GrowGeneration (NASDAQ:GRWG) is making waves on Thursday following positive news from the company after markets closed on Wednesday.
Here’s what investors need to know about GrowGeneration and the boost to GRWG stock.
- GrowGeneration is an operator of 31 greenhouses in the U.S.
- This has it standing as the largest hydroponics supplier in the country.
- It’s also looking to expand its greenhouses by acquiring other companies.
- The company hopes to expand its business to a total of 50 greenhouses.
- Just like other companies with marijuana connections, GRWG stands to benefit from Joe Biden winning the U.S. presidential election.
- The current results are looking good for Biden, which has been behind several boosts to cannabis-related stocks of late.
- GRWG stock is up after reporting diluted earnings per share of 7 cents in Q3 2020.
- That beats out Wall Street’s estimate of 6 cents for the quarter.
- It also comes in 133.3% higher than the 3 cents from the same period of the year prior.
- Revenue for the quarter was sitting at $55 million.
- That comes in above analysts’ estimates of $47.4 million.
- This also has it climbing 153% higher from the company’s revenue of $21.8 million from the same time last year.
- The company’s current market capitalization of $1.16 billion.
- It’s also seen 6.72 million shares moved today as of this writing.
- That’s higher than its daily average of 6.61 million shares.
GRWG stock was up 13.5% as of noon Thursday and is up 465.1% since the start of the year.
