Grove Collaborative (NYSE:GROV) Shares Down 2.4% – Here’s Why

Shares of Grove Collaborative Holdings, Inc. (NYSE:GROV) fell 2.4% on Monday . The company traded as low as $1.1868 and last traded at $1.21. Approximately 27,051 shares changed hands during trading, a decline of 54% from the average daily volume of 58,524 shares. The stock had previously closed at $1.24.

Analyst Upgrades and Downgrades

Separately, Weiss Ratings reiterated a “sell (d-)” rating on shares of Grove Collaborative in a report on Monday, April 27th. One equities research analyst has rated the stock with a Buy rating and one has given a Sell rating to the stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.00.

Grove Collaborative Price Performance

The stock has a 50 day simple moving average of $1.22 and a two-hundred day simple moving average of $1.29. The company has a market cap of $50.84 million, a PE ratio of -4.65 and a beta of 1.06.

Grove Collaborative (NYSE:GROV) last issued its quarterly earnings data on Thursday, May 7th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.09) by $0.06. The company had revenue of $36.22 million for the quarter, compared to analyst estimates of $33.10 million.

Institutional Trading of Grove Collaborative

A hedge fund recently raised its position in Grove Collaborative stock. Susquehanna International Group LLP increased its stake in Grove Collaborative Holdings, Inc. (NYSE:GROV) by 371.2% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 67,637 shares of the company’s stock after buying an additional 53,283 shares during the period. Susquehanna International Group LLP owned about 0.16% of Grove Collaborative worth $101,000 at the end of the most recent reporting period. 91.64% of the stock is currently owned by hedge funds and other institutional investors.

About Grove Collaborative

Grove Collaborative is a direct-to-consumer digital marketplace offering a broad assortment of sustainable home and personal care products. Operating as a public benefit corporation, the company provides an online platform designed to simplify the shopping experience for eco-friendly essentials, including cleaning supplies, personal care items, baby and family products, wellness goods and pet care.

The company’s business model centers on a subscription-based delivery service that enables members to schedule regular shipments of both third-party and private-label products.