GrowGeneration (NASDAQ:GRWG) Shares Down 3.5% – Here’s What Happened

GrowGeneration Corp. (NASDAQ:GRWG) traded down 3.5% during mid-day trading on Wednesday . The company traded as low as $1.36 and last traded at $1.36. 398,186 shares traded hands during trading, an increase of 23% from the average session volume of 324,112 shares. The stock had previously closed at $1.41.

Wall Street Analyst Weigh In

Separately, Weiss Ratings restated a “sell (d-)” rating on shares of GrowGeneration in a research report on Thursday, January 22nd. One analyst has rated the stock with a Buy rating and one has given a Sell rating to the company. According to data from MarketBeat, GrowGeneration has a consensus rating of “Hold” and a consensus target price of $2.50.

GrowGeneration Trading Down 3.5%

The company has a market cap of $81.38 million, a P/E ratio of -2.03 and a beta of 2.38. The company’s fifty day moving average is $1.57 and its 200 day moving average is $1.54.

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

Insider Buying and Selling

In other GrowGeneration news, CEO Darren Lampert sold 70,280 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was sold at an average price of $1.74, for a total value of $122,287.20. Following the completion of the sale, the chief executive officer owned 1,708,242 shares in the company, valued at approximately $2,972,341.08. The trade was a 3.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 7.62% of the stock is owned by company insiders.

Institutional Inflows and Outflows

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

GrowGeneration Company Profile

GrowGeneration Corp. is the largest chain of specialty hydroponic and organic garden centers in the United States, serving commercial and home growers of all experience levels. The company offers a broad assortment of cultivation supplies, including high-efficiency LED lighting, climate control systems, irrigation and fertigation equipment, growing media and nutrients. Through its retail outlets and e-commerce platform, GrowGeneration caters to indoor and outdoor horticultural operations, with a particular focus on the rapidly expanding legal cannabis market.

In addition to its product offerings, GrowGeneration provides design, consulting and project management services for turnkey cultivation facilities.