Kornitzer Capital Management Inc. KS Decreases Stock Holdings in The Lovesac Company (NASDAQ:LOVE)

Kornitzer Capital Management Inc. KS reduced its position in shares of The Lovesac Company (NASDAQ:LOVE) by 10.4% in the 4th quarter, Holdings Channel.com reports. The firm owned 289,367 shares of the company’s stock after selling 33,710 shares during the period. Kornitzer Capital Management Inc. KS’s holdings in Lovesac were worth $6,846,000 as of its most recent SEC filing.

Several other institutional investors have also modified their holdings of the company. Empowered Funds LLC lifted its position in shares of Lovesac by 5.0% during the 4th quarter. Empowered Funds LLC now owns 51,725 shares of the company’s stock worth $1,224,000 after purchasing an additional 2,441 shares during the last quarter. Heck Capital Advisors LLC acquired a new stake in Lovesac during the 4th quarter worth $26,000. Wesbanco Bank Inc. raised its stake in Lovesac by 100.0% during the 4th quarter. Wesbanco Bank Inc. now owns 27,000 shares of the company’s stock worth $639,000 after acquiring an additional 13,500 shares in the last quarter. SG Americas Securities LLC raised its stake in Lovesac by 305.0% during the 4th quarter. SG Americas Securities LLC now owns 24,064 shares of the company’s stock worth $569,000 after acquiring an additional 18,122 shares in the last quarter. Finally, JPMorgan Chase & Co. raised its stake in Lovesac by 76.1% during the 3rd quarter. JPMorgan Chase & Co. now owns 33,510 shares of the company’s stock worth $960,000 after acquiring an additional 14,480 shares in the last quarter. 91.32% of the stock is owned by hedge funds and other institutional investors.

Insider Buying and Selling at Lovesac

In other news, Director Albert Jack Krause sold 30,000 shares of the business’s stock in a transaction dated Friday, January 17th. The shares were sold at an average price of $26.33, for a total transaction of $789,900.00. Following the transaction, the director now directly owns 147,849 shares in the company, valued at $3,892,864.17. The trade was a 16.87 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Walter Field Mclallen purchased 4,000 shares of the company’s stock in a transaction dated Friday, December 20th. The shares were purchased at an average price of $24.68 per share, for a total transaction of $98,720.00. Following the completion of the purchase, the director now owns 23,540 shares of the company’s stock, valued at approximately $580,967.20. This trade represents a 20.47 % increase in their ownership of the stock. The disclosure for this purchase can be found here. 12.33% of the stock is currently owned by company insiders.

Lovesac Stock Performance

NASDAQ LOVE opened at $23.65 on Wednesday. The firm has a market cap of $364.92 million, a PE ratio of 69.56, a P/E/G ratio of 0.65 and a beta of 3.02. The Lovesac Company has a one year low of $18.21 and a one year high of $39.49. The firm’s fifty day moving average is $25.11 and its two-hundred day moving average is $27.08.

Lovesac (NASDAQ:LOVE) last posted its quarterly earnings data on Thursday, December 12th. The company reported ($0.32) EPS for the quarter, beating analysts’ consensus estimates of ($0.34) by $0.02. The company had revenue of $149.90 million for the quarter, compared to analyst estimates of $155.26 million. Lovesac had a net margin of 1.04% and a return on equity of 3.51%. Lovesac’s quarterly revenue was down 2.7% on a year-over-year basis. During the same period in the previous year, the business posted ($0.15) earnings per share. Research analysts predict that The Lovesac Company will post 0.39 earnings per share for the current year.

Analyst Upgrades and Downgrades

LOVE has been the topic of several research analyst reports. Canaccord Genuity Group lifted their price target on shares of Lovesac from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. DA Davidson cut their price target on shares of Lovesac from $44.00 to $35.00 and set a “buy” rating on the stock in a research note on Friday, December 13th. Finally, Roth Mkm lifted their price target on shares of Lovesac from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Six equities research analysts have rated the stock with a buy rating, Based on data from MarketBeat.com, the stock currently has an average rating of “Buy” and a consensus target price of $38.33.

Lovesac Profile

The Lovesac Company designs, manufactures, and sells furniture. It offers sactionals, such as seats and sides; sacs, including foam beanbag chairs; and other products comprising drink holders, footsac blankets, decorative pillows, fitted seat tables, and ottomans. The company markets its products primarily through www.lovesac.com website, as well as showrooms at top tier malls, lifestyle centers, mobile concierges, kiosks, and street locations in 41 states in the United States; and in store pop-up- shops and shop-in-shops, and barter inventory transactions.