GrowGeneration Corp. (NASDAQ:GRWG) Sees Significant Drop in Short Interest

GrowGeneration Corp. (NASDAQ:GRWG) saw a significant drop in short interest in the month of September. As of September 30th, there was short interest totalling 4,180,000 shares, a drop of 5.9% from the September 15th total of 4,440,000 shares. Approximately 7.7% of the company’s stock are short sold. Based on an average daily trading volume, of 526,300 shares, the days-to-cover ratio is presently 7.9 days.

Insider Activity at GrowGeneration

In other GrowGeneration news, CEO Darren Lampert acquired 85,300 shares of the business’s stock in a transaction that occurred on Tuesday, August 13th. The shares were bought at an average cost of $1.88 per share, with a total value of $160,364.00. Following the completion of the acquisition, 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 transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, President Michael Salaman purchased 85,301 shares of the business’s stock in a transaction on Tuesday, August 13th. The shares were acquired at an average cost of $1.88 per share, with a total value of $160,365.88. Following the completion of the acquisition, the president now owns 1,425,376 shares of the company’s stock, valued at $2,679,706.88. This trade represents a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CEO Darren Lampert purchased 85,300 shares of the business’s stock in a transaction on Tuesday, August 13th. The stock was purchased at an average cost of $1.88 per share, for a total transaction of $160,364.00. Following the completion of the acquisition, the chief executive officer now directly owns 1,518,420 shares of the company’s stock, valued at approximately $2,854,629.60. The trade was 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 over the last ninety days. 7.07% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. SG Americas Securities LLC acquired a new position in GrowGeneration during the third quarter valued at $42,000. Price T Rowe Associates Inc. MD lifted its position in GrowGeneration by 47.5% during the first quarter. Price T Rowe Associates Inc. MD now owns 69,104 shares of the company’s stock valued at $198,000 after purchasing an additional 22,269 shares during the period. American Century Companies Inc. lifted its position in GrowGeneration by 16.8% during the second quarter. American Century Companies Inc. now owns 84,823 shares of the company’s stock valued at $182,000 after purchasing an additional 12,197 shares during the period. Baader Bank Aktiengesellschaft raised its position in shares of GrowGeneration by 44.0% in the second quarter. Baader Bank Aktiengesellschaft now owns 180,000 shares of the company’s stock worth $387,000 after acquiring an additional 55,000 shares during the period. Finally, Bank of New York Mellon Corp raised its position 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 worth $419,000 after acquiring an additional 11,742 shares during the period. 36.02% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities analysts have issued reports on the stock. Alliance Global Partners cut their price target on shares of GrowGeneration from $2.75 to $2.25 and set a “neutral” rating on the stock in a report on Friday, August 9th. Lake Street Capital dropped their price objective on shares of GrowGeneration from $5.00 to $4.00 and set a “buy” rating on the stock in a report on Friday, July 26th. Stifel Nicolaus dropped their price objective on shares of GrowGeneration from $2.55 to $2.50 and set a “hold” rating on the stock in a report on Monday, July 29th. Finally, Roth Mkm dropped their price objective on shares of GrowGeneration from $2.75 to $2.25 and set a “neutral” rating on the stock in a 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 data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $2.75.

GrowGeneration Stock Down 1.9 %

Shares of GRWG traded down $0.04 during trading hours on Thursday, reaching $2.02. 143,449 shares of the company traded hands, compared to its average volume of 837,440. The stock has a market capitalization of $122.63 million, a P/E ratio of -2.61 and a beta of 3.14. GrowGeneration has a 12-month low of $1.77 and a 12-month high of $3.38. The business has a fifty day moving average price of $2.04 and a 200-day moving average price of $2.31.

GrowGeneration (NASDAQ:GRWG) last posted its 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). The business had revenue of $53.54 million for the quarter, compared to analyst estimates of $53.00 million. GrowGeneration had a negative net margin of 23.91% and a negative return on equity of 19.43%. During the same quarter in the prior year, the firm earned ($0.09) earnings per share. As a group, research analysts predict that GrowGeneration will post -0.45 EPS for the current fiscal 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.