Grocery Outlet (NASDAQ:GO) Trading Down 4.9% – Here’s What Happened

Grocery Outlet Holding Corp. (NASDAQ:GO) dropped 4.9% during trading on Monday . The company traded as low as $15.85 and last traded at $15.91. Approximately 294,305 shares traded hands during trading, a decline of 84% from the average daily volume of 1,829,454 shares. The stock had previously closed at $16.73.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. The Goldman Sachs Group dropped 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. TD Cowen cut Grocery Outlet from a “buy” rating to a “hold” rating and decreased their target price for the company from $25.00 to $16.00 in a research note on Wednesday, November 6th. Melius Research initiated coverage on shares of Grocery Outlet in a report on Monday, September 23rd. They issued a “hold” rating and a $17.00 price target for the company. Deutsche Bank Aktiengesellschaft lowered their price objective on shares of Grocery Outlet from $29.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company reduced their target price on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $18.00.

Grocery Outlet Stock Performance

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The firm has a 50 day moving average of $17.87 and a 200-day moving average of $18.69. The stock has a market capitalization of $1.54 billion, a PE ratio of 31.12, a P/E/G ratio of 4.74 and a beta of 0.25.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.10 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The firm’s revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.25 earnings per share. Research analysts forecast that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current year.

Insider Buying and Selling at Grocery Outlet

In related news, Director Erik D. Ragatz purchased 110,000 shares of Grocery Outlet stock in a transaction on Friday, November 15th. The stock was bought at an average price of $18.25 per share, with a total value of $2,007,500.00. Following the completion of the transaction, the director now directly owns 539,785 shares of the company’s stock, valued at approximately $9,851,076.25. This represents a 25.59 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

A number of institutional investors and hedge funds have recently modified their holdings of the company. Blue Trust Inc. boosted its holdings in Grocery Outlet by 76.6% in the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares during the period. Capital Performance Advisors LLP acquired a new stake in Grocery Outlet during the third quarter worth about $32,000. Innealta Capital LLC bought a new position in Grocery Outlet during the second quarter valued at about $38,000. True Wealth Design LLC acquired a new position in Grocery Outlet in the 3rd quarter valued at approximately $75,000. Finally, Canada Pension Plan Investment Board bought a new position in Grocery Outlet in the second quarter worth $82,000. 99.87% of the stock is currently owned by institutional investors and hedge funds.

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.