Lake Street Capital Cuts GrowGeneration (NASDAQ:GRWG) Price Target to $2.50

GrowGeneration (NASDAQ:GRWG) had its price objective decreased by Lake Street Capital from $4.00 to $2.50 in a research note published on Friday morning,Benzinga reports. Lake Street Capital currently has a buy rating on the stock.

GrowGeneration Stock Performance

GRWG stock opened at $1.04 on Friday. The stock’s 50 day moving average price is $1.05 and its 200 day moving average price is $1.45. The firm has a market cap of $61.87 million, a P/E ratio of -1.20 and a beta of 3.57. GrowGeneration has a 1 year low of $0.82 and a 1 year high of $3.09.

GrowGeneration (NASDAQ:GRWG) last released its quarterly earnings results on Thursday, May 8th. The company reported ($0.16) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.14) by ($0.02). GrowGeneration had a negative return on equity of 23.73% and a negative net margin of 26.62%. On average, research analysts predict that GrowGeneration will post -0.58 earnings per share for the current year.

Insider Transactions at GrowGeneration

In other GrowGeneration news, President Michael Salaman bought 85,465 shares of GrowGeneration stock in a transaction that occurred on Wednesday, March 19th. The shares were purchased at an average cost of $1.21 per share, for a total transaction of $103,412.65. Following the completion of the transaction, the president now owns 1,639,313 shares of the company’s stock, valued at $1,983,568.73. This represents a 5.50% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CEO Darren Lampert acquired 82,639 shares of the stock in a transaction dated Wednesday, March 19th. The shares were bought at an average cost of $1.19 per share, with a total value of $98,340.41. Following the completion of the purchase, the chief executive officer now directly owns 1,728,522 shares in the company, valued at approximately $2,056,941.18. This trade represents a 5.02% increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders own 7.07% of the company’s stock.

Hedge Funds Weigh In On GrowGeneration

A number of large investors have recently modified their holdings of GRWG. Geode Capital Management LLC increased its position in shares of GrowGeneration by 1.3% in the fourth quarter. Geode Capital Management LLC now owns 1,368,953 shares of the company’s stock worth $2,314,000 after acquiring an additional 17,254 shares in the last quarter. Monaco Asset Management SAM boosted its position in GrowGeneration by 18.5% during the 1st quarter. Monaco Asset Management SAM now owns 548,721 shares of the company’s stock worth $593,000 after purchasing an additional 85,675 shares during the period. Renaissance Technologies LLC purchased a new stake in GrowGeneration during the 4th quarter worth $431,000. Deutsche Bank AG increased its holdings in GrowGeneration by 449.9% in the 4th quarter. Deutsche Bank AG now owns 127,091 shares of the company’s stock valued at $215,000 after purchasing an additional 103,981 shares in the last quarter. Finally, American Century Companies Inc. raised its position in GrowGeneration by 8.0% in the fourth quarter. American Century Companies Inc. now owns 108,910 shares of the company’s stock valued at $184,000 after purchasing an additional 8,077 shares during the period. 36.02% of the stock is currently owned by hedge funds and other institutional investors.

GrowGeneration Company Profile

GrowGeneration Corp., through its subsidiaries, owns and operates retail hydroponic and organic gardening stores in the United States. The company engages in the marketing and distribution of nutrients, additives, growing media, lighting, and environmental control systems, as well as other indoor and outdoor growing products.