Melius Research Initiates Coverage on Grocery Outlet (NASDAQ:GO)

Melius Research initiated coverage on shares of Grocery Outlet (NASDAQ:GO) in a research note released on Monday, MarketBeat reports. The brokerage issued a hold rating and a $17.00 price target on the stock.

Other equities analysts have also issued reports about the stock. Craig Hallum lowered shares of Grocery Outlet from a buy rating to a hold rating and lowered their target price for the company from $32.00 to $20.00 in a report on Wednesday, July 31st. Roth Capital upgraded Grocery Outlet from a hold rating to a strong-buy rating in a report on Wednesday, August 7th. Wells Fargo & Company started coverage on shares of Grocery Outlet in a research note on Thursday, July 18th. They issued an overweight rating and a $28.00 price target on the stock. Telsey Advisory Group reduced their price objective on shares of Grocery Outlet from $31.00 to $27.00 and set an outperform rating for the company in a research note on Wednesday, August 7th. Finally, Roth Mkm dropped their target price on shares of Grocery Outlet from $22.00 to $20.00 and set a neutral rating on the stock in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of Hold and an average price target of $22.11.

Grocery Outlet Stock Up 5.1 %

GO stock opened at $17.08 on Monday. The company has a market capitalization of $1.67 billion, a price-to-earnings ratio of 26.69, a price-to-earnings-growth ratio of 3.12 and a beta of 0.10. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.29 and a current ratio of 1.29. The business’s 50 day moving average price is $18.41 and its two-hundred day moving average price is $22.05. Grocery Outlet has a fifty-two week low of $15.72 and a fifty-two week high of $29.98.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.20 by $0.05. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The company’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the firm posted $0.23 earnings per share. As a group, analysts forecast that Grocery Outlet will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction on Monday, August 19th. The stock was sold at an average price of $18.83, for a total value of $1,883,000.00. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,335,762.54. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $18.83, for a total value of $1,883,000.00. Following the transaction, the director now owns 70,938 shares of the company’s stock, valued at $1,335,762.54. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction that occurred on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the sale, the director now directly owns 70,938 shares of the company’s stock, valued at $1,155,580.02. The disclosure for this sale can be found here. In the last ninety days, insiders sold 500,095 shares of company stock worth $8,876,548. Insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. increased its holdings in Grocery Outlet by 73.8% in the 2nd quarter. Point72 Asset Management L.P. now owns 475,381 shares of the company’s stock worth $10,515,000 after acquiring an additional 201,881 shares in the last quarter. Lighthouse Investment Partners LLC increased its stake in shares of Grocery Outlet by 54.0% in the second quarter. Lighthouse Investment Partners LLC now owns 300,000 shares of the company’s stock worth $6,636,000 after purchasing an additional 105,160 shares in the last quarter. Millennium Management LLC raised its position in shares of Grocery Outlet by 677.6% during the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock valued at $43,832,000 after purchasing an additional 1,726,741 shares during the period. Solel Partners LP purchased a new position in shares of Grocery Outlet during the 2nd quarter valued at $35,980,000. Finally, Providence Capital Advisors LLC boosted its holdings in Grocery Outlet by 80.9% in the 2nd quarter. Providence Capital Advisors LLC now owns 285,803 shares of the company’s stock worth $6,322,000 after buying an additional 127,812 shares during the period. Institutional investors own 99.87% of the company’s stock.

About Grocery Outlet

Grocery Outlet Holding Corp. operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. Its stores offer products in various categories, such as dairy and deli, produce, floral, fresh meat, seafood products, grocery, general merchandise, health and beauty care, frozen food, beer and wine, and ethnic products.