Grove Collaborative (NYSE:GROV) Price Target Cut to $2.00

Grove Collaborative (NYSE:GROV) had its price objective cut by equities researchers at Telsey Advisory Group from $3.00 to $2.00 in a note issued to investors on Friday, Marketbeat Ratings reports. The firm presently has an “outperform” rating on the stock. Telsey Advisory Group’s target price indicates a potential upside of 49.25% from the stock’s previous close.

Grove Collaborative Stock Performance

Shares of GROV stock traded down $0.09 on Friday, hitting $1.34. The company had a trading volume of 88,628 shares, compared to its average volume of 75,446. The firm has a market cap of $51.16 million, a P/E ratio of -1.34 and a beta of 0.97. The company has a 50-day moving average price of $1.58 and a 200-day moving average price of $1.66. The company has a quick ratio of 2.92, a current ratio of 4.01 and a debt-to-equity ratio of 9.65. Grove Collaborative has a twelve month low of $1.19 and a twelve month high of $3.81.

Grove Collaborative (NYSE:GROV) last issued its quarterly earnings data on Thursday, August 8th. The company reported ($0.28) earnings per share (EPS) for the quarter. The company had revenue of $52.10 million during the quarter, compared to analyst estimates of $52.80 million. Grove Collaborative had a negative net margin of 13.91% and a negative return on equity of 228.87%.

Hedge Funds Weigh In On Grove Collaborative

An institutional investor recently raised its position in Grove Collaborative stock. SVB Wealth LLC increased its holdings in Grove Collaborative Holdings, Inc. (NYSE:GROV) by 100.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 30,340 shares of the company’s stock after purchasing an additional 15,170 shares during the quarter. SVB Wealth LLC owned 0.08% of Grove Collaborative worth $54,000 at the end of the most recent reporting period. 91.64% of the stock is owned by institutional investors and hedge funds.

Grove Collaborative Company Profile

Grove Collaborative Holdings, Inc operates as a plastic neutral consumer products retailer in the United States. It offers household, personal care, beauty, and other consumer products through retail channels, third parties, direct-to-consumer platform, and mobile applications, as well as online store.