Telsey Advisory Group Reaffirms Market Perform Rating for Grove Collaborative (NYSE:GROV)

Grove Collaborative (NYSE:GROV - Get Free Report)'s stock had its "market perform" rating reissued by equities researchers at Telsey Advisory Group in a research report issued to clients and investors on Monday,Benzinga reports. They presently have a $1.20 price objective on the stock. Telsey Advisory Group's price objective suggests a potential downside of 19.95% from the company's current price.

Grove Collaborative Stock Performance

NYSE GROV traded down $0.03 during trading on Monday, reaching $1.50. 133,124 shares of the company traded hands, compared to its average volume of 146,305. The stock's 50 day moving average price is $1.22 and its two-hundred day moving average price is $1.36. The company has a market cap of $60.34 million, a price-to-earnings ratio of -1.97 and a beta of 1.17. Grove Collaborative has a 1-year low of $1.02 and a 1-year high of $1.95.

Grove Collaborative (NYSE:GROV - Get Free Report) last released its quarterly earnings data on Wednesday, May 14th. The company reported ($0.10) earnings per share for the quarter, missing analysts' consensus estimates of ($0.04) by ($0.06). The company had revenue of $43.55 million for the quarter, compared to analyst estimates of $47.01 million. Grove Collaborative had a negative net margin of 14.26% and a negative return on equity of 6,372.67%.

Insider Activity

In related news, Director John B. Replogle acquired 42,735 shares of the company's stock in a transaction that occurred on 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 transaction, the director directly owned 497,859 shares of the company's stock, valued at approximately $587,473.62. This trade represents a 9.39% increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available at this hyperlink. Insiders have purchased a total of 144,317 shares of company stock valued at $175,557 in the last three months. Insiders own 29.40% of the company's stock.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GROV. XTX Topco Ltd bought a new stake in shares of Grove Collaborative during the 4th quarter valued at $33,000. Millennium Management LLC raised its position in shares of Grove Collaborative by 93.7% during the 4th quarter. Millennium Management LLC now owns 24,333 shares of the company's stock valued at $34,000 after acquiring an additional 11,768 shares during the last quarter. Renaissance Technologies LLC raised its position in shares of Grove Collaborative by 35.5% during the 4th quarter. Renaissance Technologies LLC now owns 43,500 shares of the company's stock valued at $60,000 after acquiring an additional 11,400 shares during the last quarter. Northern Trust Corp raised its position in shares of Grove Collaborative by 54.1% during the 4th quarter. Northern Trust Corp now owns 96,471 shares of the company's stock valued at $134,000 after acquiring an additional 33,850 shares during the last quarter. Finally, Geode Capital Management LLC raised its position in shares of Grove Collaborative by 14.4% during the 4th quarter. Geode Capital Management LLC now owns 208,755 shares of the company's stock valued at $290,000 after acquiring an additional 26,231 shares during the last quarter. 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.