Grocery Outlet (NASDAQ:GO) Lowered to Market Perform Rating by Telsey Advisory Group

Telsey Advisory Group lowered shares of Grocery Outlet (NASDAQ:GO) from an outperform rating to a market perform rating in a research note released on Wednesday morning, Marketbeat.com reports. Telsey Advisory Group currently has $19.00 price target on the stock, down from their previous price target of $27.00.

Other research analysts also recently issued reports about the stock. Roth Capital upgraded shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Bank of America downgraded Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their target price for the company from $29.00 to $17.00 in a research report on Wednesday. Loop Capital initiated coverage on Grocery Outlet in a report on Thursday, October 17th. They set a “hold” rating and a $17.00 price target on the stock. UBS Group dropped their price objective on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Finally, Craig Hallum lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and reduced their target price for the stock from $32.00 to $20.00 in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Grocery Outlet currently has a consensus rating of “Hold” and a consensus target price of $20.27.

Grocery Outlet Price Performance

Shares of GO stock opened at $13.90 on Wednesday. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.98. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $16.93 and a 200 day simple moving average of $20.13. The company has a market cap of $1.36 billion, a P/E ratio of 25.74, a P/E/G ratio of 3.21 and a beta of 0.10.

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

Insider Activity at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now owns 70,938 shares in the company, valued at $1,340,728.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,095 shares of company stock worth $8,876,548 over the last quarter. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Capstone Investment Advisors LLC increased its holdings in shares of Grocery Outlet by 161.1% during the first quarter. Capstone Investment Advisors LLC now owns 93,188 shares of the company’s stock valued at $2,682,000 after acquiring an additional 57,496 shares in the last quarter. Capital World Investors raised its holdings in Grocery Outlet by 281.4% during the first quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock worth $103,023,000 after buying an additional 2,641,016 shares during the last quarter. Millennium Management LLC lifted its stake in shares of Grocery Outlet by 677.6% in the second quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock valued at $43,832,000 after buying an additional 1,726,741 shares in the last quarter. CWM LLC increased its position in shares of Grocery Outlet by 505.6% during the third quarter. CWM LLC now owns 51,933 shares of the company’s stock worth $911,000 after acquiring an additional 43,358 shares in the last quarter. Finally, Bleakley Financial Group LLC acquired a new stake in shares of Grocery Outlet in the 1st quarter worth about $217,000. 99.87% of the stock is owned by institutional investors.

Grocery Outlet Company Profile

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.