOVE shares. Maxim Group boosted their target price on shares of Lovesac from $36.00 to $38.00 and gave the stock a “buy” rating in a research note on Monday, June 17th. DA Davidson boosted their price target on shares of Lovesac from $24.00 to $32.00 and gave the stock a “buy” rating in a research note on Friday, June 14th. Canaccord Genuity Group restated a “buy” rating and set a $36.00 target price on shares of Lovesac in a research report on Friday, June 14th. Finally, Roth Mkm reiterated a “buy” rating and set a $30.00 target price on shares of Lovesac in a report on Wednesday, July 3rd. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and a consensus price target of $34.20.

Lovesac Stock Performance

NASDAQ LOVE opened at $20.91 on Wednesday. The stock’s 50 day moving average price is $24.57 and its two-hundred day moving average price is $23.96. The stock has a market capitalization of $325.17 million, a price-to-earnings ratio of 24.60, a PEG ratio of 0.58 and a beta of 2.90. The Lovesac Company has a 52 week low of $14.18 and a 52 week high of $30.39.

Lovesac (NASDAQ:LOVE) last issued its earnings results on Thursday, June 13th. The company reported ($0.83) earnings per share 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 the consensus estimate of $128.20 million. On average, equities research analysts forecast that The Lovesac Company will post 1.09 EPS for the current year.

Insiders Place Their Bets

In other Lovesac news, CEO Shawn David Nelson sold 18,988 shares of the company’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 transaction, the chief executive officer now directly owns 165,855 shares in the company, valued at $3,869,397.15. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Company insiders own 12.33% of the company’s stock.

Lovesac 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.