Bank of New York Mellon Corp Lowers Stake in The Lovesac Company (NASDAQ:LOVE)

Bank of New York Mellon Corp lowered its stake in shares of The Lovesac Company (NASDAQ:LOVE - Free Report) by 44.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 270,629 shares of the company's stock after selling 218,984 shares during the period. Bank of New York Mellon Corp owned 1.83% of Lovesac worth $4,920,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. Senvest Management LLC raised its position in shares of Lovesac by 17.4% during the fourth quarter. Senvest Management LLC now owns 1,106,767 shares of the company's stock valued at $26,186,000 after buying an additional 163,745 shares during the last quarter. Hood River Capital Management LLC raised its position in shares of Lovesac by 6.4% during the fourth quarter. Hood River Capital Management LLC now owns 986,947 shares of the company's stock valued at $23,351,000 after buying 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 valued at $21,749,000 after buying 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 valued at $16,130,000 after buying an additional 170,045 shares during the last quarter. Finally, Marshall Wace LLP raised its position in shares of Lovesac by 6.9% during the fourth quarter. Marshall Wace LLP now owns 452,901 shares of the company's stock valued at $10,716,000 after buying an additional 29,173 shares during the last quarter. Institutional investors own 91.32% of the company's stock.

Lovesac Stock Performance

NASDAQ LOVE traded down $1.02 on Monday, hitting $19.29. 237,650 shares of the stock were exchanged, compared to its average volume of 218,792. The Lovesac Company has a 52-week low of $12.12 and a 52-week high of $39.49. The firm has a market capitalization of $280.67 million, a P/E ratio of 27.56, a P/E/G ratio of 0.65 and a beta of 2.24. The stock has a fifty day moving average price of $18.85 and a two-hundred day moving average price of $19.95.

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

Wall Street Analyst Weigh In

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

Insider Transactions at Lovesac

In other news, Director Walter Field Mclallen acquired 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 directly owned 40,000 shares in the company, valued at approximately $723,200. This trade represents a 5.12% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 12.33% of the stock is currently owned by insiders.

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.