Primecap Management Co. CA Invests $558,000 in GrowGeneration Corp. $GRWG

Primecap Management Co. CA acquired a new stake in GrowGeneration Corp. (NASDAQ:GRWG) during the second quarter, Holdings Channel.com reports. The firm acquired 377,300 shares of the company’s stock, valued at approximately $558,000.

Several other institutional investors and hedge funds also recently made changes to their positions in GRWG. Monaco Asset Management SAM acquired a new stake in GrowGeneration during the second quarter worth approximately $1,775,000. BlackRock Inc. acquired a new position in GrowGeneration in the second quarter valued at approximately $1,717,000. Jane Street Group LLC boosted its holdings in shares of GrowGeneration by 1,193.2% during the 2nd quarter. Jane Street Group LLC now owns 792,229 shares of the company’s stock worth $741,000 after buying an additional 730,968 shares in the last quarter. Renaissance Technologies LLC boosted its holdings in shares of GrowGeneration by 34.5% during the 1st quarter. Renaissance Technologies LLC now owns 1,370,610 shares of the company’s stock worth $1,508,000 after buying an additional 351,277 shares in the last quarter. Finally, AWM Investment Company Inc. grew its position in shares of GrowGeneration by 8.7% during the 4th quarter. AWM Investment Company Inc. now owns 3,380,784 shares of the company’s stock worth $5,071,000 after buying an additional 271,249 shares during the period. Institutional investors own 36.02% of the company’s stock.

GrowGeneration Stock Performance

GRWG stock opened at $1.70 on Thursday. The stock’s 50 day simple moving average is $1.53 and its 200 day simple moving average is $1.38. GrowGeneration Corp. has a fifty-two week low of $1.00 and a fifty-two week high of $2.40. The company has a market cap of $100.16 million, a P/E ratio of -6.30 and a beta of 2.51.

GrowGeneration (NASDAQ:GRWG) last announced its quarterly earnings results on Tuesday, August 11th. The company reported ($0.03) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.04) by $0.01. GrowGeneration had a negative return on equity of 17.44% and a negative net margin of 10.07%.The business had revenue of $43.22 million for the quarter, compared to analyst estimates of $42.75 million. Equities analysts predict that GrowGeneration Corp. will post -0.19 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GRWG. Alliance Global Partners upgraded shares of GrowGeneration from a “neutral” rating to a “buy” rating and set a $2.50 price objective for the company in a research note on Wednesday, August 12th. Weiss Ratings raised shares of GrowGeneration from a “sell (e+)” rating to a “sell (d-)” rating in a research note on Friday, August 21st. One research analyst has rated the stock with a Buy rating, one has given a Hold rating and one has assigned a Sell rating to the company’s stock. According to data from MarketBeat, GrowGeneration currently has an average rating of “Hold” and an average target price of $2.50.

GrowGeneration Company Profile

GrowGeneration Corp. is the largest chain of specialty hydroponic and organic garden centers in the United States, serving commercial and home growers of all experience levels. The company offers a broad assortment of cultivation supplies, including high-efficiency LED lighting, climate control systems, irrigation and fertigation equipment, growing media and nutrients. Through its retail outlets and e-commerce platform, GrowGeneration caters to indoor and outdoor horticultural operations, with a particular focus on the rapidly expanding legal cannabis market.

In addition to its product offerings, GrowGeneration provides design, consulting and project management services for turnkey cultivation facilities.