Investors Buy Large Volume of Put Options on Lovesac (NASDAQ:LOVE)

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Lovesac Co (NASDAQ:LOVE) saw some unusual options trading on Wednesday. Stock investors purchased 500 put options on the company. This is an increase of 809% compared to the typical volume of 55 put options.

Shares of Lovesac stock traded down $1.78 during trading on Thursday, reaching $12.72. The company’s stock had a trading volume of 46,937 shares, compared to its average volume of 252,662. The stock has a 50-day moving average price of $15.48 and a two-hundred day moving average price of $21.64. Lovesac has a one year low of $13.11 and a one year high of $46.79.

Lovesac (NASDAQ:LOVE) last released its quarterly earnings results on Wednesday, September 11th. The company reported ($0.31) earnings per share (EPS) for the quarter, beating the Zacks’ 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 during the quarter, compared to analysts’ expectations of $47.78 million. The firm’s quarterly revenue was up 44.9% compared to the same quarter last year. As a group, sell-side analysts anticipate that Lovesac will post -0.64 EPS for the current year.

Several institutional investors have recently added to or reduced their stakes in LOVE. Connors Investor Services Inc. raised its holdings in shares of Lovesac by 2,104.5% in the third quarter. Connors Investor Services Inc. now owns 172,194 shares of the company’s stock valued at $3,215,000 after buying an additional 164,383 shares during the last quarter. Skylands Capital LLC increased its position in Lovesac by 94.4% in the third quarter. Skylands Capital LLC now owns 314,400 shares of the company’s stock worth $5,870,000 after purchasing an additional 152,652 shares during the period. BlackRock Inc. increased its position in Lovesac by 44.1% in the second quarter. BlackRock Inc. now owns 430,739 shares of the company’s stock worth $13,383,000 after purchasing an additional 131,791 shares during the period. Vanguard Group Inc. increased its position in Lovesac by 36.3% in the second quarter. Vanguard Group Inc. now owns 391,068 shares of the company’s stock worth $12,150,000 after purchasing an additional 104,219 shares during the period. Finally, Calamos Advisors LLC acquired a new stake in Lovesac in the second quarter worth about $3,207,000. 83.09% of the stock is owned by institutional investors and hedge funds.

A number of research analysts have issued reports on LOVE shares. Stifel Nicolaus reissued a “buy” rating and set a $32.00 price objective on shares of Lovesac in a report on Wednesday, September 11th. Canaccord Genuity reaffirmed a “buy” rating and issued a $33.00 price target on shares of Lovesac in a report on Tuesday, September 17th. ValuEngine raised Lovesac from a “hold” rating to a “buy” rating in a report on Thursday, October 31st. Zacks Investment Research raised Lovesac from a “hold” rating to a “buy” rating and set a $15.00 price target for the company in a report on Thursday, November 21st. Finally, Roth Capital cut their price target on Lovesac from $47.00 to $37.00 and set a “buy” rating for the company in a report on Wednesday, September 4th. Eight investment analysts have rated the stock with a buy rating, Lovesac presently has a consensus rating of “Buy” and a consensus price target of $32.86.

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.

See Also: Earnings Per Share

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