Grove Collaborative (NYSE:GROV) Issues Earnings Results

Key Points

• Grove Collaborative reported a quarterly loss of ($0.10) earnings per share, missing the analysts' consensus estimate of ($0.09) by $0.01, with revenues of $44.00 million compared to expectations of $44.37 million.
• Despite a disappointing earnings report, Grove Collaborative's stock saw a trading increase, reaching $1.41, with a market cap of $56.89 million.
• Insider activity included Director John B. Replogle purchasing 42,735 shares at $1.18 each, representing a 9.39% increase in ownership, with insiders owning 29.40% of the stock.

Grove Collaborative (NYSE:GROV - Get Free Report) announced its quarterly earnings data on Thursday. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts' consensus estimates of ($0.09) by ($0.01), Zacks reports. The company had revenue of $44.00 million for the quarter, compared to analysts' expectations of $44.37 million. Grove Collaborative had a negative net margin of 11.41% and a negative return on equity of 6,372.67%.

Grove Collaborative Stock Performance

Shares of GROV stock traded up $0.12 during mid-day trading on Friday, hitting $1.41. The company's stock had a trading volume of 238,675 shares, compared to its average volume of 117,626. Grove Collaborative has a 52-week low of $1.02 and a 52-week high of $1.95. The business has a 50-day moving average price of $1.32 and a 200 day moving average price of $1.36. The stock has a market cap of $56.89 million, a price-to-earnings ratio of -2.44 and a beta of 1.20.

Insider Buying and Selling at Grove Collaborative

In other Grove Collaborative news, Director John B. Replogle purchased 42,735 shares of the firm's stock in a transaction dated Wednesday, May 21st. The stock was purchased at an average price of $1.18 per share, for a total transaction of $50,427.30. Following the completion of the purchase, the director directly owned 497,859 shares of the company's stock, valued at $587,473.62. This trade represents a 9.39% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Insiders acquired a total of 144,317 shares of company stock valued at $175,557 in the last three months. 29.40% of the stock is owned by insiders.

Analysts Set New Price Targets

A number of brokerages have issued reports on GROV. Telsey Advisory Group reiterated a "market perform" rating and set a $1.20 price objective (down previously from $2.00) on shares of Grove Collaborative in a research note on Thursday, May 15th. Canaccord Genuity Group lowered their price objective on Grove Collaborative from $3.00 to $1.50 and set a "buy" rating for the company in a research note on Friday.

Grove Collaborative Company Profile

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.

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