Short Interest in Lovesac Co (NASDAQ:LOVE) Rises By 20.4%

Lovesac Co (NASDAQ:LOVE) was the recipient of a large growth in short interest during the month of October. As of October 31st, there was short interest totalling 3,190,000 shares, a growth of 20.4% from the September 30th total of 2,650,000 shares. Currently, 33.8% of the company’s shares are sold short. Based on an average daily trading volume, of 312,300 shares, the short-interest ratio is presently 10.2 days.

Shares of NASDAQ:LOVE traded down $0.47 during midday trading on Thursday, hitting $13.25. The company had a trading volume of 286,900 shares, compared to its average volume of 204,000. Lovesac has a 12 month low of $13.18 and a 12 month high of $46.79. The firm has a fifty day simple moving average of $17.26 and a 200 day simple moving average of $25.03.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings results on Wednesday, September 11th. The company reported ($0.31) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.51) by $0.20. Lovesac had a negative return on equity of 9.23% and a negative net margin of 4.06%. The business had revenue of $48.10 million for the quarter, compared to analyst estimates of $47.78 million. Lovesac’s quarterly revenue was up 44.9% compared to the same quarter last year. As a group, equities research analysts expect that Lovesac will post -0.64 earnings per share for the current year.

Several large investors have recently bought and sold shares of the company. 1492 Capital Management LLC boosted its position in shares of Lovesac by 0.4% in the 3rd quarter. 1492 Capital Management LLC now owns 150,014 shares of the company’s stock worth $2,801,000 after purchasing an additional 615 shares during the last quarter. Kornitzer Capital Management Inc. KS bought a new position in Lovesac during the third quarter worth about $728,000. Russell Investments Group Ltd. lifted its holdings in Lovesac by 84.3% during the third quarter. Russell Investments Group Ltd. now owns 210,762 shares of the company’s stock worth $3,934,000 after acquiring an additional 96,407 shares in the last quarter. Granite Point Capital Management L.P. bought a new position in Lovesac during the third quarter worth about $934,000. Finally, Skylands Capital LLC lifted its holdings in Lovesac by 94.4% during the third quarter. Skylands Capital LLC now owns 314,400 shares of the company’s stock worth $5,870,000 after acquiring an additional 152,652 shares in the last quarter. Institutional investors and hedge funds own 72.83% of the company’s stock.

A number of research analysts have commented on LOVE shares. Oppenheimer started coverage on Lovesac in a research report on Thursday, August 8th. They issued an “outperform” rating and a $30.00 price objective on the stock. Zacks Investment Research lowered Lovesac from a “buy” rating to a “hold” rating in a research report on Wednesday. Roth Capital reduced their price target on Lovesac from $47.00 to $37.00 and set a “buy” rating on the stock in a research report on Wednesday, September 4th. ValuEngine upgraded Lovesac from a “hold” rating to a “buy” rating in a research report on Thursday, October 31st. Finally, Canaccord Genuity restated a “buy” rating and issued a $33.00 price target on shares of Lovesac in a research report on Tuesday, September 17th. One research analyst has rated the stock with a hold rating and seven have assigned a buy rating to the company. Lovesac currently has a consensus rating of “Buy” and a consensus price target of $34.00.

Lovesac Company Profile

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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