Franklin Resources Inc. Purchases Shares of 8,381 The Lovesac Company (NASDAQ:LOVE)

Franklin Resources Inc. acquired a new position in shares of The Lovesac Company (NASDAQ:LOVE) during the 3rd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm acquired 8,381 shares of the company’s stock, valued at approximately $231,000. Franklin Resources Inc. owned about 0.05% of Lovesac as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in LOVE. BCGM Wealth Management LLC lifted its position in Lovesac by 0.8% during the third quarter. BCGM Wealth Management LLC now owns 134,364 shares of the company’s stock worth $3,850,000 after buying an additional 1,023 shares during the period. Meeder Asset Management Inc. acquired a new position in shares of Lovesac during the 2nd quarter valued at about $43,000. Empowered Funds LLC lifted its holdings in shares of Lovesac by 5.1% during the 3rd quarter. Empowered Funds LLC now owns 49,284 shares of the company’s stock worth $1,412,000 after acquiring an additional 2,412 shares during the period. Rhumbline Advisers boosted its position in shares of Lovesac by 12.4% in the second quarter. Rhumbline Advisers now owns 22,199 shares of the company’s stock worth $501,000 after acquiring an additional 2,449 shares during the last quarter. Finally, Geode Capital Management LLC grew its holdings in Lovesac by 1.2% in the third quarter. Geode Capital Management LLC now owns 336,210 shares of the company’s stock valued at $9,634,000 after purchasing an additional 3,979 shares during the period. Hedge funds and other institutional investors own 91.32% of the company’s stock.

Lovesac Trading Down 1.0 %

Shares of Lovesac stock opened at $23.66 on Thursday. The company has a fifty day moving average price of $30.83 and a 200 day moving average price of $27.09. The Lovesac Company has a twelve month low of $18.21 and a twelve month high of $39.49. The stock has a market cap of $365.14 million, a price-to-earnings ratio of 69.59, a price-to-earnings-growth ratio of 1.49 and a beta of 2.97.

Lovesac (NASDAQ:LOVE) last posted its earnings results on Thursday, December 12th. The company reported ($0.32) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.02. The business had revenue of $149.90 million during the quarter, compared to analyst estimates of $155.26 million. Lovesac had a return on equity of 3.46% and a net margin of 1.04%. The company’s revenue for the quarter was down 2.7% compared to the same quarter last year. During the same quarter last year, the firm earned ($0.15) earnings per share. Analysts forecast that The Lovesac Company will post 0.5 earnings per share for the current year.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Craig Hallum increased their price target on shares of Lovesac from $30.00 to $35.00 and gave the stock a “buy” rating in a research note on Friday, September 13th. Canaccord Genuity Group upped their price objective on Lovesac from $36.00 to $45.00 and gave the stock a “buy” rating in a report on Monday, December 2nd. DA Davidson reduced their target price on Lovesac from $44.00 to $35.00 and set a “buy” rating on the stock in a report on Friday, December 13th. Finally, Roth Mkm boosted their price target on Lovesac from $35.00 to $42.00 and gave the company a “buy” rating in a research report on Tuesday, December 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $38.33.

Insider Activity

In other news, Director Walter Field Mclallen bought 4,000 shares of the firm’s stock in a transaction dated Friday, December 20th. The stock was acquired at an average cost of $24.68 per share, for a total transaction of $98,720.00. Following the completion of the purchase, the director now owns 23,540 shares of the company’s stock, valued at $580,967.20. This trade represents a 20.47 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 12.33% of the company’s stock.

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.