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

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

Wall Street Analysts Forecast Growth

Several research analysts have recently commented on the company. Wall Street Zen raised GrowGeneration from a “strong sell” rating to a “hold” rating in a report on Saturday, August 16th. Weiss Ratings reiterated a “sell (d-)” rating on shares of GrowGeneration in a research report on Wednesday, October 8th. One analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $2.50.

GrowGeneration Trading Up 38.0%

The stock has a market capitalization of $117.29 million, a PE ratio of -2.93 and a beta of 2.41. The business has a fifty day moving average price of $1.61 and a 200-day moving average price of $1.42.

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

Insider Activity

In other news, CEO Darren Lampert sold 56,540 shares of the company’s stock in a transaction on Thursday, November 13th. The shares were sold at an average price of $1.61, for a total value of $91,029.40. Following the completion of the sale, the chief executive officer owned 1,651,702 shares of the company’s stock, valued at approximately $2,659,240.22. This represents a 3.31% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 7.62% of the company’s stock.

Institutional Trading of GrowGeneration

Several hedge funds have recently added to or reduced their stakes in GRWG. Catalyst Funds Management Pty Ltd purchased a new stake in GrowGeneration during the second quarter valued at about $25,000. Engineers Gate Manager LP bought a new stake in shares of GrowGeneration in the 2nd quarter valued at about $26,000. AQR Capital Management LLC purchased a new stake in GrowGeneration during the 1st quarter valued at about $27,000. Scientech Research LLC purchased a new stake in GrowGeneration during the 3rd quarter valued at about $37,000. Finally, XTX Topco Ltd bought a new position in GrowGeneration during the 2nd quarter worth approximately $55,000. 36.02% of the stock is owned by institutional investors.

About GrowGeneration

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.