Why GrowGeneration's Stock Is Trading Higher Today

GrowGeneration Corp GRWG is trading higher Friday after a pair of upgrades.

What Happened: Roth Capital analyst Scott Fortune upgraded GrowGeneration from Neutral to Buy and announced a $55 price target.

Ladenburg Thalmann analyst Glenn Mattson upgraded GrowGeneration from Neutral to Buy and announced a $45 price target.

GrowGeneration reported first-quarter financial results on Wednesday. The company reported earnings of 10 cents per share, which beat the estimate of 7 cents per share. It reported quarterly revenue of $90.02 million, which beat the estimate of $87.14 million. The company also raised its full-year 2021 revenue guidance to $450 million to $470 million.

Related Link: GrowGeneration Expands In Michigan, Acquires Downriver Hydro

"The GrowGen team delivered an exceptionally strong start to the year, with same store sales up 51%, demonstrating the hard work of the entire team. For the year so far, we closed 9 acquisitions, adding 15 hydroponic retail locations, bringing our total store count to 53. The strategies implemented several quarters ago, are now positively impacting margins," said Darren Lampert, co-founder and CEO of GrowGeneration.

Price Action: GrowGeneration traded as high as $67.75 and as low as $4.53 over a 52-week period. 

At last check Friday, the stock was up 6.53% in premarket trading at $37.85.