Federated Hermes Inc. Sells 255,000 Shares of 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. trimmed its holdings in The Lovesac Company (NASDAQ:LOVE - Free Report) by 50.0% in the first quarter, according to the company in its most recent filing with the 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 quarter.

A number of other institutional investors also recently made changes to their positions in LOVE. SummerHaven Investment Management LLC lifted its position in Lovesac by 1.7% in the first quarter. SummerHaven Investment Management LLC now owns 33,949 shares of the company's stock valued at $617,000 after purchasing an additional 562 shares during the last quarter. Heck Capital Advisors LLC purchased a new position in shares of Lovesac in the fourth quarter worth $26,000. Price T Rowe Associates Inc. MD raised its holdings in Lovesac by 13.2% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,462 shares of the company's stock valued at $272,000 after buying an additional 1,333 shares during the last quarter. MetLife Investment Management LLC boosted its position in Lovesac by 18.3% during the 4th quarter. MetLife Investment Management LLC now owns 9,233 shares of the company's stock valued at $218,000 after buying an additional 1,425 shares during the period. Finally, Wells Fargo & Company MN grew its holdings in Lovesac by 24.8% in the 4th quarter. Wells Fargo & Company MN now owns 9,823 shares of the company's stock worth $232,000 after acquiring an additional 1,950 shares during the last quarter. Hedge funds and other institutional investors own 91.32% of the company's stock.

Lovesac Stock Down 3.2%

LOVE opened at $17.43 on Monday. The Lovesac Company has a 52 week low of $12.12 and a 52 week high of $39.49. The stock has a market cap of $253.61 million, a PE ratio of 24.90, a PEG ratio of 0.56 and a beta of 2.20. The business has a 50 day moving average of $18.78 and a 200-day moving average of $19.72.

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

Wall Street Analyst Weigh In

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

Insider Buying and Selling

In other Lovesac news, Director Walter Field Mclallen bought 1,950 shares of the firm's stock in a transaction on Friday, June 20th. The stock was acquired at an average price of $18.08 per share, with a total value of $35,256.00. Following the completion of the purchase, the director owned 40,000 shares of the company's stock, valued at approximately $723,200. This trade represents a 5.12% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 12.33% of the stock is owned by insiders.

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.

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