The Lovesac Company (NASDAQ:LOVE) Short Interest Up 25.6% in March

The Lovesac Company (NASDAQ:LOVE) was the target of a large increase in short interest in March. As of March 15th, there was short interest totalling 3,870,000 shares, an increase of 25.6% from the February 28th total of 3,080,000 shares. Based on an average daily trading volume, of 382,000 shares, the short-interest ratio is currently 10.1 days. Approximately 27.6% of the company’s shares are sold short.

Lovesac Price Performance

LOVE stock traded down $0.52 during mid-day trading on Tuesday, reaching $17.66. The company had a trading volume of 398,203 shares, compared to its average volume of 344,499. The company has a market capitalization of $272.55 million, a price-to-earnings ratio of 51.94, a PEG ratio of 0.65 and a beta of 3.05. Lovesac has a 52 week low of $15.22 and a 52 week high of $39.49. The stock has a 50 day simple moving average of $21.10 and a two-hundred day simple moving average of $26.18.

Insider Activity at Lovesac

In related news, Director Albert Jack Krause sold 30,000 shares of the firm’s stock in a transaction on Friday, January 17th. The shares were sold at an average price of $26.33, for a total transaction of $789,900.00. Following the sale, the director now directly owns 147,849 shares in the company, valued at $3,892,864.17. This trade represents a 16.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available at this hyperlink. 12.33% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Lovesac

A number of institutional investors have recently added to or reduced their stakes in the company. Heck Capital Advisors LLC bought a new position in shares of Lovesac in the 4th quarter valued at about $26,000. AWM Investment Company Inc. lifted its stake in Lovesac by 33.2% in the 4th quarter. AWM Investment Company Inc. now owns 681,741 shares of the company’s stock valued at $16,130,000 after purchasing an additional 170,045 shares during the last quarter. Squarepoint Ops LLC grew its holdings in Lovesac by 316.1% during the fourth quarter. Squarepoint Ops LLC now owns 116,829 shares of the company’s stock worth $2,764,000 after purchasing an additional 88,753 shares during the period. Two Sigma Advisers LP acquired a new position in Lovesac during the fourth quarter worth approximately $265,000. Finally, Two Sigma Investments LP raised its stake in Lovesac by 181.7% in the fourth quarter. Two Sigma Investments LP now owns 86,640 shares of the company’s stock valued at $2,050,000 after buying an additional 55,881 shares during the period. 91.32% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

LOVE has been the topic of a number of research reports. Canaccord Genuity Group upped their price objective on Lovesac from $36.00 to $45.00 and gave the stock a “buy” rating in a research report on Monday, December 2nd. DA Davidson restated a “buy” rating and issued a $35.00 target price on shares of Lovesac in a research note on Tuesday, March 25th. Finally, Roth Mkm raised their price target on shares of Lovesac from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Six research analysts have rated the stock with a buy rating, According to MarketBeat, the company has a consensus rating of “Buy” and a consensus price target 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.