5 Best CBD Stocks to Invest In

3. GrowGeneration Corp. (NASDAQ: GRWG)

Number of Hedge Fund Holders: 18

GrowGeneration Corp. (NASDAQ: GRWG) ranks 3rd on the list of 10 best CBD stocks to invest in. The company owns 57 retail hydroponic and organic garden stores across 12 states in the US. GrowGeneration Corp. (NASDAQ: GRWG) also operates an e-commerce business where the company markets advanced lighting technology, hydroponic equipment, and soil and nutrients to cultivators, both commercial and home growers.

On July 20, Lake Street analyst Mark Smith maintained a Buy rating on GrowGeneration Corp. (NASDAQ: GRWG) with a price target of $77 per share after the company announced the acquisition of Oregon-based hydroponic garden center Aqua Serene. Following the announcement, the company finalized the $4 million purchase of a California-based hydroponic garden center, Mendocino Greenhouse and Garden Supply. Shares of GrowGeneration Corp. (NASDAQ: GRWG) climbed 5% in the previous month.

The company has a market cap of $2.4 billion. In the first quarter of 2021, GrowGeneration Corp. (NASDAQ: GRWG) had an EPS of $0.10, beating estimates by $0.03. The company’s first-quarter revenue came in at $90.02 million, beating estimates by $3.66 million. The stock has gained 435% in the last twelve months.

At the end of the first quarter of 2021, 18 hedge funds in the database of Insider Monkey held stakes worth $127 million in GrowGeneration Corp. (NASDAQ: GRWG).