Lovesac Co (NASDAQ:LOVE) Short Interest Up 25.6% in June

Lovesac Co (NASDAQ:LOVE) saw a large growth in short interest during the month of June. As of June 30th, there was short interest totalling 1,177,500 shares, a growth of 25.6% from the May 30th total of 937,700 shares. Based on an average daily trading volume, of 219,700 shares, the days-to-cover ratio is presently 5.4 days. Currently, 18.8% of the shares of the stock are short sold.

Lovesac stock traded down $0.36 during trading hours on Friday, reaching $26.54. The company had a trading volume of 87,302 shares, compared to its average volume of 145,574. The stock has a 50-day simple moving average of $32.43. Lovesac has a 12-month low of $16.46 and a 12-month high of $46.79.

Lovesac (NASDAQ:LOVE) last posted its earnings results on Monday, June 10th. The company reported ($0.67) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.56) by ($0.11). The business had revenue of $40.96 million for the quarter, compared to analysts’ expectations of $40.66 million. Lovesac had a negative net margin of 5.62% and a negative return on equity of 8.59%. Lovesac’s revenue was up 53.0% compared to the same quarter last year. As a group, sell-side analysts forecast that Lovesac will post -0.63 earnings per share for the current year.

A number of analysts recently weighed in on the company. Zacks Investment Research upgraded HB Fuller from a “sell” rating to a “hold” rating in a research report on Wednesday, July 3rd. Canaccord Genuity set a $52.00 target price on Zillow Group and gave the stock a “hold” rating in a research report on Wednesday, June 19th. Roth Capital boosted their target price on Lovesac from $28.00 to $33.00 in a research report on Wednesday, April 24th. Stifel Nicolaus downgraded AnaptysBio from a “buy” rating to a “hold” rating and dropped their target price for the stock from $124.00 to $74.00 in a research report on Friday, June 21st. Finally, Craig Hallum lifted their price target on 1-800-Flowers.Com from $26.00 to $20.00 and gave the stock a “buy” rating in a research note on Wednesday, May 1st. One investment analyst has rated the stock with a sell rating and five have assigned a buy rating to the stock. Lovesac has an average rating of “Buy” and a consensus target price of $41.83.

In related news, Director Satori Capital, Llc sold 550,000 shares of the business’s stock in a transaction that occurred on Friday, May 24th. The stock was sold at an average price of $34.38, for a total value of $18,909,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, major shareholder Sac Acquisition Llc sold 1,457,255 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $34.38, for a total value of $50,100,426.90. The disclosure for this sale can be found here. Insiders own 54.70% of the company’s stock.

A number of hedge funds have recently modified their holdings of the stock. Deutsche Bank AG grew its stake in Lovesac by 5.2% in the fourth quarter. Deutsche Bank AG now owns 7,441 shares of the company’s stock worth $170,000 after purchasing an additional 367 shares during the period. Citigroup Inc. grew its stake in Lovesac by 52.9% in the fourth quarter. Citigroup Inc. now owns 1,515 shares of the company’s stock worth $35,000 after purchasing an additional 524 shares during the period. FNY Investment Advisers LLC boosted its holdings in Lovesac by 41.4% in the first quarter. FNY Investment Advisers LLC now owns 3,610 shares of the company’s stock worth $100,000 after acquiring an additional 1,057 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in Lovesac by 1,264.4% in the first quarter. BNP Paribas Arbitrage SA now owns 1,187 shares of the company’s stock worth $33,000 after acquiring an additional 1,100 shares in the last quarter. Finally, WINTON GROUP Ltd boosted its holdings in Lovesac by 14.5% in the second quarter. WINTON GROUP Ltd now owns 10,217 shares of the company’s stock worth $317,000 after acquiring an additional 1,297 shares in the last quarter. 48.59% of the stock is currently owned by institutional investors.

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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