Grocery Outlet (NASDAQ:GO) Issues FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $0.77-0.80 for the period, compared to the consensus EPS estimate of $0.88. The company issued revenue guidance of slightly above $4.35 billion, compared to the consensus revenue estimate of $4.36 billion.

Analysts Set New Price Targets

A number of brokerages have commented on GO. Telsey Advisory Group decreased their price objective on Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Wednesday. The Goldman Sachs Group reduced their target price on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a report on Friday, November 1st. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Loop Capital started coverage on Grocery Outlet in a report on Thursday, October 17th. They set a “hold” rating and a $17.00 target price on the stock. Finally, TD Cowen lowered Grocery Outlet from a “buy” rating to a “hold” rating and reduced their target price for the stock from $25.00 to $16.00 in a report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $18.17.

Grocery Outlet Price Performance

Shares of GO stock traded up $1.55 on Wednesday, hitting $16.11. 5,551,807 shares of the company’s stock were exchanged, compared to its average volume of 1,820,757. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29. Grocery Outlet has a 12 month low of $13.60 and a 12 month high of $29.98. The stock has a market cap of $1.58 billion, a P/E ratio of 29.83, a price-to-earnings-growth ratio of 3.57 and a beta of 0.13. The company has a 50 day moving average of $16.66 and a 200 day moving average of $19.75.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same period in the prior year, the company earned $0.25 EPS. Grocery Outlet’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, equities research analysts predict that Grocery Outlet will post 0.66 EPS for the current year.

Insider Buying and Selling at Grocery Outlet

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the 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 completion of the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. This trade 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 can be accessed through this link. In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction dated 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 completion of the transaction, the director now directly 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 legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’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 owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders sold 500,095 shares of company stock worth $8,876,548. 4.50% of the stock is currently owned by insiders.

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.