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After trading near all-time highs in 2021, cannabis stocks have trailed the broader markets by a wide margin in the last three years. One such cannabis penny stock is GrowGeneration , which trades 97% below all-time highs.
Colorado-based GrowGeneration develops, markets, distributes, and retails products for indoor and outdoor hydroponic and organic gardening, in addition to customized storage solutions. It sells several products, including nutrients, additives, and environmental control systems. In fact, GrowGeneration is among the largest retailers and distributors of specialty hydroponic and organic gardening products in the U.S.
With a market cap of $135 million, GrowGeneration might soon gain momentum, given that the company’s management is buying shares of the beaten-down marijuana stock. Let’s dive deeper to see if you should consider buying this cannabis penny stock.
A Focus on Cost Savings
According to recent SEC filings, GrowGeneration insiders - including President Michael Salaman and CEO Darren Lampert - have collectively purchased more than 300,000 shares of the company this month, worth close to $600,000 in total. Generally, management buys shares when they feel that their company's stock is undervalued and on the cusp of a turnaround.
Recently, the company announced a comprehensive restructuring plan focusing on long-term profitability and advancing growth initiatives in key areas such as e-commerce, proprietary brands, and B2B. The plan includes improving inventory management and other operational activities, which might result in cost savings of $12 million in the next year.
For example, GrowGeneration aims to increase the revenue share of its proprietary brands to account for 35% of sales by the end of 2025. It will also add 50 new products to its proprietary brands lineup in the next 12 months.
Moreover, the company disclosed plans to launch a B2B e-commerce portal in Q4 of 2024, as it migrates transactional activity from brick-and-mortar stores to a digital platform. It would then implement a fulfillment strategy allowing commercial customers to shop online and access products at existing warehouse-style stores for pickup.
Recently, GrowGeneration stated that it would right-size its national retail footprint and close 19 underperforming stores, seven of which closed in the first six months of 2024. Finally, it will reorganize its sales and marketing activities to reduce expenses by rationalizing SKU count and enhancing strategic vendor partnerships to improve freight expense recovery.
How Did Grow Generation Perform in Q2 of 2024?
GrowGeneration increased sales in Q2 of 2024 by 11.8% to $53.5 million. Its proprietary brand sales as a percentage of cultivation and gardening net sales rose to 21.5%, compared to 16.7% in the year-ago period.
During the three-month period, GrowGeneration’s profit margin expanded by 110 basis points to 26.9%, while its adjusted EBITDA loss narrowed by $600,000 to $1.1 million. It ended the June quarter with $56 million in cash, and no debt.
What's the Target Price for GrowGeneration Stock?
GrowGeneration remains a high-risk investment, as it is still unprofitable. Given that its cash balance will be used to support its unprofitable operations, it will soon have to raise capital. In the event that the company raises equity capital, existing shareholder wealth will be diluted, driving the stock lower.
Out of the five analysts covering GrowGeneration stock, two recommend a “strong buy,” and three recommend a “hold.”
Wall Street has a mean target price of $3, which is about 34% higher than GRWG's current trading price.
On the date of publication, Aditya Raghunath did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
Reporter Name | Aiello Stephen |
Relationship | Director |
Type | Purchase |
Amount | $196,869 |
SEC Filing | Form 4 |
Stephen Aiello, a Director at GrowGeneration Corp., has purchased a total of 100,000 shares of Common Stock on August 14 and 15, 2024, for a total amount of $196,869. The purchases were made at weighted average prices of $1.91 and $2.03 respectively. Following these transactions, Aiello directly owns 494,977 shares and indirectly owns 161,086 shares through the Aiello Family Trust.
SEC Filing: GrowGeneration Corp. [ GRWG ] - Form 4 - Aug. 16, 2024
Reporter Name | Relationship | Type | Amount | SEC Filing |
---|---|---|---|---|
Lampert Darren | CEO | Purchase | $198,185 | Form 4 |
Salaman Michael | President | Purchase | $198,187 | Form 4 |
GrowGeneration Corp. has seen significant stock purchases by its top executives, CEO Darren Lampert and President Michael Salaman, on August 13 and 14, 2024. Darren Lampert acquired a total of 105,296 shares at weighted average prices of $1.878 and $1.9, amounting to a total purchase of $198,185. Following these transactions, Lampert's direct ownership has increased to 1,538,416 shares, with an additional 138,474 shares held indirectly through a spousal trust and a charitable fund.
Michael Salaman, the company's President and Director, also purchased 105,297 shares at the same weighted average prices of $1.878 and $1.9, totaling $198,187. Post-purchase, Salaman directly owns 1,445,372 shares and indirectly controls 437,441 shares, which include those owned by a spousal trust and a charitable fund.
GrowGeneration Corp GRWG.OQ reported a quarterly adjusted loss of 10 cents per share for the quarter ended in June, lower than the same quarter last year, when the company reported EPS of -9 cents. The mean expectation of six analysts for the quarter was for a loss of 8 cents per share. Wall Street expected results to range from -9 cents to -7 cents per share.
Revenue fell 16.3% to $53.54 million from a year ago; analysts expected $52.20 million.
GrowGeneration Corp's reported EPS for the quarter was a loss of 10 cents.
The company reported a quarterly loss of $5.9 million.
GrowGeneration Corp shares had fallen by 7.9% this quarter and lost 21.1% so far this year.
FORECAST CHANGES
The mean earnings estimate of analysts had risen by about 6% in the last three months.
In the last 30 days, two analysts negatively revised earnings estimates
RECOMMENDATIONS
The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy," 4 "hold" and no "sell" or "strong sell."
The average consensus recommendation for the home improvement products & services retailers peer group is also "hold"
Wall Street's median 12-month price target for GrowGeneration Corp is $2.75
This summary was machine generated from LSEG data August 9 at 06:21 a.m. UTC. All figures in US dollars unless otherwise stated. (For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact RefinitivNewsSupport@thomsonreuters.com)
QUARTER ENDING | ESTIMATE | ACTUAL | BEAT, MET, MISSED |
Jun. 30 2024 | -0.08 | -0.10 | Missed |
Mar. 31 2024 | -0.11 | -0.14 | Missed |
Dec. 31 2023 | -0.13 | -0.44 | Missed |
Sep. 30 2023 | -0.11 | -0.12 | Missed |
Keywords: GROWGENERATION-RESULTS/SUMMARY
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