Canaccord Genuity Group Issues Pessimistic Forecast for Grove Collaborative (NYSE:GROV) Stock Price

Key Points

• Canaccord Genuity Group has lowered the price target for Grove Collaborative (NYSE:GROV) to $1.50 from $3.00, while maintaining a "buy" rating on the stock.
• Telsey Advisory Group has also downgraded its target price for the stock to $1.20, down from $2.00, reiterating a "market perform" rating.
• Insider trading activity shows that Director John B. Replogle purchased 42,735 shares at $1.18 each, increasing his ownership by 9.39%.

Grove Collaborative (NYSE:GROV - Get Free Report) had its price target reduced by analysts at Canaccord Genuity Group from $3.00 to $1.50 in a research note issued to investors on Friday,Benzinga reports. The firm presently has a "buy" rating on the stock. Canaccord Genuity Group's price objective points to a potential upside of 8.70% from the stock's current price.

Separately, Telsey Advisory Group reissued a "market perform" rating and set a $1.20 target price (down from $2.00) on shares of Grove Collaborative in a research note on Thursday, May 15th.

Grove Collaborative Price Performance

Shares of GROV traded up $0.03 during trading hours on Friday, hitting $1.38. 27,065 shares of the stock were exchanged, compared to its average volume of 174,778. Grove Collaborative has a fifty-two week low of $1.02 and a fifty-two week high of $1.95. The business has a 50-day moving average of $1.32 and a 200-day moving average of $1.36. The firm has a market capitalization of $55.56 million, a P/E ratio of -2.38 and a beta of 1.20.

Grove Collaborative (NYSE:GROV - Get Free Report) last issued its earnings results on Thursday, August 7th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.09) by ($0.01). The company had revenue of $44.00 million for the quarter, compared to the consensus estimate of $44.37 million. Grove Collaborative had a negative return on equity of 6,372.67% and a negative net margin of 11.41%.

Insider Buying and Selling at Grove Collaborative

In other Grove Collaborative news, Director John B. Replogle acquired 42,735 shares of the company's stock in a transaction on Wednesday, May 21st. The shares were purchased at an average cost of $1.18 per share, with a total value of $50,427.30. Following the completion of the purchase, the director owned 497,859 shares of the company's stock, valued at approximately $587,473.62. This represents a 9.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired 144,317 shares of company stock valued at $175,557 over the last 90 days. 29.40% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. XTX Topco Ltd purchased a new position in Grove Collaborative during the fourth quarter worth about $33,000. Millennium Management LLC boosted its holdings in Grove Collaborative by 93.7% during the fourth quarter. Millennium Management LLC now owns 24,333 shares of the company's stock worth $34,000 after purchasing an additional 11,768 shares during the last quarter. Renaissance Technologies LLC boosted its holdings in Grove Collaborative by 35.5% during the fourth quarter. Renaissance Technologies LLC now owns 43,500 shares of the company's stock worth $60,000 after purchasing an additional 11,400 shares during the last quarter. Northern Trust Corp boosted its holdings in Grove Collaborative by 54.1% during the fourth quarter. Northern Trust Corp now owns 96,471 shares of the company's stock worth $134,000 after purchasing an additional 33,850 shares during the last quarter. Finally, Geode Capital Management LLC boosted its holdings in Grove Collaborative by 14.4% during the fourth quarter. Geode Capital Management LLC now owns 208,755 shares of the company's stock worth $290,000 after purchasing an additional 26,231 shares during the last quarter. 91.64% of the stock is owned by institutional investors.

About Grove Collaborative

Grove Collaborative Holdings, Inc operates as a plastic neutral consumer products retailer in the United States. It offers household, personal care, beauty, and other consumer products through retail channels, third parties, direct-to-consumer platform, and mobile applications, as well as online store.