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Grove Collaborative (NYSE:GROV) Trading Up 1% - Here's What Happened

Grove Collaborative logo with Consumer Staples background

Key Points

  • Grove Collaborative's stock rose 1% on Friday, trading at $1.53 after previously closing at $1.51, with trading volume down 42% compared to its average.
  • Analysts have given the stock a consensus rating of "Hold" with an average target price of $1.35, highlighting a recent downgrade from Canaccord Genuity from $3.00 to $1.50.
  • In its latest earnings report, Grove Collaborative missed earnings expectations, reporting ($0.10) earnings per share and revenues of $44 million, below the forecasted $44.37 million.
  • MarketBeat previews top five stocks to own in November.

Grove Collaborative Holdings, Inc. (NYSE:GROV - Get Free Report) rose 1% on Friday . The company traded as high as $1.54 and last traded at $1.53. Approximately 27,779 shares traded hands during trading, a decline of 42% from the average daily volume of 47,705 shares. The stock had previously closed at $1.51.

Wall Street Analyst Weigh In

A number of equities research analysts recently weighed in on GROV shares. Weiss Ratings reaffirmed a "sell (d-)" rating on shares of Grove Collaborative in a research report on Saturday, September 27th. Canaccord Genuity Group lowered their price target 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 analyst has rated the stock with a Buy rating, one has issued a Hold rating and one has given a Sell rating to the company's stock. According to MarketBeat, Grove Collaborative currently has a consensus rating of "Hold" and an average target price of $1.35.

Get Our Latest Stock Analysis on Grove Collaborative

Grove Collaborative Trading Up 1.0%

The company has a 50-day moving average of $1.49 and a 200-day moving average of $1.34. The company has a market capitalization of $62.54 million, a price-to-earnings ratio of -2.63 and a beta of 1.21.

Grove Collaborative (NYSE:GROV - Get Free Report) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.10) earnings per share 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.

Institutional Investors Weigh In On Grove Collaborative

An institutional investor recently raised its position in Grove Collaborative stock. Millennium Management LLC lifted its position in Grove Collaborative Holdings, Inc. (NYSE:GROV - Free Report) by 93.7% during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 24,333 shares of the company's stock after acquiring an additional 11,768 shares during the period. Millennium Management LLC owned 0.06% of Grove Collaborative worth $34,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors own 91.64% of the company's stock.

About Grove Collaborative

(Get Free Report)

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.

Further Reading

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