Grocery Outlet (NASDAQ:GO) Announces Quarterly Earnings Results

Grocery Outlet (NASDAQ:GO) announced its quarterly earnings data on Tuesday. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01, Briefing.com reports. The company had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. Grocery Outlet’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 EPS. Grocery Outlet updated its FY24 guidance to $0.77-0.80 EPS.

Grocery Outlet Stock Up 2.0 %

Shares of NASDAQ GO traded up $0.35 during mid-day trading on Friday, reaching $17.54. 1,096,211 shares of the company were exchanged, compared to its average volume of 1,828,301. 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 stock has a market cap of $1.72 billion, a price-to-earnings ratio of 33.65, a P/E/G ratio of 3.42 and a beta of 0.13. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.98. The firm has a 50-day moving average of $16.57 and a 200 day moving average of $19.70.

Analyst Ratings Changes

Several brokerages have commented on GO. Telsey Advisory Group cut their price objective on Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a research report on Wednesday. Deutsche Bank Aktiengesellschaft lowered their target price on Grocery Outlet from $29.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday. UBS Group lowered their target price on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday. Wells Fargo & Company lowered their target price on Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday. Finally, TD Cowen cut Grocery Outlet from a “buy” rating to a “hold” rating and lowered their target price for the stock from $25.00 to $16.00 in a report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $18.17.

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 sale, 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 filing with the SEC, which can be accessed through the SEC website. 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 sale, 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 filing with the SEC, which can be accessed through the SEC website. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the 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 transaction, the director now directly owns 70,938 shares in the company, valued at $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. Over the last ninety days, insiders sold 500,095 shares of company stock worth $8,876,548. 4.50% of the stock is owned by insiders.

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.