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The Lovesac Company (NASDAQ:LOVE) Shares Sold by Bank of America Corp DE

Lovesac logo with Retail/Wholesale background

Bank of America Corp DE lowered its stake in The Lovesac Company (NASDAQ:LOVE - Free Report) by 40.4% in the 4th quarter, according to its most recent filing with the SEC. The fund owned 31,240 shares of the company's stock after selling 21,174 shares during the period. Bank of America Corp DE owned 0.20% of Lovesac worth $739,000 as of its most recent SEC filing.

Other institutional investors have also modified their holdings of the company. AlphaQuest LLC acquired a new position in Lovesac in the fourth quarter worth about $70,000. MetLife Investment Management LLC grew its position in shares of Lovesac by 18.3% in the 4th quarter. MetLife Investment Management LLC now owns 9,233 shares of the company's stock worth $218,000 after acquiring an additional 1,425 shares in the last quarter. Wells Fargo & Company MN grew its position in shares of 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 in the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Lovesac by 13.2% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 11,462 shares of the company's stock valued at $272,000 after acquiring an additional 1,333 shares during the last quarter. Finally, M&T Bank Corp acquired a new stake in shares of Lovesac during the 4th quarter valued at approximately $321,000. Institutional investors and hedge funds own 91.32% of the company's stock.

Lovesac Stock Down 18.0%

NASDAQ LOVE traded down $3.68 on Thursday, hitting $16.82. The stock had a trading volume of 1,757,719 shares, compared to its average volume of 385,598. The company's 50-day moving average is $19.25 and its two-hundred day moving average is $22.61. The stock has a market cap of $249.69 million, a price-to-earnings ratio of 49.47, a P/E/G ratio of 0.65 and a beta of 2.30. The Lovesac Company has a one year low of $12.12 and a one year high of $39.49.

Lovesac (NASDAQ:LOVE - Get Free Report) last issued its quarterly earnings data on Thursday, June 12th. The company reported ($0.73) earnings per share (EPS) for the quarter, topping analysts' consensus estimates of ($0.84) by $0.11. The business had revenue of $138.37 million during the quarter, compared to analyst estimates of $137.20 million. Lovesac had a return on equity of 3.51% and a net margin of 1.04%. The business's revenue for the quarter was up 4.4% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.83) EPS. On average, sell-side analysts anticipate that The Lovesac Company will post 0.39 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on LOVE shares. Oppenheimer reiterated an "outperform" rating and set a $35.00 target price on shares of Lovesac in a research note on Friday, April 11th. DA Davidson decreased their price target 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. Canaccord Genuity Group dropped their price objective on shares of Lovesac from $45.00 to $30.00 and set a "buy" rating on the stock in a research note on Friday, April 11th. Finally, Roth Mkm raised their target price on shares of Lovesac from $22.00 to $28.00 and gave the stock a "buy" rating in a report on Friday, April 11th. Six research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has a consensus rating of "Buy" and a consensus price target of $31.67.

Get Our Latest Report on Lovesac

About Lovesac

(Free Report)

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.

Further Reading

Institutional Ownership by Quarter for Lovesac (NASDAQ:LOVE)

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