Investors in Tile Shop (NASDAQ:TTSH) Holdings, Inc. (NASDAQ:TTSH) have recently increased their stake in the company, as indicated by a recent SEC filing. Pleasant Lake Onshore Feeder Fund LP, along with other affiliated entities, reported purchasing a total of 29,000 shares of common stock over two days. The transactions, executed on October 23 and 24, were made at prices ranging from $6.5669 to $6.6387 per share, amounting to a total investment of $191,301.
These acquisitions were made for the benefit of Pleasant Lake Onshore Feeder Fund LP and another private investment vehicle, with Pleasant Lake Partners LLC acting as the investment adviser. Fund 1 Investments, LLC serves as the managing member of Pleasant Lake Partners LLC.
Following these transactions, the reporting entities collectively hold over 8 million shares, reflecting their continued interest in the home furnishings retailer. The shares are held indirectly, as noted in the filing, and are managed by Jonathan Lennon, the managing member of Fund 1 Investments, LLC.
In other recent news, Tile Shop has expanded its exclusive Morris & Co. Tile collection, adding designs inspired by historic wallpaper patterns, specifically the St. James Ceiling and Willow Boughs patterns. The St. James design is a matte 8" x 8" ceramic tile suitable for both walls and floors, featuring an ornate floral pattern visible when four tiles align. The Hawkdale Willow Olive tile, on the other hand, is a glossy 3" x 9" ceramic option with five distinct willow branch patterns, reflecting the non-directional design of the original Willow Boughs wallpaper from 1887. These recent additions are part of Tile Shop's ongoing collaborations with renowned designers.
In another development, Tile Shop Holdings announced the election results from its 2024 Annual Meeting of Stockholders. Deborah K. Glasser and Linda Solheid were elected as Class III directors, with their terms set to extend until the 2027 Annual Meeting. The company's shareholders also ratified the appointment of RSM US LLP as their independent registered public accounting firm for the current fiscal year. This development is part of Tile Shop Holdings' governance process, emphasizing the importance of shareholder participation and accountability.
InvestingPro Insights
The recent increase in stake by Pleasant Lake Onshore Feeder Fund LP and affiliated entities in Tile Shop Holdings, Inc. (NASDAQ:TTSH) aligns with several key financial metrics and insights provided by InvestingPro.
According to InvestingPro data, Tile Shop Holdings boasts impressive gross profit margins, with a gross profit margin of 65.3% for the last twelve months as of Q2 2024. This strong profitability metric could be a factor attracting increased investment from institutional investors.
Additionally, an InvestingPro Tip highlights that TTSH has been profitable over the last twelve months, with a reported revenue of $359.68 million USD. This profitability, coupled with analysts' predictions that the company will remain profitable this year, may have influenced the decision to increase stake in the company.
It's worth noting that TTSH is currently trading at a high earnings multiple, with a P/E ratio of 51.69. This valuation suggests that investors are pricing in future growth expectations for the company.
For readers interested in a more comprehensive analysis, InvestingPro offers 7 additional tips for Tile Shop Holdings, providing a deeper understanding of the company's financial position and market performance.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.