The Lovesac Company (NASDAQ:LOVE) Shares Purchased by Millrace Asset Group Inc.

Millrace Asset Group Inc. grew its holdings in shares of The Lovesac Company (NASDAQ:LOVE) by 63.0% in the 3rd quarter, Holdings Channel.com reports. The institutional investor owned 68,503 shares of the company’s stock after purchasing an additional 26,481 shares during the period. Lovesac comprises 2.0% of Millrace Asset Group Inc.’s investment portfolio, making the stock its 19th largest holding. Millrace Asset Group Inc.’s holdings in Lovesac were worth $1,963,000 as of its most recent SEC filing.

Other hedge funds have also made changes to their positions in the company. Dimensional Fund Advisors LP lifted its position in Lovesac by 3.5% during the 2nd quarter. Dimensional Fund Advisors LP now owns 795,011 shares of the company’s stock worth $17,951,000 after acquiring an additional 26,872 shares in the last quarter. Hood River Capital Management LLC grew its holdings in Lovesac by 8.8% during the 2nd quarter. Hood River Capital Management LLC now owns 774,015 shares of the company’s stock valued at $17,477,000 after purchasing an additional 62,615 shares in the last quarter. Roubaix Capital LLC purchased a new stake in Lovesac during the 3rd quarter worth $4,520,000. Wesbanco Bank Inc. purchased a new position in Lovesac in the 2nd quarter valued at about $305,000. Finally, Russell Investments Group Ltd. grew its stake in shares of Lovesac by 12.8% during the first quarter. Russell Investments Group Ltd. now owns 13,966 shares of the company’s stock valued at $316,000 after acquiring an additional 1,584 shares in the last quarter. Hedge funds and other institutional investors own 91.32% of the company’s stock.

Lovesac Stock Performance

Shares of LOVE opened at $38.47 on Tuesday. The firm has a fifty day moving average of $28.82 and a 200-day moving average of $26.31. The company has a market cap of $598.59 million, a price-to-earnings ratio of 75.43, a price-to-earnings-growth ratio of 0.91 and a beta of 2.91. The Lovesac Company has a 1 year low of $18.21 and a 1 year high of $38.94.

Lovesac (NASDAQ:LOVE) last announced its quarterly earnings results on Thursday, September 12th. The company reported ($0.38) EPS for the quarter, beating the consensus estimate of ($0.46) by $0.08. The company had revenue of $156.59 million for the quarter, compared to analyst estimates of $154.01 million. Lovesac had a net margin of 1.41% and a return on equity of 4.83%. Analysts predict that The Lovesac Company will post 1.09 EPS for the current year.

Wall Street Analyst Weigh In

LOVE has been the topic of several analyst reports. Roth Mkm lifted their price objective on Lovesac from $31.00 to $35.00 and gave the stock a “buy” rating in a report on Tuesday, November 19th. Craig Hallum upped their target price 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. DA Davidson reissued a “buy” rating and issued a $32.00 price objective on shares of Lovesac in a report on Thursday, October 3rd. Finally, Canaccord Genuity Group reiterated a “buy” rating and issued a $36.00 target price on shares of Lovesac in a research report on Friday, September 13th. Six equities research analysts have rated the stock with a buy rating, According to MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $35.17.

Insider Activity

In other news, Director Albert Jack Krause sold 10,000 shares of the stock in a transaction that occurred on Thursday, October 3rd. The shares were 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 directly owns 177,849 shares in the company, valued at $4,663,200.78. This trade represents a 5.32 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. 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.