Wesbanco Bank Inc. Buys 13,500 Shares of The Lovesac Company (NASDAQ:LOVE)

Wesbanco Bank Inc. raised its stake in shares of The Lovesac Company (NASDAQ:LOVE) by 100.0% in the 4th quarter, according to its most recent disclosure with the SEC. The firm owned 27,000 shares of the company’s stock after purchasing an additional 13,500 shares during the period. Wesbanco Bank Inc. owned 0.17% of Lovesac worth $639,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of the stock. BCGM Wealth Management LLC grew its holdings in Lovesac by 0.8% during the third quarter. BCGM Wealth Management LLC now owns 134,364 shares of the company’s stock valued at $3,850,000 after purchasing an additional 1,023 shares during the period. Empowered Funds LLC boosted its stake in shares of Lovesac by 5.1% in the third quarter. Empowered Funds LLC now owns 49,284 shares of the company’s stock worth $1,412,000 after acquiring an additional 2,412 shares during the period. Geode Capital Management LLC boosted its stake in shares of Lovesac by 1.2% in the third quarter. Geode Capital Management LLC now owns 336,210 shares of the company’s stock worth $9,634,000 after acquiring an additional 3,979 shares during the period. State Street Corp boosted its stake in shares of Lovesac by 1.7% in the third quarter. State Street Corp now owns 299,081 shares of the company’s stock worth $8,569,000 after acquiring an additional 5,124 shares during the period. Finally, SG Americas Securities LLC bought a new position in shares of Lovesac in the third quarter worth about $170,000. Institutional investors own 91.32% of the company’s stock.

Lovesac Trading Up 0.2 %

NASDAQ:LOVE opened at $25.85 on Friday. The company has a market capitalization of $398.87 million, a P/E ratio of 76.03, a P/E/G ratio of 1.89 and a beta of 3.04. The Lovesac Company has a 12 month low of $18.21 and a 12 month high of $39.49. The business’s 50-day moving average is $29.35 and its 200 day moving average is $27.45.

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

Insider Buying and Selling at Lovesac

In other news, Director Albert Jack Krause sold 30,000 shares of the stock in a transaction that occurred on Friday, January 17th. The stock was sold at an average price of $26.33, for a total value of $789,900.00. Following the sale, the director now directly owns 147,849 shares in the company, valued at approximately $3,892,864.17. This represents a 16.87 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Walter Field Mclallen purchased 4,000 shares of Lovesac stock in a transaction dated Friday, December 20th. The stock was acquired at an average price of $24.68 per share, for a total transaction of $98,720.00. Following the completion of the acquisition, 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 position. The disclosure for this purchase can be found here. Company insiders own 12.33% of the company’s stock.

Wall Street Analysts Forecast Growth

LOVE has been the subject of a number of recent analyst reports. Canaccord Genuity Group upped their price objective on Lovesac from $36.00 to $45.00 and gave the stock a “buy” rating in a research note on Monday, December 2nd. Roth Mkm upped their price objective on Lovesac from $35.00 to $42.00 and gave the stock a “buy” rating in a research note on Tuesday, December 10th. Finally, DA Davidson dropped their price objective on Lovesac from $44.00 to $35.00 and set a “buy” rating for the company in a research note on Friday, December 13th. Six equities research analysts have rated the stock with a buy rating, According to data from MarketBeat, Lovesac has an average rating of “Buy” and a consensus target price of $38.33.

About Lovesac

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.