Primecap Management Co. CA Acquires New Shares in GrowGeneration Corp. $GRWG

Primecap Management Co. CA acquired a new position in shares of GrowGeneration Corp. (NASDAQ:GRWG) during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 377,300 shares of the company’s stock, valued at approximately $558,000. Primecap Management Co. CA owned about 0.64% of GrowGeneration as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of GRWG. Bank of America Corp DE raised its position in GrowGeneration by 36.7% in the fourth quarter. Bank of America Corp DE now owns 60,104 shares of the company’s stock valued at $102,000 after purchasing an additional 16,132 shares during the last quarter. Scientech Research LLC bought a new stake in shares of GrowGeneration during the third quarter worth about $37,000. Algert Global LLC increased its stake in shares of GrowGeneration by 58.7% in the second quarter. Algert Global LLC now owns 67,776 shares of the company’s stock valued at $100,000 after buying an additional 25,060 shares during the period. AQR Capital Management LLC acquired a new position in shares of GrowGeneration in the first quarter valued at approximately $27,000. Finally, Janney Montgomery Scott LLC bought a new position in GrowGeneration in the 4th quarter valued at approximately $42,000. Institutional investors and hedge funds own 36.02% of the company’s stock.

GrowGeneration Price Performance

Shares of GRWG opened at $1.70 on Thursday. GrowGeneration Corp. has a 1 year low of $1.00 and a 1 year high of $2.40. The company has a market capitalization of $100.16 million, a price-to-earnings ratio of -6.30 and a beta of 2.51. The business has a 50-day moving average of $1.53 and a 200-day moving average of $1.38.

GrowGeneration (NASDAQ:GRWG) last announced its earnings results on Tuesday, August 11th. The company reported ($0.03) EPS for the quarter, beating the consensus estimate of ($0.04) by $0.01. The business had revenue of $43.22 million for the quarter, compared to analysts’ expectations of $42.75 million. GrowGeneration had a negative return on equity of 17.44% and a negative net margin of 10.07%. As a group, sell-side analysts anticipate that GrowGeneration Corp. will post -0.19 EPS for the current year.

Wall Street Analysts Forecast Growth

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