Oppenheimer analyst Brian Nagel assigned a Buy rating to GrowGeneration (GRWG) today and set a price target of $60.00. The company’s shares closed last Wednesday at $42.99.
According to TipRanks.com, Nagel is a top 25 analyst with an average return of 37.1% and a 75.6% success rate. Nagel covers the Consumer Goods sector, focusing on stocks such as Dick’s Sporting Goods, Lululemon Athletica, and The Lovesac Company.
Currently, the analyst consensus on GrowGeneration is a Strong Buy with an average price target of $54.00, a 26.6% upside from current levels. In a report issued on May 25, Northland Securities also assigned a Buy rating to the stock with a $55.00 price target.
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Based on GrowGeneration’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $90.02 million and net profit of $6.15 million. In comparison, last year the company earned revenue of $32.98 million and had a GAAP net loss of $2.09 million.
Based on the recent corporate insider activity of 39 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of GRWG in relation to earlier this year.
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GrowGeneration Corp. retails hydroponic and organic specialty gardening products. The company owns and operates a chain retail hydroponic and gardening stores and an online e-commerce store, HeavyGardens. Its stores sells various products, including organic nutrients and soils, advanced lighting technology, hydroponic and aquaponic equipment, and other products needed to grow indoors and outdoors. The company was founded by Darren Lampert and Michael Salaman on March 6, 2014 and is headquartered in Denver, CO.