Grocery Outlet (NASDAQ:GO) Downgraded by TD Cowen to Hold

Grocery Outlet (NASDAQ:GO) was downgraded by stock analysts at TD Cowen from a “buy” rating to a “hold” rating in a research report issued to clients and investors on Wednesday, FinViz reports. They presently have a $16.00 target price on the stock, down from their previous target price of $25.00. TD Cowen’s price target points to a potential upside of 9.89% from the stock’s previous close.

Several other equities research analysts have also weighed in on the company. Loop Capital started coverage on Grocery Outlet in a research report on Thursday, October 17th. They set a “hold” rating and a $17.00 target price on the stock. Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Bank of America cut shares of Grocery Outlet from a “buy” rating to a “neutral” rating and lowered their target price for the company from $29.00 to $17.00 in a report on Wednesday, October 30th. Wells Fargo & Company cut their price target on shares of Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Roth Mkm reduced their price target on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Grocery Outlet presently has an average rating of “Hold” and a consensus target price of $18.91.

Grocery Outlet Trading Up 1.0 %

Shares of NASDAQ:GO opened at $14.56 on Wednesday. Grocery Outlet has a 52 week low of $13.60 and a 52 week high of $29.98. The company’s 50 day moving average is $16.74 and its two-hundred day moving average is $19.84. The company has a market cap of $1.43 billion, a PE ratio of 26.96, a P/E/G ratio of 3.57 and a beta of 0.13. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.20 by $0.05. The firm had revenue of $1.13 billion for 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%. Grocery Outlet’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.23 earnings per share. Equities analysts predict that Grocery Outlet will post 0.66 earnings per share for the current fiscal year.

Insider Activity at Grocery Outlet

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

Institutional Trading of Grocery Outlet

A number of institutional investors have recently modified their holdings of the business. Angeles Investment Advisors LLC increased its holdings in shares of Grocery Outlet by 18.5% in the 3rd quarter. Angeles Investment Advisors LLC now owns 21,535 shares of the company’s stock valued at $378,000 after purchasing an additional 3,355 shares in the last quarter. Geneva Capital Management LLC increased its holdings in Grocery Outlet by 0.9% in the third quarter. Geneva Capital Management LLC now owns 1,575,495 shares of the company’s stock valued at $27,650,000 after buying an additional 13,561 shares in the last quarter. Victory Capital Management Inc. lifted its position in shares of Grocery Outlet by 23.2% during the 3rd quarter. Victory Capital Management Inc. now owns 915,119 shares of the company’s stock valued at $16,060,000 after acquiring an additional 172,050 shares during the period. GSA Capital Partners LLP purchased a new stake in shares of Grocery Outlet during the 3rd quarter worth approximately $2,507,000. Finally, Entropy Technologies LP acquired a new stake in shares of Grocery Outlet in the 3rd quarter worth approximately $258,000. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

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.