Lord Abbett & CO. LLC Takes Position in The Lovesac Company (NASDAQ:LOVE)

Lord Abbett & CO. LLC acquired a new stake in The Lovesac Company (NASDAQ:LOVE) in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 282,361 shares of the company’s stock, valued at approximately $18,661,000. Lord Abbett & CO. LLC owned 1.87% of Lovesac as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in shares of Lovesac in the second quarter valued at $2,354,000. Geode Capital Management LLC lifted its holdings in shares of Lovesac by 15.7% in the second quarter. Geode Capital Management LLC now owns 199,736 shares of the company’s stock valued at $15,936,000 after buying an additional 27,044 shares during the period. Goldman Sachs Group Inc. lifted its holdings in shares of Lovesac by 38.9% in the second quarter. Goldman Sachs Group Inc. now owns 58,792 shares of the company’s stock valued at $4,691,000 after buying an additional 16,480 shares during the period. The Manufacturers Life Insurance Company lifted its holdings in shares of Lovesac by 27.7% in the second quarter. The Manufacturers Life Insurance Company now owns 7,344 shares of the company’s stock valued at $586,000 after buying an additional 1,592 shares during the period. Finally, Morgan Stanley lifted its holdings in shares of Lovesac by 77.8% in the second quarter. Morgan Stanley now owns 192,677 shares of the company’s stock valued at $15,373,000 after buying an additional 84,340 shares during the period. Institutional investors and hedge funds own 96.16% of the company’s stock.

In other Lovesac news, COO Mary Fox sold 4,868 shares of the firm’s stock in a transaction that occurred on Tuesday, December 14th. The stock was sold at an average price of $70.44, for a total value of $342,901.92. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CEO Shawn David Nelson sold 6,000 shares of the firm’s stock in a transaction that occurred on Monday, October 18th. The stock was sold at an average price of $67.72, for a total value of $406,320.00. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 357,277 shares of company stock valued at $28,940,597. 16.20% of the stock is owned by corporate insiders.

Several research analysts recently weighed in on the company. TheStreet lowered Lovesac from a “b” rating to a “c+” rating in a research report on Friday, November 26th. upped their price target on Lovesac from $98.00 to $104.00 and gave the company a “buy” rating in a research report on Thursday, December 9th. The analyst said they reported strong Q3 results citing the company’s innovative product offering, increasing brand awareness, and quick delivery times contributing to its revenue growth. She believes EBITDA growth will outpace revenue growth despite gross margin pressure as a stronger-than-expected top-line forecast should drive operating leverage. DA Davidson upped their price target on Lovesac from $100.00 to $111.00 and gave the company a “buy” rating in a research report on Thursday, December 9th. BTIG Research upped their target price on Lovesac from $102.00 to $113.00 and gave the stock a “buy” rating in a research report on Thursday, December 9th. Finally, Zacks Investment Research raised Lovesac from a “hold” rating to a “strong-buy” rating and set a $94.00 target price on the stock in a research report on Tuesday, December 14th. Seven research analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $104.63.

LOVE opened at $52.61 on Friday. The stock has a 50-day moving average of $69.28 and a 200-day moving average of $67.38. The Lovesac Company has a 52-week low of $47.72 and a 52-week high of $95.51. The company has a market cap of $795.46 million, a PE ratio of 24.02, a price-to-earnings-growth ratio of 1.19 and a beta of 2.29.

Lovesac (NASDAQ:LOVE) last announced its earnings results on Wednesday, December 8th. The company reported $0.17 earnings per share for the quarter, beating the consensus estimate of ($0.40) by $0.57. Lovesac had a return on equity of 30.66% and a net margin of 8.10%. The firm had revenue of $116.80 million during the quarter, compared to the consensus estimate of $112.19 million. During the same quarter in the prior year, the company earned $0.16 EPS. The firm’s revenue for the quarter was up 56.4% compared to the same quarter last year. On average, research analysts predict that The Lovesac Company will post 1.35 EPS for the current year.

About Lovesac

The Lovesac Co is a technology driven, omni-channel company. It designs, manufactures, and sells furniture comprised of modular couches called sactionals and foam beanbag chairs called sacs. Its products include sactionals, sacs, and accessories. The company was founded by Shawn David Nelson in 1995 and is headquartered in Stamford, CT.

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Institutional Ownership by Quarter for Lovesac (NASDAQ:LOVE)

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