Jason Karp Buys 55,000 Shares of Grove Collaborative (NYSE:GROV) Stock

Grove Collaborative Holdings, Inc. (NYSE:GROV) Director Jason Karp acquired 55,000 shares of the firm’s stock in a transaction that occurred on Tuesday, September 1st. The shares were bought at an average price of $1.03 per share, with a total value of $56,650.00. Following the acquisition, the director directly owned 575,000 shares of the company’s stock, valued at $592,250. The trade was a 10.58% increase in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink.

Grove Collaborative Stock Down 4.5%

GROV opened at $1.05 on Friday. The stock has a market cap of $44.84 million, a price-to-earnings ratio of -5.53 and a beta of 1.03. Grove Collaborative Holdings, Inc. has a twelve month low of $0.86 and a twelve month high of $1.57. The company’s 50-day moving average price is $1.09 and its two-hundred day moving average price is $1.21.

Grove Collaborative (NYSE:GROV) last issued its quarterly earnings results on Thursday, August 6th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.06) by $0.03. The company had revenue of $36.57 million for the quarter, compared to analysts’ expectations of $36.70 million.

Hedge Funds Weigh In On Grove Collaborative

An institutional investor recently raised its stake in Grove Collaborative stock. Vanguard Group Inc. raised its holdings in Grove Collaborative Holdings, Inc. (NYSE:GROV) by 6.0% in the 3rd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 1,069,804 shares of the company’s stock after purchasing an additional 61,028 shares during the period. Vanguard Group Inc. owned 2.61% of Grove Collaborative worth $1,605,000 at the end of the most recent reporting period. 91.64% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Separately, Weiss Ratings downgraded Grove Collaborative from a “sell (d-)” rating to a “sell (e+)” rating in a research report on Wednesday, August 19th. One research analyst has rated the stock with a Buy rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $2.00.

Grove Collaborative Company Profile

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.