Grove Collaborative (NYSE:GROV) Trading 1.3% Higher - Still a Buy?

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) shares shot up 1.3% on Thursday . The stock traded as high as $1.56 and last traded at $1.55. 41,492 shares traded hands during mid-day trading, a decline of 25% from the average session volume of 55,675 shares. The stock had previously closed at $1.53.

Wall Street Analyst Weigh In

Separately, Canaccord Genuity Group dropped their price objective on shares of Grove Collaborative from $3.00 to $1.50 and set a "buy" rating on the stock in a report on Friday, August 8th. One research analyst has rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $1.35.

Grove Collaborative Stock Up 0.3%

The business's fifty day moving average is $1.49 and its 200 day moving average is $1.35. The firm has a market capitalization of $62.13 million, a price-to-earnings ratio of -2.61 and a beta of 1.21.

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

Institutional Inflows and Outflows

An institutional investor recently raised its position in Grove Collaborative stock. Northern Trust Corp boosted its holdings in Grove Collaborative Holdings, Inc. (NYSE:GROV - Free Report) by 54.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 96,471 shares of the company's stock after purchasing an additional 33,850 shares during the period. Northern Trust Corp owned about 0.25% of Grove Collaborative worth $134,000 as of its most recent filing with the Securities and Exchange Commission. 91.64% of the stock is owned by hedge funds and other institutional investors.

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.