On September 22, 2023, it was reported that institutional investor ProShare Advisors LLC has significantly increased its holdings in shares of Rover Group, Inc. (NASDAQ: ROVR). According to the company’s most recent 13F filing with the Securities and Exchange Commission (SEC), ProShare Advisors LLC raised its holdings by an impressive 1,700.5% during the first quarter.
At the end of the quarter, ProShare Advisors LLC owned a total of 216,818 shares of Rover Group stock, having acquired an additional 204,776 shares over the three-month period. Although this constituted only approximately 0.12% of Rover Group’s overall worth, the investment amounted to $982,000 for ProShare Advisors LLC.
In other news related to Rover Group, Chief Operating Officer (COO) Brenton R. Turner recently sold 30,000 shares of the company’s stock in a transaction on August 7th. The average price per share during this sale was $6.49, resulting in a total value of $194,700. Following this transaction, Turner now holds approximately 1,175,046 shares of Rover Group stock with an estimated value of around $7,626,048.54.
This sale by COO Brenton R. Turner has been disclosed through a document filed with the SEC and is publicly available on their website. Additionally, it should be noted that CFO Charles Wickers also sold 6,668 shares of Rover Group stock on September 11th at an average price of $6.51 per share. This transaction had a total value of $43,408.68 and leaves Wickers with direct ownership of 114,589 shares valued at approximately $745,974.39.
Overall insider selling activity within Rover Group has been noteworthy over the past three months with insiders selling a total of 63,891 shares amounting to a value of $415,951. It is important to highlight that 36.40% of the stock ownership currently rests with the company’s insiders.
For readers who desire more information on Rover Group, it is recommended to refer to the SEC filing regarding these transactions which can be accessed through the provided link in this report.
In conclusion, ProShare Advisors LLC has significantly increased its holdings in Rover Group, Inc., acquiring an impressive number of shares during the first quarter. Meanwhile, COO Brenton R. Turner and CFO Charles Wickers have both engaged in stock transactions, disclosing their sales with the SEC. These recent activities shed light on insider selling within Rover Group and provide valuable insight for investors and stakeholders interested in monitoring such developments.
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Rover Group Attracts Strong Interest from Institutional Investors and Hedge Funds, Exceeds Earnings Expectations
Institutional investors and hedge funds have made significant changes to their positions in Rover Group, a notable company in the marketplace. JPMorgan Chase & Co., for instance, grew its position in the company by 25.9% during the first quarter. This resulted in JPMorgan now owning 772,187 shares of the company’s stock valued at $3,497,000 after acquiring an additional 159,002 shares in the last quarter. State Street Corp also increased its stake in Rover Group by 3.0% during the same period and now owns 1,644,849 shares of the company’s stock valued at $7,451,000 after purchasing an additional 47,880 shares.
Notably, Select Equity Group L.P. has shown substantial interest in Rover Group as well by increasing its position by 20.9% during the first quarter. As a result of this action, Select Equity Group L.P. now owns a total of 1,790,560 shares of the company’s stock worth $8,111,000 after purchasing an additional 309,834 shares during that quarter.
Geode Capital Management LLC has also demonstrated its faith in Rover Group by raising its stake in shares by 3.8% during the first quarter. Geode Capital Management LLC now possesses a total of approximately 1,957,221 shares worth $8,866,000 after acquiring an additional 71,023 shares.
Additionally, Two Sigma Advisers LP acquired a new stake in Rover Group during the first quarter with a value around $55k. These activities signify great confidence from institutional investors and hedge funds towards Rover Group.
Market analysts have also been actively examining this thriving business and offering their insights through research reports. JPMorgan Chase & Co., for example,enlarged their price target on Rover Group from $5 to $6 and provided a “neutral” rating for the company. Similarly, Morgan Stanley boosted their target price on Rover Group from $6 to $6.50 and reiterated an “equal weight” rating.
JMP Securities also expressed a positive outlook, raising their price target to $7 and giving the company an “outperform” rating. Canaccord Genuity Group joined in as well by increasing their target price on Rover Group from $7 to $8, suggesting a “buy” rating for investors. Lastly, DA Davidson showed confidence by upping their price target to $7.50 and giving the company another “buy” rating.
Based on data from Bloomberg.com, the stock presently has an average rating of “Moderate Buy.” As for the consensus price target, analysts predict it to be around $6.83.
Regarding the stock’s performance, shares of ROVR opened at $5.91 on Friday. The company has experienced ranges of fluctuations throughout the year with its 52-week low recorded at $3.14 and a 52-week high reaching $7.00.
Despite ongoing market complexities, Rover Group maintains a substantial market cap of $1.07 billion with strong fundamentals – including a notable beta value of 1.47 that underscores its growth potential compared to market trends.
In terms of financial disclosure along with relevance to expectations set by analysts’ estimates, Rover Group reported earnings per share (EPS) for the quarter and exceeded expectations by reporting positive EPS of $0.03 instead of the predicted ($0.01). This amounted to beating consensus estimates by approximately four cents per share.
Furthermore, Rover Group exhibited a positive return on equity (ROE) of 1.60% alongside a negative net margin of 7..46%. The company generated revenue worth approximately $58.53 million during the quarter against analysts’ projections amounting to approximately $52.98 million.
Sell-side analysts predict rover Group is expected to post 0.05 EPS for the current fiscal year.
Overall, with positive outcomes on earnings and the confidence shown by institutional investors and hedge funds, Rover Group appears to have established a strong foothold in the market. As such, it will be interesting to observe how this translates into future growth and investor sentiment within the industry.
