Grove Collaborative (NYSE:GROV) Posts Earnings Results, Beats Estimates By $0.04 EPS

Grove Collaborative (NYSE:GROV) released its quarterly earnings results on Thursday. The company reported ($0.05) earnings per share for the quarter, topping the consensus estimate of ($0.09) by $0.04, FiscalAI reports. The firm had revenue of $42.41 million during the quarter, compared to the consensus estimate of $42.86 million.

Grove Collaborative Trading Up 0.6%

GROV stock traded up $0.01 during midday trading on Thursday, hitting $1.33. The company had a trading volume of 20,683 shares, compared to its average volume of 63,223. The stock has a market cap of $54.95 million, a price-to-earnings ratio of -2.14 and a beta of 1.22. Grove Collaborative has a 52 week low of $1.02 and a 52 week high of $1.84. The stock’s 50 day moving average price is $1.36 and its 200 day moving average price is $1.40.

Wall Street Analysts Forecast Growth

A number of brokerages have weighed in on GROV. Canaccord Genuity Group upped their target price on Grove Collaborative from $1.50 to $2.00 and gave the stock a “buy” rating in a research note on Tuesday, November 11th. Weiss Ratings restated a “sell (e+)” rating on shares of Grove Collaborative in a research report on Monday, December 22nd. One equities research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $1.60.

Institutional Investors Weigh In On Grove Collaborative

A hedge fund recently raised its stake in Grove Collaborative stock. Vanguard Group Inc. grew its holdings in Grove Collaborative Holdings, Inc. (NYSE:GROV) by 6.0% in the 3rd quarter, according to the company in its most recent filing with the SEC. The firm owned 1,069,804 shares of the company’s stock after buying an additional 61,028 shares during the quarter. Vanguard Group Inc. owned approximately 2.61% of Grove Collaborative worth $1,605,000 at the end of the most recent quarter. 91.64% of the stock is owned by institutional investors and hedge funds.

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.