Grove Collaborative (NYSE:GROV) Shares Up 4.5% – Here’s What Happened

Grove Collaborative Holdings, Inc. (NYSE:GROV) shares rose 4.5% during mid-day trading on Monday . The company traded as high as $1.67 and last traded at $1.64. Approximately 59,263 shares changed hands during mid-day trading, a decline of 73% from the average daily volume of 219,499 shares. The stock had previously closed at $1.57.

Wall Street Analysts Forecast Growth

Separately, Telsey Advisory Group reiterated an “outperform” rating and issued a $2.00 price target on shares of Grove Collaborative in a research note on Wednesday, November 13th.

Grove Collaborative Price Performance

The company has a market cap of $63.89 million, a price-to-earnings ratio of -2.38 and a beta of 1.09. The company has a quick ratio of 1.45, a current ratio of 2.07 and a debt-to-equity ratio of 14.58. The company has a fifty day simple moving average of $1.45 and a two-hundred day simple moving average of $1.39.

Insider Buying and Selling at Grove Collaborative

In other news, CEO Jeffrey Michael Yurcisin bought 35,000 shares of the stock in a transaction on Monday, November 18th. The stock was purchased at an average cost of $1.38 per share, with a total value of $48,300.00. Following the purchase, the chief executive officer now owns 197,839 shares of the company’s stock, valued at approximately $273,017.82. The trade was a 21.49 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at this link. Insiders own 13.13% of the company’s stock.

Institutional Investors Weigh In On Grove Collaborative

A number of institutional investors have recently added to or reduced their stakes in the company. General Atlantic L.P. boosted its position in shares of Grove Collaborative by 164.4% in the fourth quarter. General Atlantic L.P. now owns 2,474,859 shares of the company’s stock worth $3,440,000 after buying an additional 1,538,839 shares during the period. Geode Capital Management LLC lifted its position in Grove Collaborative by 5.3% during the 3rd quarter. Geode Capital Management LLC now owns 182,524 shares of the company’s stock worth $246,000 after acquiring an additional 9,114 shares in the last quarter. Finally, Renaissance Technologies LLC purchased a new position in Grove Collaborative in the 2nd quarter worth approximately $38,000. Hedge funds and other institutional investors own 91.64% of the company’s stock.

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.