Brokerages Set Rover Group, Inc. (NASDAQ:ROVR) Target Price at $6.11

Posted by Defense World Staff on Aug 5th, 2023

Rover Group, Inc. (NASDAQ:ROVR – Get Free Report) has received an average recommendation of “Hold” from the seven brokerages that are currently covering the stock, MarketBeat.com reports. Four investment analysts have rated the stock with a hold rating and three have issued a buy rating on the company. The average 12 month price objective among brokerages that have issued a report on the stock in the last year is $6.36.

ROVR has been the topic of several analyst reports. TheStreet raised shares of Rover Group from a “d” rating to a “c-” rating in a report on Wednesday. JPMorgan Chase & Co. boosted their price objective on shares of Rover Group from $5.00 to $6.00 and gave the company a “neutral” rating in a research note on Wednesday. Canaccord Genuity Group increased their price objective on shares of Rover Group from $7.00 to $8.00 and gave the company a “buy” rating in a research note on Wednesday. Morgan Stanley increased their price objective on shares of Rover Group from $6.00 to $6.50 and gave the stock an “equal weight” rating in a report on Wednesday. Finally, DA Davidson increased their price objective on shares of Rover Group from $6.00 to $7.50 and gave the company a “buy” rating in a research report on Thursday.

Insider Activity at Rover Group

In related news, COO Brenton R. Turner sold 30,000 shares of Rover Group stock in a transaction that occurred on Wednesday, May 10th. The stock was sold at an average price of $5.00, for a total transaction of $150,000.00. Following the completion of the sale, the chief operating officer now directly owns 1,108,630 shares of the company’s stock, valued at approximately $5,543,150. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. 36.40% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Swiss National Bank raised its position in Rover Group by 20.0% during the first quarter. Swiss National Bank now owns 207,500 shares of the company’s stock valued at $1,197,000 after purchasing an additional 34,600 shares in the last quarter. JPMorgan Chase & Co. raised its stake in Rover Group by 3,841.5% during the 1st quarter. JPMorgan Chase & Co. now owns 769,808 shares of the company’s stock valued at $4,442,000 after buying an additional 750,277 shares during the last quarter. HighTower Advisors LLC purchased a new stake in shares of Rover Group in the 1st quarter worth $606,000. Citigroup Inc. boosted its holdings in Rover Group by 95.7% in the 1st quarter. Citigroup Inc. now owns 41,033 shares of the company’s stock worth $237,000 after buying an additional 20,062 shares during the period. Finally, BlackRock Inc. boosted its holdings in shares of Rover Group by 14.8% during the 1st quarter. BlackRock Inc. now owns 1,352,764 shares of the company’s stock valued at $7,807,000 after purchasing an additional 174,254 shares during the last quarter. 78.46% of the stock is owned by institutional investors and hedge funds.

Rover Group Stock Performance

NASDAQ:ROVR opened at $6.55 on Wednesday. The company has a fifty day moving average of $5.04 and a two-hundred day moving average of $4.50. The stock has a market capitalization of $1.21 billion, a PE ratio of -81.88 and a beta of 1.56. Rover Group has a fifty-two week low of $3.14 and a fifty-two week high of $7.00.

Rover Group (NASDAQ:ROVR – Get Free Report) last announced its earnings results on Monday, May 8th. The company reported ($0.03) earnings per share for the quarter, topping the consensus estimate of ($0.06) by $0.03. The company had revenue of $41.10 million during the quarter, compared to analyst estimates of $37.95 million. Rover Group had a negative net margin of 7.46% and a positive return on equity of 1.59%. Rover Group’s revenue was up 47.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.08) earnings per share. Research analysts forecast that Rover Group will post 0.02 earnings per share for the current year.

Rover Group Company Profile

(Get Free Report

Rover Group, Inc operates an online marketplace for pet care worldwide. It connects pet parents with pet providers who offer overnight services, including boarding and in-home pet sitting, as well as daytime services, such as doggy daycare, dog walking, drop-in visits, grooming, and training. The company was founded in 2011 and is headquartered in Seattle, Washington.