GrowGeneration Corp. (NASDAQ:GRWG) Short Interest Down 7.7% in October

GrowGeneration Corp. (NASDAQ:GRWG) was the target of a large decrease in short interest during the month of October. As of October 15th, there was short interest totalling 3,860,000 shares, a decrease of 7.7% from the September 30th total of 4,180,000 shares. Currently, 7.1% of the company’s shares are short sold. Based on an average daily volume of 492,000 shares, the short-interest ratio is currently 7.8 days.

Insider Activity

In related news, CEO Darren Lampert bought 85,300 shares of the stock in a transaction on Tuesday, August 13th. The stock was bought at an average price of $1.88 per share, with a total value of $160,364.00. Following the completion of the purchase, the chief executive officer now directly owns 1,518,420 shares in the company, valued at $2,854,629.60. This represents a 0.00 % increase in their position. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, CEO Darren Lampert purchased 85,300 shares of the stock in a transaction dated Tuesday, August 13th. The stock was acquired at an average cost of $1.88 per share, for a total transaction of $160,364.00. Following the completion of the transaction, the chief executive officer now directly owns 1,518,420 shares in the company, valued at approximately $2,854,629.60. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, President Michael Salaman acquired 85,301 shares of the company’s stock in a transaction dated Tuesday, August 13th. The stock was purchased at an average cost of $1.88 per share, with a total value of $160,365.88. Following the completion of the purchase, the president now directly owns 1,425,376 shares of the company’s stock, valued at approximately $2,679,706.88. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. Insiders have acquired a total of 246,685 shares of company stock valued at $468,800 in the last quarter. Insiders own 7.07% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Tidal Investments LLC purchased a new position in shares of GrowGeneration during the first quarter worth about $5,934,000. Mirae Asset Global Investments Co. Ltd. grew its stake in GrowGeneration by 9.2% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 500,125 shares of the company’s stock worth $1,461,000 after buying an additional 42,123 shares during the last quarter. Vanguard Group Inc. increased its position in GrowGeneration by 0.7% during the first quarter. Vanguard Group Inc. now owns 2,992,591 shares of the company’s stock worth $8,559,000 after buying an additional 21,306 shares during the period. Price T Rowe Associates Inc. MD lifted its stake in GrowGeneration by 47.5% in the first quarter. Price T Rowe Associates Inc. MD now owns 69,104 shares of the company’s stock valued at $198,000 after buying an additional 22,269 shares during the last quarter. Finally, Bank of New York Mellon Corp boosted its holdings in shares of GrowGeneration by 6.4% in the second quarter. Bank of New York Mellon Corp now owns 194,974 shares of the company’s stock valued at $419,000 after acquiring an additional 11,742 shares during the period. 36.02% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research analysts recently weighed in on GRWG shares. Lake Street Capital dropped their price objective on shares of GrowGeneration from $5.00 to $4.00 and set a “buy” rating for the company in a report on Friday, July 26th. Stifel Nicolaus decreased their target price on GrowGeneration from $2.55 to $2.50 and set a “hold” rating for the company in a report on Monday, July 29th. Roth Mkm reduced their price target on GrowGeneration from $2.75 to $2.25 and set a “neutral” rating on the stock in a research report on Friday, August 9th. Finally, Alliance Global Partners lowered their price objective on GrowGeneration from $2.75 to $2.25 and set a “neutral” rating for the company in a research report on Friday, August 9th. Four analysts have rated the stock with a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $2.75.

GrowGeneration Stock Down 2.6 %

GrowGeneration stock traded down $0.05 during midday trading on Thursday, reaching $2.06. The company’s stock had a trading volume of 246,182 shares, compared to its average volume of 816,159. The business has a 50-day simple moving average of $2.04 and a 200-day simple moving average of $2.26. The company has a market cap of $124.76 million, a P/E ratio of -2.60 and a beta of 3.14. GrowGeneration has a fifty-two week low of $1.77 and a fifty-two week high of $3.38.

GrowGeneration (NASDAQ:GRWG) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.10) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.08) by ($0.02). GrowGeneration had a negative net margin of 23.91% and a negative return on equity of 19.43%. The business had revenue of $53.54 million during the quarter, compared to analyst estimates of $53.00 million. During the same period last year, the company earned ($0.09) earnings per share. As a group, equities analysts forecast that GrowGeneration will post -0.45 earnings per share for the current year.

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.