GROV - Grove Collaborative stock climbs on Walmart Amazon launch

Grove Collaborative Holdings ( NYSE: GROV ) stock gained sharply on Tuesday after announcing the launch of its flagship home care brand at Amazon and Walmart.

“We’re excited to bring SKUs that have previously only been available DTC to Walmart and Amazon,” CEO Stuart Landesberg said. “This assortment will be additive to what consumers can already find at Target, CVS and other retailers. As we continue to think long term in our retail strategy, we are expanding quickly but deliberately with an eye towards ensuring that we meet consumers where they are.”

The company said that its gel and foaming hand soaps are due to become available at over 1,000 Walmart stores and Walmart.com by the end of the month. Grove Collaborative products are available in 5,000 brick-and-mortar stores, according to the company.

Shares of the San Francisco-based consumer products company rose nearly 40% at their premarket peak. The stock's gain moderated to about 3% as approximately 1.9M shares changed hands shortly prior to the opening bell.

Read more on the details of the retail expansion plans .

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