Bank of New York Mellon Corp Has $11.58 Million Stock Holdings in The Lovesac Company (NASDAQ:LOVE)

Bank of New York Mellon Corp raised its stake in shares of The Lovesac Company (NASDAQ:LOVE) by 9.3% in the fourth quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 489,613 shares of the company’s stock after buying an additional 41,751 shares during the period. Bank of New York Mellon Corp owned about 3.17% of Lovesac worth $11,584,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of the stock. Jane Street Group LLC raised its holdings in shares of Lovesac by 74.4% during the third quarter. Jane Street Group LLC now owns 80,776 shares of the company’s stock worth $2,314,000 after acquiring an additional 34,451 shares in the last quarter. JPMorgan Chase & Co. increased its position in Lovesac by 76.1% in the 3rd quarter. JPMorgan Chase & Co. now owns 33,510 shares of the company’s stock worth $960,000 after purchasing an additional 14,480 shares during the last quarter. Franklin Resources Inc. acquired a new stake in shares of Lovesac during the 3rd quarter valued at about $231,000. SG Americas Securities LLC grew its stake in shares of Lovesac by 305.0% in the 4th quarter. SG Americas Securities LLC now owns 24,064 shares of the company’s stock valued at $569,000 after buying an additional 18,122 shares in the last quarter. Finally, Millrace Asset Group Inc. increased its holdings in Lovesac by 63.0% in the third quarter. Millrace Asset Group Inc. now owns 68,503 shares of the company’s stock worth $1,963,000 after buying an additional 26,481 shares during the last quarter. Institutional investors and hedge funds own 91.32% of the company’s stock.

Analyst Ratings Changes

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

Lovesac Stock Down 7.2 %

NASDAQ:LOVE opened at $15.70 on Friday. The company’s 50 day moving average is $23.28 and its 200-day moving average is $26.65. The Lovesac Company has a 12 month low of $15.55 and a 12 month high of $39.49. The firm has a market cap of $242.30 million, a price-to-earnings ratio of 46.18, a P/E/G ratio of 0.65 and a beta of 3.05.

Lovesac (NASDAQ:LOVE) last announced its earnings results on Thursday, December 12th. The company reported ($0.32) EPS for the quarter, topping the consensus estimate of ($0.34) by $0.02. The firm had revenue of $149.90 million for the quarter, compared to the consensus estimate of $155.26 million. Lovesac had a net margin of 1.04% and a return on equity of 3.51%. The business’s quarterly revenue was down 2.7% on a year-over-year basis. During the same quarter last year, the firm posted ($0.15) EPS. Research analysts predict that The Lovesac Company will post 0.39 EPS for the current fiscal year.

Insider Buying and Selling at Lovesac

In related news, Director Albert Jack Krause sold 30,000 shares of the company’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $26.33, for a total transaction of $789,900.00. Following the completion of the transaction, the director now directly owns 147,849 shares in the company, valued at $3,892,864.17. This represents a 16.87 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director Walter Field Mclallen purchased 4,000 shares of Lovesac stock in a transaction on Friday, December 20th. The stock was bought at an average cost of $24.68 per share, with a total value of $98,720.00. Following the completion of the acquisition, the director now owns 23,540 shares in the company, valued at approximately $580,967.20. This trade represents a 20.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Corporate insiders own 12.33% of the company’s stock.

Lovesac 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.