Lovesac Co (NASDAQ:LOVE) Sees Significant Increase in Short Interest

Lovesac Co (NASDAQ:LOVE) was the target of a significant growth in short interest in the month of September. As of September 30th, there was short interest totalling 2,600,000 shares, a growth of 23.2% from the August 30th total of 2,110,000 shares. Approximately 27.5% of the company’s stock are short sold. Based on an average daily trading volume, of 294,400 shares, the short-interest ratio is presently 8.8 days.

Hedge funds and other institutional investors have recently made changes to their positions in the business. Glen Harbor Capital Management LLC bought a new position in shares of Lovesac during the second quarter valued at approximately $29,000. Elkfork Partners LLC bought a new position in shares of Lovesac during the second quarter valued at approximately $35,000. BNP Paribas Arbitrage SA increased its stake in shares of Lovesac by 1,264.4% during the first quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock valued at $33,000 after purchasing an additional 1,100 shares in the last quarter. Morgan Stanley increased its stake in shares of Lovesac by 196.3% during the second quarter. Morgan Stanley now owns 2,948 shares of the company’s stock valued at $92,000 after purchasing an additional 1,953 shares in the last quarter. Finally, FNY Investment Advisers LLC increased its stake in shares of Lovesac by 13.4% during the second quarter. FNY Investment Advisers LLC now owns 4,094 shares of the company’s stock valued at $127,000 after purchasing an additional 484 shares in the last quarter. 70.13% of the stock is owned by institutional investors and hedge funds.

Shares of NASDAQ LOVE traded up $1.11 on Friday, reaching $17.52. 419,002 shares of the company’s stock traded hands, compared to its average volume of 378,075. Lovesac has a 12 month low of $15.07 and a 12 month high of $46.79. The business’s 50 day simple moving average is $18.07 and its two-hundred day simple moving average is $27.04.

Lovesac (NASDAQ:LOVE) last announced its earnings results on Wednesday, September 11th. The company reported ($0.31) earnings per share for the quarter, beating the Zacks’ consensus estimate of ($0.51) by $0.20. Lovesac had a negative net margin of 4.06% and a negative return on equity of 9.23%. The business had revenue of $48.10 million during the quarter, compared to the consensus estimate of $47.78 million. The company’s quarterly revenue was up 44.9% compared to the same quarter last year. On average, analysts forecast that Lovesac will post -0.64 earnings per share for the current fiscal year.

LOVE has been the subject of several research analyst reports. Stifel Nicolaus restated a “buy” rating and issued a $32.00 price objective on shares of Lovesac in a report on Wednesday, September 11th. Canaccord Genuity restated a “buy” rating and issued a $33.00 price objective on shares of Lovesac in a report on Tuesday, September 17th. Zacks Investment Research upgraded shares of Lovesac from a “hold” rating to a “buy” rating and set a $23.00 price objective for the company in a report on Tuesday, September 17th. Oppenheimer initiated coverage on shares of Lovesac in a report on Thursday, August 8th. They issued an “outperform” rating and a $30.00 price objective for the company. Finally, Roth Capital lowered their price objective on shares of Lovesac from $47.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Eight investment analysts have rated the stock with a buy rating, The stock currently has an average rating of “Buy” and a consensus price target of $34.00.

About Lovesac

The Lovesac Company designs, manufactures, and sells foam filled furniture, sectional couches, and related accessories. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and accessories comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans.

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