New York State Common Retirement Fund Sells 113,073 Shares of The Lovesac Company (NASDAQ:LOVE)

Key Points

• The New York State Common Retirement Fund drastically reduced its stake in The Lovesac Company by 95.2%, leaving it with only 5,722 shares valued at approximately $104,000.
• Lovesac's stock experienced a 4.0% increase to open at $20.31, with analysts forecasting a growth in earnings per share to 0.39 for the current year.
• Despite recent earnings surpassing expectations, several analysts have adjusted their price targets for Lovesac, highlighting a range from $24.00 to $35.00 based on different evaluations.

New York State Common Retirement Fund decreased its position in The Lovesac Company (NASDAQ:LOVE - Free Report) by 95.2% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 5,722 shares of the company's stock after selling 113,073 shares during the quarter. New York State Common Retirement Fund's holdings in Lovesac were worth $104,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of LOVE. Charles Schwab Investment Management Inc. increased its stake in Lovesac by 3.1% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 41,524 shares of the company's stock worth $982,000 after purchasing an additional 1,243 shares during the period. American Century Companies Inc. increased its stake in Lovesac by 15.0% in the 4th quarter. American Century Companies Inc. now owns 436,790 shares of the company's stock worth $10,334,000 after purchasing an additional 56,989 shares during the period. Arrowstreet Capital Limited Partnership increased its stake in Lovesac by 9.6% in the 4th quarter. Arrowstreet Capital Limited Partnership now owns 279,682 shares of the company's stock worth $6,617,000 after purchasing an additional 24,559 shares during the period. Geode Capital Management LLC increased its stake in Lovesac by 1.3% in the 4th quarter. Geode Capital Management LLC now owns 340,440 shares of the company's stock worth $8,057,000 after purchasing an additional 4,230 shares during the period. Finally, Trexquant Investment LP increased its stake in shares of Lovesac by 122.9% during the fourth quarter. Trexquant Investment LP now owns 43,747 shares of the company's stock valued at $1,035,000 after buying an additional 24,121 shares during the period. 91.32% of the stock is owned by hedge funds and other institutional investors.

Lovesac Stock Performance

Shares of NASDAQ LOVE traded up $0.03 during mid-day trading on Thursday, hitting $18.30. 28,179 shares of the stock traded hands, compared to its average volume of 425,167. The Lovesac Company has a 52 week low of $12.12 and a 52 week high of $39.49. The company has a market cap of $266.19 million, a price-to-earnings ratio of 26.09, a PEG ratio of 0.60 and a beta of 2.24. The stock has a fifty day moving average price of $18.81 and a 200-day moving average price of $19.93.

Lovesac (NASDAQ:LOVE - Get Free Report) last released its quarterly earnings results on Thursday, June 12th. The company reported ($0.73) earnings per share 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 company had revenue of $138.37 million for the quarter, compared to analyst estimates of $137.20 million. During the same period in the previous year, the company posted ($0.83) earnings per share. The firm's revenue was up 4.4% on a year-over-year basis. As a group, sell-side analysts predict that The Lovesac Company will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling at Lovesac

In other news, Director Walter Field Mclallen purchased 1,950 shares of the company's stock in a transaction that occurred on Friday, June 20th. The shares were bought at an average cost of $18.08 per share, for a total transaction of $35,256.00. Following the completion of the transaction, the director directly owned 40,000 shares of the company's stock, valued at $723,200. This trade represents a 5.12% increase in their position. The acquisition was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 12.33% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on the company. Oppenheimer reissued an "outperform" rating and set a $35.00 target price on shares of Lovesac in a research note on Friday, April 11th. DA Davidson reduced their target price on Lovesac from $35.00 to $24.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Canaccord Genuity Group reduced their target price on Lovesac from $45.00 to $30.00 and set a "buy" rating on the stock in a research note 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 note on Friday, April 11th. Finally, Wall Street Zen raised Lovesac from a "sell" rating to a "hold" rating in a research note on Saturday, July 12th. One investment analyst has rated the stock with a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average price target of $30.40.

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.