Grove Collaborative (NYSE:GROV) Stock Price Up 1.3% - Here's What Happened

Key Points

• Grove Collaborative's stock price increased by 1.3%, closing at $1.55 while trading volume was down by 25% from the average.
• Analysts have adjusted their ratings and price targets, with Canaccord Genuity lowering its target from $3.00 to $1.50 while Telsey Advisory Group has a revised target of $1.20.
• The company reported a revenue of $44.00 million in its latest quarter, missing the estimate and posting an EPS of ($0.10).

Grove Collaborative Holdings, Inc. (NYSE:GROV - Get Free Report)'s stock price was up 1.3% during trading on Thursday . The company traded as high as $1.56 and last traded at $1.55. Approximately 41,492 shares changed hands during mid-day trading, a decline of 25% from the average daily volume of 55,675 shares. The stock had previously closed at $1.53.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on GROV shares. Canaccord Genuity Group decreased their price target on Grove Collaborative from $3.00 to $1.50 and set a "buy" rating for the company in a research note on Friday, August 8th. Telsey Advisory Group reiterated a "market perform" rating and issued a $1.20 price target (down from $2.00) on shares of Grove Collaborative in a research note on Thursday, May 15th. One investment analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and an average target price of $1.35.

Grove Collaborative Trading Up 1.3%

The stock has a market capitalization of $63.57 million, a PE ratio of -2.67 and a beta of 1.21. The firm's 50-day simple moving average is $1.47 and its two-hundred day simple moving average is $1.35.

Grove Collaborative (NYSE:GROV - Get Free Report) last released its quarterly earnings data 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 business had revenue of $44.00 million during the quarter, compared to analyst estimates of $44.37 million. Grove Collaborative had a negative net margin of 11.41% and a negative return on equity of 6,372.67%.

Institutional Trading of Grove Collaborative

A hedge fund recently raised its stake in Grove Collaborative stock. Northern Trust Corp boosted its holdings in Grove Collaborative Holdings, Inc. (NYSE:GROV - Free Report) by 54.1% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 96,471 shares of the company's stock after buying an additional 33,850 shares during the period. Northern Trust Corp owned approximately 0.25% of Grove Collaborative worth $134,000 as of its most recent SEC filing. Institutional investors own 91.64% of the company's stock.

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.

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