Los Angeles Capital Management LLC Has $1.68 Million Stock Position in The Lovesac Company (NASDAQ:LOVE)

Posted by on May 2nd, 2023

Los Angeles Capital Management LLC reduced its position in shares of The Lovesac Company (NASDAQ:LOVE – Get Rating) by 7.8% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 76,420 shares of the company’s stock after selling 6,460 shares during the period. Los Angeles Capital Management LLC owned approximately 0.50% of Lovesac worth $1,682,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the company. D.A. Davidson & CO. grew its stake in shares of Lovesac by 9.4% in the fourth quarter. D.A. Davidson & CO. now owns 16,260 shares of the company’s stock worth $358,000 after purchasing an additional 1,400 shares during the last quarter. Janney Montgomery Scott LLC boosted its position in Lovesac by 50.9% during the fourth quarter. Janney Montgomery Scott LLC now owns 34,003 shares of the company’s stock valued at $748,000 after acquiring an additional 11,474 shares during the last quarter. Wesbanco Bank Inc. bought a new stake in Lovesac during the fourth quarter valued at $436,000. Focused Wealth Management Inc bought a new stake in Lovesac during the fourth quarter valued at $75,000. Finally, Bank of New York Mellon Corp boosted its position in Lovesac by 12.3% during the third quarter. Bank of New York Mellon Corp now owns 52,662 shares of the company’s stock valued at $1,073,000 after acquiring an additional 5,779 shares during the last quarter. 88.34% of the stock is currently owned by institutional investors and hedge funds.

Lovesac Price Performance

LOVE opened at $26.77 on Tuesday. The Lovesac Company has a fifty-two week low of $17.60 and a fifty-two week high of $47.19. The firm has a market capitalization of $406.80 million, a PE ratio of 15.21, a P/E/G ratio of 0.43 and a beta of 2.40. The company’s 50-day moving average is $26.98 and its 200 day moving average is $25.19.

Lovesac (NASDAQ:LOVE – Get Rating) last posted its earnings results on Tuesday, March 28th. The company reported $1.74 EPS for the quarter, missing the consensus estimate of $1.75 by ($0.01). Lovesac had a return on equity of 16.69% and a net margin of 4.33%. The firm had revenue of $238.80 million for the quarter, compared to the consensus estimate of $219.13 million. During the same period in the prior year, the business earned $1.01 EPS. Lovesac’s quarterly revenue was up 21.7% compared to the same quarter last year. As a group, analysts expect that The Lovesac Company will post 1.81 EPS for the current year.

Insiders Place Their Bets

In other Lovesac news, CEO Shawn David Nelson sold 7,000 shares of Lovesac stock in a transaction that occurred on Wednesday, April 5th. The shares were sold at an average price of $28.80, for a total transaction of $201,600.00. Following the transaction, the chief executive officer now owns 181,810 shares of the company’s stock, valued at approximately $5,236,128. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Sharon M. Leite purchased 5,000 shares of the firm’s stock in a transaction dated Friday, April 14th. The stock was bought at an average price of $28.55 per share, for a total transaction of $142,750.00. Following the purchase, the director now directly owns 6,638 shares in the company, valued at approximately $189,514.90. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Shawn David Nelson sold 7,000 shares of the firm’s stock in a transaction that occurred on Wednesday, April 5th. The stock was sold at an average price of $28.80, for a total transaction of $201,600.00. Following the sale, the chief executive officer now owns 181,810 shares of the company’s stock, valued at approximately $5,236,128. The disclosure for this sale can be found here. Insiders own 8.66% of the company’s stock.

Wall Street Analyst Weigh In

LOVE has been the topic of several research reports. Roth Capital reiterated a “buy” rating on shares of Lovesac in a report on Friday, March 24th. Roth Mkm upped their price objective on shares of Lovesac from $32.00 to $36.00 and gave the company a “buy” rating in a report on Wednesday, March 29th. Eight analysts have rated the stock with a buy rating, According to data from MarketBeat.com, the company has an average rating of “Buy” and an average price target of $60.25.

About Lovesac

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The Lovesac Co is a technology driven, omni-channel company. It designs, manufactures, and sells furniture comprised of modular couches called sactionals and foam beanbag chairs called sacs. Its products include sactionals, sacs, and accessories. The company was founded by Shawn David Nelson in 1995 and is headquartered in Stamford, CT.

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Institutional Ownership by Quarter for Lovesac (NASDAQ:LOVE)

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