Connors Investor Services Inc. Has $1.84 Million Stake in The Lovesac Company (NASDAQ:LOVE)

Connors Investor Services Inc. lifted its position in shares of The Lovesac Company (NASDAQ:LOVE) by 4.8% during the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 81,374 shares of the company’s stock after purchasing an additional 3,741 shares during the period. Connors Investor Services Inc. owned 0.53% of Lovesac worth $1,839,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the company. CastleKnight Management LP increased its position in Lovesac by 251.3% during the 4th quarter. CastleKnight Management LP now owns 40,400 shares of the company’s stock worth $1,032,000 after buying an additional 28,900 shares during the period. LSV Asset Management bought a new position in Lovesac during the first quarter worth about $988,000. Halter Ferguson Financial Inc. acquired a new stake in Lovesac in the 4th quarter worth about $5,160,000. BNP Paribas Financial Markets boosted its holdings in Lovesac by 146.8% in the 4th quarter. BNP Paribas Financial Markets now owns 64,767 shares of the company’s stock valued at $1,655,000 after purchasing an additional 38,520 shares during the period. Finally, Susquehanna Fundamental Investments LLC acquired a new position in shares of Lovesac during the 1st quarter worth approximately $489,000. 91.32% of the stock is owned by institutional investors and hedge funds.

Lovesac Price Performance

NASDAQ:LOVE traded up $0.05 during trading hours on Friday, hitting $28.13. The company’s stock had a trading volume of 180,429 shares, compared to its average volume of 265,027. The Lovesac Company has a twelve month low of $14.18 and a twelve month high of $30.39. The stock has a fifty day simple moving average of $25.52 and a 200-day simple moving average of $23.85. The company has a market capitalization of $437.42 million, a P/E ratio of 33.09, a PEG ratio of 0.74 and a beta of 2.94.

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

Insider Activity

In other Lovesac news, CEO Shawn David Nelson sold 18,988 shares of the company’s stock in a transaction dated Thursday, June 20th. The stock was 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 approximately $3,869,397.15. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 12.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

A number of research firms have recently weighed in on LOVE. Canaccord Genuity Group reiterated a “buy” rating and issued a $36.00 price target on shares of Lovesac in a research report on Friday, June 14th. Oppenheimer reduced their target price on Lovesac from $60.00 to $35.00 and set an “outperform” rating on the stock in a report on Wednesday, May 1st. Maxim Group raised their price target on Lovesac from $36.00 to $38.00 and gave the stock a “buy” rating in a research report on Monday, June 17th. Roth Mkm reaffirmed a “buy” rating and set a $30.00 price objective on shares of Lovesac in a research report on Wednesday, July 3rd. Finally, DA Davidson raised their target price on shares of Lovesac from $24.00 to $32.00 and gave the company a “buy” rating in a report on Friday, June 14th. Five investment analysts have rated the stock with a buy rating, According to data from MarketBeat.com, Lovesac presently has a consensus rating of “Buy” and an average price target 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.