GrowGeneration’s Crazy Week: What Happened?

GrowGeneration Corp. (NASDAQ: GRWG)’s stock has been on a roller coaster this week, posting gains of up to almost 60% from its Monday opening price, and subsequently tumbling to close the week with gains of almost 19%. The shares are still trading at double their Aug. 12 price.

But, what happened?

The Surge

The rally started last Friday when the grow supplies company reported its second-quarter financial results, establishing a new revenue record for the tenth consecutive quarter.

Sales of $43.5 million were up by 123% year-over-year, with same-store sales of $25.1 million, up from $19.5 million in the second quarter of 2019.

Adjusted EBITDA of $4.6 million was also much higher than the adjusted EBITDA of $1.7 million posted in the same quarter last year. Gross profit amounted to $11.6 million, versus $5.8 million in the same period of 2019, a year-over-year increase of 99%. Finally, the gross profit margin was 26.7%

GrowGeneration continued to spike on Monday after Jim Cramer interviewed CEO Darren Lampert on CNBC, describing …

Full story available on Benzinga.com

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