The Lovesac Company (NASDAQ:LOVE) Sees Significant Increase in Short Interest

The Lovesac Company (NASDAQ:LOVE - Get Free Report) saw a significant growth in short interest in March. As of March 15th, there was short interest totalling 3,870,000 shares, a growth of 25.6% from the February 28th total of 3,080,000 shares. Based on an average daily volume of 382,000 shares, the short-interest ratio is presently 10.1 days. Approximately 27.6% of the shares of the stock are sold short.

Insider Buying and Selling at Lovesac

In other news, Director Albert Jack Krause sold 30,000 shares of the business's stock in a transaction on Friday, January 17th. The stock was sold at an average price of $26.33, for a total value of $789,900.00. Following the completion of the transaction, the director now directly owns 147,849 shares of the company's stock, valued at $3,892,864.17. The trade was a 16.87 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 12.33% of the company's stock.

Institutional Trading of Lovesac

A number of institutional investors have recently modified their holdings of LOVE. State Street Corp grew its stake in Lovesac by 1.7% during the third quarter. State Street Corp now owns 299,081 shares of the company's stock worth $8,569,000 after buying an additional 5,124 shares during the period. Jane Street Group LLC raised its position in Lovesac by 74.4% in the third quarter. Jane Street Group LLC now owns 80,776 shares of the company's stock valued at $2,314,000 after purchasing an additional 34,451 shares during the period. XTX Topco Ltd acquired a new position in shares of Lovesac during the third quarter worth about $381,000. Anson Funds Management LP boosted its position in shares of Lovesac by 13.9% in the third quarter. Anson Funds Management LP now owns 814,363 shares of the company's stock worth $23,332,000 after buying an additional 99,651 shares during the period. Finally, MML Investors Services LLC grew its stake in shares of Lovesac by 46.9% in the third quarter. MML Investors Services LLC now owns 138,893 shares of the company's stock valued at $3,979,000 after buying an additional 44,358 shares in the last quarter. Hedge funds and other institutional investors own 91.32% of the company's stock.

Remove Ads

Lovesac Stock Performance

Shares of LOVE traded down $0.98 during trading hours on Friday, hitting $14.43. The stock had a trading volume of 1,125,173 shares, compared to its average volume of 352,787. The company's fifty day simple moving average is $20.34 and its 200 day simple moving average is $25.91. Lovesac has a 12-month low of $13.43 and a 12-month high of $39.49. The firm has a market cap of $222.70 million, a P/E ratio of 42.44, a P/E/G ratio of 0.65 and a beta of 3.08.

Wall Street Analyst Weigh In

A number of equities research analysts have recently commented on LOVE shares. Roth Mkm lifted their price target on shares of Lovesac from $35.00 to $42.00 and gave the stock a "buy" rating in a report on Tuesday, December 10th. DA Davidson reiterated a "buy" rating and issued a $35.00 price target on shares of Lovesac in a report on Tuesday, March 25th. Six investment analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock presently has an average rating of "Buy" and an average target price of $38.33.

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.