5 Best Marijuana Stocks to Invest In

3. GrowGeneration Corp. (NASDAQ: GRWG)

Number of Hedge Fund Holders: 18

GrowGeneration Corp. (NASDAQ: GRWG) owns and operates retail hydroponic and organic gardening stores in the US. The company’s products include horticultural, organics, and lighting, and hydroponic items among others, and it ranks 3rd on our list of the best marijuana stocks to invest in.

This May, GrowGeneration Corp. (NASDAQ: GRWG) announced its expansion into the Californian market after it acquired the Harvest Company. The stock also gained 13% in light of three consecutive Buy upgrades in May, from Ladenburg Thalmann, Alliance Global, and Roth Capital. Ladenburg Thalmann gave GrowGeneration Corp. (NASDAQ: GRWG) a price target of $45 with a 27% upside while the other two firms gave price targets of $55 with a 55% upside. In the first quarter of 2021, GrowGeneration Corp. (NASDAQ: GRWG) had an EPS of $0.1, beating estimates by $0.03. The company’s revenue was $90.02 million was up 172.95% year over year and beat estimates by $3.66 million, and it has a gross profit margin of 26.95%. The stock has gained 22.28% in the past 6 months and year to date.

By the end of the first quarter of 2021, 18 hedge funds out of the 866 tracked by Insider Monkey held stakes in GrowGeneration Corp. (NASDAQ: GRWG), worth about $127 million. This is compared to 18 hedge fund holders in the previous quarter, holding stakes worth roughly $142 million.