Grove Collaborative (NYSE:GROV) Price Target Cut to $3.00

Grove Collaborative (NYSE:GROV) had its target price lowered by research analysts at Telsey Advisory Group from $3.50 to $3.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has an “outperform” rating on the stock. Telsey Advisory Group’s price objective would indicate a potential upside of 51.52% from the company’s current price.

Grove Collaborative Stock Performance

Grove Collaborative stock opened at $1.98 on Friday. The company has a market capitalization of $73.56 million, a P/E ratio of -1.38 and a beta of 0.66. The business has a 50 day moving average of $2.29 and a 200-day moving average of $2.27. The company has a debt-to-equity ratio of 3.31, a current ratio of 3.25 and a quick ratio of 2.35. Grove Collaborative has a 1 year low of $0.91 and a 1 year high of $7.40.

Grove Collaborative (NYSE:GROV) last released its earnings results on Monday, August 14th. The company reported ($0.32) earnings per share for the quarter. The firm had revenue of $66.11 million for the quarter, compared to analyst estimates of $61.40 million. Grove Collaborative had a negative net margin of 16.98% and a negative return on equity of 230.98%.

Insider Activity at Grove Collaborative

In other Grove Collaborative news, insider Christopher Clark sold 15,000 shares of Grove Collaborative stock in a transaction on Wednesday, August 16th. The shares were sold at an average price of $2.96, for a total transaction of $44,400.00. Following the transaction, the insider now directly owns 118,405 shares of the company’s stock, valued at approximately $350,478.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In the last 90 days, insiders sold 34,455 shares of company stock valued at $90,314. 8.70% of the stock is owned by company insiders.

Institutional Investors Weigh In On Grove Collaborative

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GROV. Tower Research Capital LLC TRC increased its position in shares of Grove Collaborative by 14,029.3% during the third quarter. Tower Research Capital LLC TRC now owns 13,988 shares of the company’s stock valued at $31,000 after buying an additional 13,889 shares during the period. Bank of New York Mellon Corp bought a new stake in shares of Grove Collaborative during the third quarter valued at about $35,000. Vanguard Group Inc. bought a new stake in shares of Grove Collaborative during the third quarter valued at about $1,195,000. State Street Corp bought a new stake in shares of Grove Collaborative during the third quarter valued at about $85,000. Finally, Bank of America Corp DE bought a new stake in shares of Grove Collaborative during the fourth quarter valued at about $65,000. 32.11% of the stock is currently owned by institutional investors.

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.