The Lovesac Company (NASDAQ:LOVE) Stock Position Raised by Millrace Asset Group Inc.

Millrace Asset Group Inc. boosted its stake in shares of The Lovesac Company (NASDAQ:LOVE - Free Report) by 63.0% in the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 68,503 shares of the company's stock after acquiring an additional 26,481 shares during the quarter. Lovesac comprises 2.0% of Millrace Asset Group Inc.'s investment portfolio, making the stock its 19th biggest holding. Millrace Asset Group Inc. owned 0.44% of Lovesac worth $1,963,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also modified their holdings of the business. Price T Rowe Associates Inc. MD lifted its holdings in shares of Lovesac by 8.2% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 9,633 shares of the company's stock valued at $218,000 after buying an additional 726 shares during the period. BCGM Wealth Management LLC lifted its holdings in shares of Lovesac by 0.8% in the third quarter. BCGM Wealth Management LLC now owns 134,364 shares of the company's stock valued at $3,850,000 after purchasing an additional 1,023 shares in the last quarter. Russell Investments Group Ltd. grew its position in shares of Lovesac by 12.8% in the first quarter. Russell Investments Group Ltd. now owns 13,966 shares of the company's stock valued at $316,000 after purchasing an additional 1,584 shares during the last quarter. EntryPoint Capital LLC purchased a new stake in Lovesac in the 1st quarter valued at approximately $39,000. Finally, Meeder Asset Management Inc. purchased a new position in Lovesac during the second quarter worth $43,000. 91.32% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research firms recently commented on LOVE. Roth Mkm lifted their price objective on Lovesac from $31.00 to $35.00 and gave the stock a "buy" rating in a research report on Tuesday, November 19th. Craig Hallum upped their price objective on shares of Lovesac from $30.00 to $35.00 and gave the company a "buy" rating in a research note on Friday, September 13th. Canaccord Genuity Group reissued a "buy" rating and issued a $36.00 target price on shares of Lovesac in a research report on Friday, September 13th. Finally, DA Davidson reaffirmed a "buy" rating and set a $32.00 price target on shares of Lovesac in a research note on Thursday, October 3rd. Six analysts have rated the stock with a buy rating, Based on data from MarketBeat, the company currently has an average rating of "Buy" and an average price target of $35.17.

Lovesac Stock Performance

Shares of NASDAQ:LOVE traded down $1.37 during mid-day trading on Tuesday, hitting $37.10. 418,431 shares of the company traded hands, compared to its average volume of 291,808. The firm has a market cap of $577.28 million, a P/E ratio of 73.96, a PEG ratio of 0.91 and a beta of 2.91. The firm's 50 day simple moving average is $29.06 and its 200 day simple moving average is $26.40. The Lovesac Company has a 52-week low of $18.21 and a 52-week high of $38.94.

Lovesac (NASDAQ:LOVE - Get Free Report) last posted its quarterly earnings data on Thursday, September 12th. The company reported ($0.38) earnings per share for the quarter, beating analysts' consensus estimates of ($0.46) by $0.08. Lovesac had a net margin of 1.41% and a return on equity of 4.83%. The company had revenue of $156.59 million during the quarter, compared to analysts' expectations of $154.01 million. Equities research analysts expect that The Lovesac Company will post 1.09 EPS for the current fiscal year.

Insiders Place Their Bets

In other news, Director Albert Jack Krause sold 10,000 shares of Lovesac stock in a transaction that occurred on Thursday, October 3rd. The stock was sold at an average price of $26.22, for a total value of $262,200.00. Following the completion of the transaction, the director now owns 177,849 shares in the company, valued at approximately $4,663,200.78. This trade represents a 5.32 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 12.33% of the stock is owned by company insiders.

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.