GrowGeneration (NASDAQ:GRWG) Downgraded to Sell at Zacks Investment Research

GrowGeneration (NASDAQ:GRWGGet Rating) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “GrowGeneration Corp. owns and operates specialty retail hydroponic and organic gardening stores. The company carries and sells product which includes organic nutrients and soils, advanced lighting technology and state of the art hydroponic equipment to be used indoors and outdoors by commercial and home growers. It operates primarily in Colorado, California, Las Vegas, Rhode Island and Washington. GrowGeneration Corp. is headquartered in Pueblo, Colorado. “

A number of other research firms have also issued reports on GRWG. Roth Capital lowered GrowGeneration from a “buy” rating to a “neutral” rating and reduced their target price for the company from $20.00 to $8.00 in a report on Thursday, March 3rd. Wells Fargo & Company dropped their price target on shares of GrowGeneration from $11.00 to $9.00 and set an “equal weight” rating on the stock in a research note on Tuesday, March 1st. Craig Hallum downgraded shares of GrowGeneration from a “buy” rating to a “hold” rating and dropped their price target for the stock from $30.00 to $12.50 in a research note on Friday, January 14th. Lake Street Capital dropped their price target on shares of GrowGeneration from $44.00 to $19.00 in a research note on Thursday, January 13th. Finally, Alliance Global Partners dropped their price target on shares of GrowGeneration from $20.00 to $14.00 in a research note on Wednesday, March 2nd. One research analyst has rated the stock with a sell rating, four have issued a hold rating and four have assigned a buy rating to the company. According to MarketBeat, the company has an average rating of “Hold” and an average target price of $22.17.

GRWG opened at $6.40 on Wednesday. The stock has a fifty day moving average of $8.20 and a 200-day moving average of $12.33. The firm has a market capitalization of $388.76 million, a P/E ratio of 30.48 and a beta of 2.84. GrowGeneration has a 12-month low of $5.73 and a 12-month high of $52.80.

GrowGeneration (NASDAQ:GRWGGet Rating) last released its earnings results on Tuesday, March 1st. The company reported ($0.07) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.08) by $0.01. The company had revenue of $90.60 million during the quarter, compared to analyst estimates of $90.81 million. GrowGeneration had a return on equity of 3.51% and a net margin of 3.03%. The company’s revenue for the quarter was up 46.1% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.03 earnings per share. On average, equities analysts expect that GrowGeneration will post 0.05 earnings per share for the current year.

A number of institutional investors have recently bought and sold shares of GRWG. Commonwealth Equity Services LLC increased its position in GrowGeneration by 29.8% during the third quarter. Commonwealth Equity Services LLC now owns 44,646 shares of the company’s stock worth $1,101,000 after buying an additional 10,254 shares during the last quarter. Victory Capital Management Inc. increased its position in GrowGeneration by 39.0% during the third quarter. Victory Capital Management Inc. now owns 20,906 shares of the company’s stock worth $516,000 after buying an additional 5,869 shares during the last quarter. Cambridge Investment Research Advisors Inc. grew its position in shares of GrowGeneration by 24.3% in the third quarter. Cambridge Investment Research Advisors Inc. now owns 23,012 shares of the company’s stock valued at $568,000 after purchasing an additional 4,504 shares during the last quarter. Raymond James Financial Services Advisors Inc. grew its position in shares of GrowGeneration by 12.2% in the third quarter. Raymond James Financial Services Advisors Inc. now owns 24,673 shares of the company’s stock valued at $609,000 after purchasing an additional 2,680 shares during the last quarter. Finally, Advisor Group Holdings Inc. grew its position in shares of GrowGeneration by 64.7% in the third quarter. Advisor Group Holdings Inc. now owns 72,608 shares of the company’s stock valued at $1,792,000 after purchasing an additional 28,510 shares during the last quarter. 44.93% of the stock is currently owned by hedge funds and other institutional investors.

About GrowGeneration (Get Rating)

GrowGeneration Corp., through its subsidiaries, owns and operates retail hydroponic and organic gardening stores in the United States. It engages in the marketing and distribution of nutrients, growing media, advanced indoor and greenhouse lighting, environmental control systems, vertical benching, and accessories for hydroponic gardening, as well as other indoor and outdoor growing products.

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