Bastion Asset Management Inc. Takes Position in The Lovesac Company $LOVE

Bastion Asset Management Inc. acquired a new stake in shares of The Lovesac Company (NASDAQ:LOVE) during the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 121,285 shares of the company’s stock, valued at approximately $1,767,000. Lovesac comprises approximately 1.0% of Bastion Asset Management Inc.’s holdings, making the stock its 29th biggest holding.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in LOVE. BNP Paribas Financial Markets lifted its position in Lovesac by 130.4% during the second quarter. BNP Paribas Financial Markets now owns 1,938 shares of the company’s stock valued at $35,000 after purchasing an additional 1,097 shares during the period. Ancora Advisors LLC acquired a new position in shares of Lovesac during the 3rd quarter worth about $146,000. PFG Investments LLC acquired a new position in shares of Lovesac during the 4th quarter worth about $156,000. Numerai GP LLC raised its position in shares of Lovesac by 10.7% during the 3rd quarter. Numerai GP LLC now owns 11,805 shares of the company’s stock worth $200,000 after purchasing an additional 1,145 shares during the last quarter. Finally, Russell Investments Group Ltd. raised its position in shares of Lovesac by 80.3% during the 2nd quarter. Russell Investments Group Ltd. now owns 12,917 shares of the company’s stock worth $235,000 after purchasing an additional 5,754 shares during the last quarter. 91.32% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

LOVE has been the subject of several research reports. Wall Street Zen raised shares of Lovesac from a “sell” rating to a “hold” rating in a research note on Saturday, April 4th. Roth Mkm reiterated a “buy” rating on shares of Lovesac in a report on Friday, March 27th. Finally, Weiss Ratings restated a “sell (d)” rating on shares of Lovesac in a report on Friday, March 27th. Four investment analysts have rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $22.67.

Insider Buying and Selling at Lovesac

In other news, CEO Shawn David Nelson bought 1,477 shares of the stock in a transaction dated Thursday, April 16th. The shares were acquired at an average price of $16.95 per share, with a total value of $25,035.15. Following the completion of the acquisition, the chief executive officer directly owned 202,681 shares in the company, valued at approximately $3,435,442.95. The trade was a 0.73% increase in their ownership of the stock. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 12.46% of the stock is currently owned by insiders.

Lovesac Stock Performance

Shares of Lovesac stock opened at $15.18 on Wednesday. The Lovesac Company has a 1 year low of $10.33 and a 1 year high of $21.15. The company has a market capitalization of $224.36 million, a P/E ratio of 52.35, a PEG ratio of 0.75 and a beta of 2.04. The company’s fifty day moving average is $14.42 and its two-hundred day moving average is $14.01.

Lovesac (NASDAQ:LOVE) last issued its earnings results on Thursday, March 26th. The company reported $2.19 earnings per share for the quarter, beating the consensus estimate of $2.00 by $0.19. The business had revenue of $248.05 million for the quarter, compared to the consensus estimate of $242.77 million. Lovesac had a net margin of 0.58% and a return on equity of 2.02%. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $2.13 earnings per share. As a group, equities analysts expect that The Lovesac Company will post 0.59 earnings per share for the current year.

Lovesac Company Profile

Lovesac, trading on NASDAQ under the symbol LOVE, is an American furniture company known for its modular seating systems and distinctive foam-filled “Sacs.” Founded in 1995 by Shawn Nelson, the company has built a reputation for innovative design that emphasizes comfort, durability and adaptability. Its core offerings include Sactionals—customizable sectional sofas assembled from individual “Sactional” cubes—and the original Lovesac Sacs, large fabric-covered bean bag chairs available in a variety of sizes and materials.

In addition to seating solutions, Lovesac has expanded into home entertainment products with the introduction of the Stage, a modular soundbar system designed to integrate seamlessly with Sactionals.