Federated Hermes Inc. Has $4.64 Million Stock Position in The Lovesac Company (NASDAQ:LOVE)

Key Points

• Federated Hermes Inc. sold 255,000 shares of The Lovesac Company, reducing its holdings by 50% to own 1.72% of the stock, worth approximately $4.6 million.
• The Lovesac Company reported a quarterly earnings per share (EPS) of ($0.73), which beat the consensus estimate of (0.81), and the revenue for the quarter increased 4.4% year-over-year.
• Analysts have mixed views on Lovesac's stock, with a consensus rating of "Moderate Buy" and an average target price of $30.40, despite recent price target reductions from some firms.

Federated Hermes Inc. cut its position in shares of The Lovesac Company (NASDAQ:LOVE - Free Report) by 50.0% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 255,000 shares of the company's stock after selling 255,000 shares during the quarter. Federated Hermes Inc. owned 1.72% of Lovesac worth $4,636,000 at the end of the most recent reporting period.

Several other large investors have also recently added to or reduced their stakes in the stock. Senvest Management LLC raised its stake in shares of Lovesac by 17.4% during the 4th quarter. Senvest Management LLC now owns 1,106,767 shares of the company's stock worth $26,186,000 after purchasing an additional 163,745 shares in the last quarter. Hood River Capital Management LLC raised its position in Lovesac by 6.4% in the 4th quarter. Hood River Capital Management LLC now owns 986,947 shares of the company's stock valued at $23,351,000 after purchasing an additional 59,231 shares during the last quarter. Anson Funds Management LP raised its position in shares of Lovesac by 12.9% during the fourth quarter. Anson Funds Management LP now owns 919,229 shares of the company's stock worth $21,749,000 after acquiring an additional 104,866 shares during the last quarter. AWM Investment Company Inc. raised its position in shares of Lovesac by 33.2% during the fourth quarter. AWM Investment Company Inc. now owns 681,741 shares of the company's stock worth $16,130,000 after acquiring an additional 170,045 shares during the last quarter. Finally, Marshall Wace LLP increased its holdings in Lovesac by 6.9% in the fourth quarter. Marshall Wace LLP now owns 452,901 shares of the company's stock valued at $10,716,000 after purchasing an additional 29,173 shares during the last quarter. 91.32% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Lovesac

In related news, Director Walter Field Mclallen acquired 1,950 shares of the company's stock in a transaction on Friday, June 20th. The shares were purchased at an average price of $18.08 per share, for a total transaction of $35,256.00. Following the purchase, the director owned 40,000 shares in the company, valued at $723,200. This represents a 5.12% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Company insiders own 12.33% of the company's stock.

Lovesac Price Performance

NASDAQ:LOVE traded down $0.14 during trading hours on Thursday, reaching $18.05. 169,853 shares of the company were exchanged, compared to its average volume of 418,243. The stock has a 50 day simple moving average of $18.72 and a 200 day simple moving average of $19.65. The Lovesac Company has a 52-week low of $12.12 and a 52-week high of $39.49. The firm has a market cap of $262.61 million, a price-to-earnings ratio of 26.02, a PEG ratio of 0.58 and a beta of 2.20.

Lovesac (NASDAQ:LOVE - Get Free Report) last announced its quarterly earnings data on Thursday, June 12th. The company reported ($0.73) earnings per share for the quarter, beating analysts' consensus estimates of ($0.81) by $0.08. Lovesac had a net margin of 1.99% and a return on equity of 6.70%. The business had revenue of $138.37 million during the quarter, compared to the consensus estimate of $137.20 million. During the same quarter in the prior year, the firm earned ($0.83) EPS. The company's revenue for the quarter was up 4.4% compared to the same quarter last year. On average, analysts predict that The Lovesac Company will post 0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. DA Davidson reduced their price objective on Lovesac from $35.00 to $24.00 and set a "buy" rating for the company in a research report on Friday, April 11th. Roth Mkm boosted their target price on Lovesac from $22.00 to $28.00 and gave the company a "buy" rating in a research report on Friday, April 11th. Wall Street Zen upgraded Lovesac from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. Oppenheimer reissued an "outperform" rating and issued a $35.00 target price on shares of Lovesac in a research note on Friday, April 11th. Finally, Canaccord Genuity Group decreased their target price on shares of Lovesac from $45.00 to $30.00 and set a "buy" rating for the company in a research note on Friday, April 11th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $30.40.

Lovesac Company 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.