Grove Collaborative (NYSE:GROV) Trading Up 1.3% – Here’s Why

Shares of Grove Collaborative Holdings, Inc. (NYSE:GROV) rose 1.3% during mid-day trading on Thursday . The stock traded as high as $1.56 and last traded at $1.55. Approximately 41,492 shares changed hands during 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 research analysts recently weighed in on the stock. Telsey Advisory Group reaffirmed a “market perform” rating and issued a $1.20 target price (down previously from $2.00) on shares of Grove Collaborative in a research report on Thursday, May 15th. Canaccord Genuity Group cut their price target on shares of Grove Collaborative from $3.00 to $1.50 and set a “buy” rating for the company in a research note on Friday, August 8th. One research analyst has rated the stock with a Buy rating and one has given a Hold rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus target price of $1.35.

Grove Collaborative Stock Performance

The firm has a market cap of $63.57 million, a P/E ratio of -2.67 and a beta of 1.21. The stock’s 50 day simple moving average is $1.47 and its 200 day simple moving average is $1.35.

Grove Collaborative (NYSE:GROV) last issued its quarterly earnings results on Thursday, August 7th. The company reported ($0.10) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.09) by ($0.01). The company had revenue of $44.00 million during the quarter, compared to analysts’ expectations of $44.37 million. Grove Collaborative had a negative return on equity of 6,372.67% and a negative net margin of 11.41%.

Hedge Funds Weigh In On Grove Collaborative

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

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.