Insider Selling: The Lovesac Company (NASDAQ:LOVE) CEO Sells 18,988 Shares of Stock

The Lovesac Company (NASDAQ:LOVE) CEO Shawn David Nelson sold 18,988 shares of the stock in a transaction that occurred on Thursday, June 20th. The shares were sold at an average price of $23.33, for a total transaction of $442,990.04. Following the completion of the transaction, the chief executive officer now directly owns 165,855 shares of the company’s stock, valued at approximately $3,869,397.15. The sale was disclosed in a filing with the SEC, which is available through this hyperlink.

Lovesac Stock Performance

Shares of NASDAQ LOVE opened at $23.26 on Monday. The Lovesac Company has a 52-week low of $14.18 and a 52-week high of $29.81. The firm has a 50 day moving average price of $24.69 and a two-hundred day moving average price of $24.12. The stock has a market cap of $361.69 million, a P/E ratio of 27.37, a price-to-earnings-growth ratio of 0.61 and a beta of 2.86.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings data on Thursday, June 13th. The company reported ($0.83) earnings per share for the quarter, topping the consensus estimate of ($0.99) by $0.16. Lovesac had a net margin of 2.17% and a return on equity of 7.55%. The company had revenue of $132.64 million during the quarter, compared to analysts’ expectations of $128.20 million. Analysts predict that The Lovesac Company will post 1.09 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Lovesac

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its stake in Lovesac by 1.4% during the first quarter. Vanguard Group Inc. now owns 841,537 shares of the company’s stock worth $19,019,000 after acquiring an additional 11,745 shares in the last quarter. Halter Ferguson Financial Inc. bought a new position in Lovesac during the fourth quarter worth $5,160,000. Skylands Capital LLC boosted its stake in Lovesac by 1.4% during the fourth quarter. Skylands Capital LLC now owns 178,965 shares of the company’s stock worth $4,573,000 after acquiring an additional 2,525 shares in the last quarter. BCGM Wealth Management LLC lifted its stake in shares of Lovesac by 3.5% in the first quarter. BCGM Wealth Management LLC now owns 133,141 shares of the company’s stock valued at $3,009,000 after buying an additional 4,450 shares in the last quarter. Finally, Wellington Management Group LLP lifted its stake in shares of Lovesac by 56.2% in the third quarter. Wellington Management Group LLP now owns 82,000 shares of the company’s stock valued at $1,633,000 after buying an additional 29,500 shares in the last quarter. 91.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several equities analysts recently commented on LOVE shares. DA Davidson increased their price objective on shares of Lovesac from $24.00 to $32.00 and gave the company a “buy” rating in a research note on Friday, June 14th. Oppenheimer dropped their price objective on shares of Lovesac from $60.00 to $35.00 and set an “outperform” rating for the company in a research note on Wednesday, May 1st. Canaccord Genuity Group reissued a “buy” rating and issued a $36.00 price objective on shares of Lovesac in a research note on Friday, June 14th. Maxim Group increased their price objective on shares of Lovesac from $36.00 to $38.00 and gave the company a “buy” rating in a research note on Monday, June 17th. Finally, Roth Mkm restated a “buy” rating and issued a $30.00 price target on shares of Lovesac in a research report on Tuesday, June 11th. Five research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the company currently has a consensus rating of “Buy” and an average price target of $34.20.

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.