Groupon (NASDAQ:GRPN) Stock Price Up 6.3% – Here’s What Happened

Groupon, Inc. (NASDAQ:GRPN) traded up 6.3% on Monday . The company traded as high as $20.78 and last traded at $20.2840. 336,732 shares changed hands during mid-day trading, a decline of 78% from the average daily volume of 1,551,784 shares. The stock had previously closed at $19.08.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on the stock. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Groupon in a research note on Friday, September 4th. Northland Securities set a $30.00 price target on shares of Groupon in a research note on Monday, August 17th. Citigroup reaffirmed an “outperform” rating on shares of Groupon in a research report on Tuesday, June 9th. Wall Street Zen upgraded Groupon from a “sell” rating to a “hold” rating in a research note on Saturday, August 8th. Finally, The Goldman Sachs Group reiterated a “sell” rating and issued a $22.00 target price on shares of Groupon in a report on Monday, August 10th. One research analyst has rated the stock with a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat, Groupon has a consensus rating of “Reduce” and an average price target of $26.00.

Groupon Price Performance

The firm’s 50 day simple moving average is $22.52 and its 200-day simple moving average is $18.38. The company has a market cap of $844.72 million, a price-to-earnings ratio of -6.67 and a beta of 0.24.

Groupon (NASDAQ:GRPN) last posted its earnings results on Thursday, August 6th. The coupon company reported ($0.04) EPS for the quarter, topping analysts’ consensus estimates of ($0.06) by $0.02. The firm had revenue of $124.67 million for the quarter, compared to analyst estimates of $127.09 million. On average, analysts forecast that Groupon, Inc. will post -0.14 EPS for the current year.

Institutional Investors Weigh In On Groupon

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Bank of New York Mellon Corp purchased a new stake in Groupon during the 2nd quarter valued at approximately $1,729,000. Dimensional Fund Advisors LP raised its position in Groupon by 28.3% during the 1st quarter. Dimensional Fund Advisors LP now owns 580,873 shares of the coupon company’s stock worth $6,910,000 after buying an additional 128,097 shares during the last quarter. Renaissance Technologies LLC lifted its stake in shares of Groupon by 464.1% in the 1st quarter. Renaissance Technologies LLC now owns 619,413 shares of the coupon company’s stock worth $7,371,000 after acquiring an additional 509,600 shares during the period. Bank of America Corp DE boosted its holdings in shares of Groupon by 64.2% in the first quarter. Bank of America Corp DE now owns 636,480 shares of the coupon company’s stock valued at $7,574,000 after acquiring an additional 248,928 shares in the last quarter. Finally, SummitTX Capital L.P. increased its stake in shares of Groupon by 432.6% during the first quarter. SummitTX Capital L.P. now owns 81,366 shares of the coupon company’s stock worth $968,000 after acquiring an additional 66,088 shares during the period. 90.05% of the stock is owned by hedge funds and other institutional investors.

About Groupon

Groupon, Inc (NASDAQ: GRPN) operates a digital marketplace that connects consumers with local merchants and service providers. Through its website and mobile applications, the company offers discounted deals and promotions for restaurants, entertainment, travel, beauty and wellness, automotive services, home services, and other local experiences.

Groupon’s platform is designed to help merchants attract new customers, promote available services and manage marketing offers, while giving consumers access to discounts and curated experiences in their communities.