Grove Collaborative Holdings Inc. [NYSE: GROV] slipped around -0.11 points on Tuesday, while shares priced at $0.20 at the close of the session, down -32.95%. The company report on December 20, 2022 that Grove Announces Receipt of Continued Listing Standards Notice from NYSE.
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Grove Collaborative Holdings, Inc. (NYSE: GROV) (“Grove” or “the Company”), a leading sustainable consumer products company and certified B Corp™, today announced it has received notice (the “Notice”) from the New York Stock Exchange (the “NYSE”) that the average per share trading price of its common stock (the “Common Stock”) was below the NYSE’s continued listing standard rule relating to minimum average share price. Rule 802.01C of the NYSE’s Listed Company Manual requires that a company’s common stock trade at a minimum average closing price of $1.00 over a consecutive 30 trading-day period.
Pursuant to Section 802.01C, the Company has a period of six months following the receipt of the Notice to regain compliance with the minimum share price requirement. In accordance with the NYSE’s rules, the Company plans to notify the NYSE within 10 business days of its intent to cure the deficiency. The Company can regain compliance with the minimum share price requirement at any time during the six month cure period if, on the last trading day of any calendar month during the cure period or on the last day of the cure period, the Company has (i) a closing share price of at least $1.00, and (ii) an average closing share price of at least $1.00 over the 30 trading-day period ending on the last trading day of that month.
Grove Collaborative Holdings Inc. stock is now -97.93% down from its year-to-date (YTD) trading value. GROV Stock saw the intraday high of $0.3255 and lowest of $0.1815 per share. The company’s 52-week high price is 12.50, which means current price is +12.67% above from all time high which was touched on 06/21/22.
Compared to the average trading volume of 608.77K shares, GROV reached a trading volume of 3859216 in the most recent trading day, which is why market watchdogs consider the stock to be active.
What do top market gurus say about Grove Collaborative Holdings Inc. [GROV]?
Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for GROV shares is $3.50 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on GROV stock is a recommendation set at 2.00. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.
Canaccord Genuity have made an estimate for Grove Collaborative Holdings Inc. shares, keeping their opinion on the stock as Buy, with their previous recommendation back on November 17, 2022. While these analysts kept the previous recommendation, Telsey Advisory Group raised their target price to Outperform. The new note on the price target was released on June 27, 2022, representing the official price target for Grove Collaborative Holdings Inc. stock.
The Average True Range (ATR) for Grove Collaborative Holdings Inc. is set at 0.09, with the Price to Sales ratio for GROV stock in the period of the last 12 months amounting to 0.11. The Price to Book ratio for the last quarter was 1.36, with the Price to Cash per share for the same quarter was set at 0.57.
How has GROV stock performed recently?
Grove Collaborative Holdings Inc. [GROV] fell into the red zone at the end of the last week, falling into a negative trend and dropping by -51.31. With this latest performance, GROV shares dropped by -76.49% in over the last four-week period, additionally sinking by -97.33% over the last 6 months – not to mention a drop of -97.92% in the past year of trading.
Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for GROV stock in for the last two-week period is set at 12.59, with the RSI for the last a single of trading hit 4.43, and the three-weeks RSI is set at 21.22 for Grove Collaborative Holdings Inc. [GROV]. The present Moving Average for the last 50 days of trading for this stock 0.9963, while it was recorded at 0.3223 for the last single week of trading, and 5.6053 for the last 200 days.
Grove Collaborative Holdings Inc. [GROV]: Deeper insight into the fundamentals
Grove Collaborative Holdings Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 1.20 and a Current Ratio set at 1.80.
Insider trade positions for Grove Collaborative Holdings Inc. [GROV]
There are presently around $4 million, or 25.90% of GROV stock, in the hands of institutional investors. The top three institutional holders of GROV stocks are: SCULPTOR CAPITAL LP with ownership of 9,294,924, which is approximately -3.566% of the company’s market cap and around 3.80% of the total institutional ownership; GENERAL ATLANTIC, L.P., holding 4,680,100 shares of the stock with an approximate value of $0.95 million in GROV stocks shares; and LUXOR CAPITAL GROUP, LP, currently with $0.27 million in GROV stock with ownership of nearly 0% of the company’s market capitalization.
Positions in Grove Collaborative Holdings Inc. stocks held by institutional investors increased at the end of November and at the time of the November reporting period, where 19 institutional holders increased their position in Grove Collaborative Holdings Inc. [NYSE:GROV] by around 5,321,993 shares. Additionally, 12 investors decreased positions by around 3,011,264 shares, while 4 investors held positions by with 9,348,884 shares. The mentioned changes placed institutional holdings at 17,682,141 shares, according to the latest SEC report filing. GROV stock had 15 new institutional investments in for a total of 1,091,139 shares, while 6 institutional investors sold positions of 1,830,127 shares during the same period.