Wesbanco Bank Inc. Raises Stock Holdings in The Lovesac Company (NASDAQ:LOVE)

Wesbanco Bank Inc. increased its position in The Lovesac Company (NASDAQ:LOVE) by 100.0% during the 4th quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 27,000 shares of the company’s stock after purchasing an additional 13,500 shares during the quarter. Wesbanco Bank Inc.’s holdings in Lovesac were worth $639,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. SG Americas Securities LLC grew its stake in Lovesac by 305.0% in the fourth 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 in the last quarter. JPMorgan Chase & Co. grew its stake in Lovesac by 76.1% in the third quarter. JPMorgan Chase & Co. now owns 33,510 shares of the company’s stock worth $960,000 after purchasing an additional 14,480 shares in the last quarter. Franklin Resources Inc. bought a new position in Lovesac in the third quarter worth approximately $231,000. Barclays PLC grew its stake in Lovesac by 312.7% in the third quarter. Barclays PLC now owns 20,312 shares of the company’s stock worth $583,000 after purchasing an additional 15,390 shares in the last quarter. Finally, Soltis Investment Advisors LLC grew its stake in Lovesac by 8.8% in the third quarter. Soltis Investment Advisors LLC now owns 86,170 shares of the company’s stock worth $2,469,000 after purchasing an additional 6,988 shares in the last quarter. Institutional investors own 91.32% of the company’s stock.

Insider Buying and Selling

In other Lovesac news, Director Walter Field Mclallen bought 4,000 shares of the company’s stock in a transaction that occurred on Friday, December 20th. The shares were purchased at an average cost of $24.68 per share, for a total transaction of $98,720.00. Following the purchase, the director now directly owns 23,540 shares in the company, valued at $580,967.20. This represents a 20.47 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Albert Jack Krause sold 30,000 shares of Lovesac stock in a transaction dated Friday, January 17th. The stock was sold at an average price of $26.33, for a total value of $789,900.00. Following the sale, the director now directly owns 147,849 shares of the company’s stock, valued at approximately $3,892,864.17. This represents a 16.87 % decrease in their position. The disclosure for this sale can be found here. 12.33% of the stock is owned by company insiders.

Lovesac Trading Up 0.2 %

Shares of NASDAQ:LOVE opened at $25.85 on Friday. The Lovesac Company has a 12-month low of $18.21 and a 12-month high of $39.49. The business’s fifty day simple moving average is $29.35 and its 200-day simple moving average is $27.45. The company has a market capitalization of $398.87 million, a PE ratio of 76.03, a P/E/G ratio of 1.89 and a beta of 3.04.

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

Wall Street Analysts Forecast Growth

Several brokerages recently issued reports on LOVE. DA Davidson dropped their price objective on Lovesac from $44.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Canaccord Genuity Group lifted their price target on Lovesac from $36.00 to $45.00 and gave the company a “buy” rating in a report on Monday, December 2nd. Finally, Roth Mkm lifted their price target on Lovesac from $35.00 to $42.00 and gave the company a “buy” rating in a report on Tuesday, December 10th. 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 a consensus price target of $38.33.

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.