GrowGeneration (NASDAQ:GRWG) Stock Price Up 38% – Here’s What Happened

Shares of GrowGeneration Corp. (NASDAQ:GRWG) shot up 38% during mid-day trading on Friday . The stock traded as high as $1.97 and last traded at $1.96. 4,463,215 shares changed hands during trading, an increase of 1,591% from the average session volume of 263,986 shares. The stock had previously closed at $1.42.

Analyst Ratings Changes

Several research firms recently commented on GRWG. Wall Street Zen upgraded GrowGeneration from a “strong sell” rating to a “hold” rating in a research note on Saturday, August 16th. Weiss Ratings restated a “sell (d-)” rating on shares of GrowGeneration in a research note on Wednesday, October 8th. One investment analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $2.50.

GrowGeneration Trading Up 38.0%

The company has a market capitalization of $117.29 million, a P/E ratio of -2.93 and a beta of 2.41. The company’s fifty day moving average is $1.61 and its 200 day moving average is $1.42.

GrowGeneration (NASDAQ:GRWG) last issued its earnings results on Thursday, November 6th. The company reported ($0.04) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.09) by $0.05. GrowGeneration had a negative net margin of 24.77% and a negative return on equity of 29.82%. The business had revenue of $47.25 million for the quarter, compared to analysts’ expectations of $41.56 million. Equities research analysts predict that GrowGeneration Corp. will post -0.58 EPS for the current year.

Insider Buying and Selling at GrowGeneration

In other news, CEO Darren Lampert sold 56,540 shares of the company’s stock in a transaction dated Thursday, November 13th. The stock was sold at an average price of $1.61, for a total transaction of $91,029.40. Following the sale, the chief executive officer directly owned 1,651,702 shares in the company, valued at $2,659,240.22. This represents a 3.31% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at this link. 7.62% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On GrowGeneration

Several hedge funds have recently bought and sold shares of the company. Catalyst Funds Management Pty Ltd purchased a new stake in GrowGeneration in the 2nd quarter worth approximately $25,000. Engineers Gate Manager LP purchased a new position in shares of GrowGeneration during the 2nd quarter valued at $26,000. AQR Capital Management LLC bought a new position in shares of GrowGeneration in the first quarter worth $27,000. Scientech Research LLC purchased a new stake in shares of GrowGeneration in the third quarter worth $37,000. Finally, XTX Topco Ltd purchased a new stake in shares of GrowGeneration in the second quarter worth $55,000. Hedge funds and other institutional investors own 36.02% of the company’s stock.

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.