Groupon (NASDAQ:GRPN) Shares Down 6.3% – Here’s What Happened

Groupon, Inc. (NASDAQ:GRPN) shares dropped 6.3% during trading on Wednesday . The company traded as low as $24.72 and last traded at $25.1690. 277,340 shares traded hands during trading, a decline of 83% from the average daily volume of 1,633,503 shares. The stock had previously closed at $26.85.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on GRPN shares. The Goldman Sachs Group reiterated a “sell” rating and issued a $13.00 price objective (up from $10.00) on shares of Groupon in a research report on Tuesday, May 12th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Groupon in a research note on Tuesday, June 9th. Citigroup reiterated an “outperform” rating on shares of Groupon in a report on Tuesday, June 9th. Wall Street Zen lowered shares of Groupon from a “hold” rating to a “sell” rating in a report on Saturday, May 9th. Finally, Northland Securities set a $26.00 target price on shares of Groupon in a research report on Wednesday, May 27th. Two investment analysts have rated the stock with a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Groupon currently has an average rating of “Hold” and an average price target of $19.50.

Groupon Trading Down 3.6%

The stock has a market cap of $982.54 million, a PE ratio of -9.93 and a beta of 0.23. The business has a fifty day simple moving average of $18.65 and a two-hundred day simple moving average of $15.54.

Groupon (NASDAQ:GRPN) last released its earnings results on Thursday, May 7th. The coupon company reported ($0.32) EPS for the quarter, missing analysts’ consensus estimates of ($0.02) by ($0.30). The firm had revenue of $117.20 million during the quarter, compared to the consensus estimate of $117.65 million. On average, research analysts predict that Groupon, Inc. will post -0.16 earnings per share for the current year.

Institutional Trading of Groupon

Hedge funds and other institutional investors have recently modified their holdings of the business. Versant Capital Management Inc lifted its position in Groupon by 92.7% during the 2nd quarter. Versant Capital Management Inc now owns 1,299 shares of the coupon company’s stock valued at $31,000 after acquiring an additional 625 shares during the period. Caitong International Asset Management Co. Ltd bought a new position in shares of Groupon during the third quarter valued at approximately $32,000. Quarry LP lifted its holdings in shares of Groupon by 48.1% during the third quarter. Quarry LP now owns 1,938 shares of the coupon company’s stock valued at $45,000 after purchasing an additional 629 shares during the last quarter. Johnson Financial Group Inc. bought a new stake in shares of Groupon in the 4th quarter worth approximately $35,000. Finally, Raymond James Financial Inc. bought a new stake in shares of Groupon in the 2nd quarter worth approximately $69,000. 90.05% of the stock is owned by hedge funds and other institutional investors.

About Groupon

Groupon, Inc operates an online marketplace that connects subscribers with local merchants offering discounted goods, services and experiences. Through its website and mobile applications, Groupon provides time-limited deals across categories such as restaurants, travel, beauty and wellness, home services, and consumer products. Merchants partner with Groupon to attract new customers and drive foot traffic, leveraging the platform’s targeted marketing tools and large subscriber base to promote special offers and vouchers.

Founded in Chicago in 2008 by Andrew Mason, Eric Lefkofsky and Brad Keywell, Groupon pioneered the daily-deals model, quickly growing its user community and merchant network.