Grove Collaborative (NYSE:GROV) Shares Up 1% – Should You Buy?

Grove Collaborative Holdings, Inc. (NYSE:GROV)’s share price was up 1% during trading 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 Analysts Forecast Growth

A number of equities research analysts recently commented on GROV shares. Weiss Ratings reiterated a “sell (d-)” rating on shares of Grove Collaborative in a research report on Saturday, September 27th. 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, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, Grove Collaborative currently has a consensus rating of “Hold” and a consensus target price of $1.35.

Grove Collaborative Price Performance

The stock has a fifty day simple moving average of $1.49 and a 200-day simple 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) last posted its 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 firm had revenue of $44.00 million for the quarter, compared to analysts’ expectations of $44.37 million.

Hedge Funds Weigh In On Grove Collaborative

A hedge fund recently raised its stake in Grove Collaborative stock. Millennium Management LLC raised its stake in shares of Grove Collaborative Holdings, Inc. (NYSE:GROV) by 93.7% during the 4th quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 24,333 shares of the company’s stock after purchasing an additional 11,768 shares during the period. Millennium Management LLC owned 0.06% of Grove Collaborative worth $34,000 at the end of the most recent quarter. 91.64% of the stock is owned by institutional investors and hedge funds.

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.