Invesco Ltd. Reduces Stock Position in The Lovesac Company (NASDAQ:LOVE)

Invesco Ltd. cut its stake in shares of The Lovesac Company (NASDAQ:LOVE) by 5.8% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 27,952 shares of the company’s stock after selling 1,734 shares during the period. Invesco Ltd. owned about 0.18% of Lovesac worth $661,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. JPMorgan Chase & Co. increased its position in Lovesac by 76.1% during the third quarter. JPMorgan Chase & Co. now owns 33,510 shares of the company’s stock valued at $960,000 after acquiring an additional 14,480 shares during the last quarter. Bank of New York Mellon Corp grew its stake in shares of Lovesac by 9.3% during the 4th quarter. Bank of New York Mellon Corp now owns 489,613 shares of the company’s stock valued at $11,584,000 after purchasing an additional 41,751 shares during the period. American Century Companies Inc. increased its position in shares of Lovesac by 15.0% during the 4th quarter. American Century Companies Inc. now owns 436,790 shares of the company’s stock valued at $10,334,000 after purchasing an additional 56,989 shares during the last quarter. SG Americas Securities LLC lifted 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 worth $569,000 after purchasing an additional 18,122 shares during the period. Finally, Barclays PLC boosted its holdings in shares of Lovesac by 312.7% in the third quarter. Barclays PLC now owns 20,312 shares of the company’s stock worth $583,000 after buying an additional 15,390 shares during the last quarter. 91.32% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of brokerages have commented on LOVE. Oppenheimer reaffirmed an “outperform” rating and set a $35.00 target price on shares of Lovesac in a report on Friday, April 11th. DA Davidson reduced their price objective on Lovesac from $35.00 to $24.00 and set a “buy” rating for the company in a research note on Friday, April 11th. Canaccord Genuity Group lowered their target price on Lovesac from $45.00 to $30.00 and set a “buy” rating on the stock in a research report on Friday, April 11th. Finally, Roth Mkm upped their price target on Lovesac from $22.00 to $28.00 and gave the stock a “buy” rating in a research report on Friday, April 11th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Lovesac currently has a consensus rating of “Buy” and an average price target of $31.67.

Lovesac Stock Performance

Shares of Lovesac stock opened at $20.02 on Friday. The company has a fifty day moving average of $18.13 and a 200 day moving average of $24.69. The company has a market capitalization of $296.18 million, a P/E ratio of 58.88, a P/E/G ratio of 0.65 and a beta of 3.08. The Lovesac Company has a fifty-two week low of $12.12 and a fifty-two week high of $39.49.

Lovesac (NASDAQ:LOVE) last released its earnings results on Thursday, April 10th. The company reported $2.13 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.80 by $0.33. The firm had revenue of $241.50 million during the quarter, compared to analysts’ expectations of $230.33 million. Lovesac had a return on equity of 3.51% and a net margin of 1.04%. The firm’s revenue was down 3.6% on a year-over-year basis. During the same quarter last year, the business posted $1.87 earnings per share. Analysts forecast that The Lovesac Company will post 0.39 EPS for the current year.

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.