Grocery Outlet Holding Corp. (NASDAQ:GO) Given Consensus Rating of “Hold” by Analysts

Grocery Outlet Holding Corp. (NASDAQ:GO) has been given a consensus recommendation of “Hold” by the twelve ratings firms that are currently covering the firm, Marketbeat reports. One equities research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating on the company. The average twelve-month price target among brokers that have covered the stock in the last year is $18.00.

Several research firms recently issued reports on GO. Wells Fargo & Company dropped their price objective on Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Roth Mkm cut their price objective on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Loop Capital initiated coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 target price on the stock. Bank of America cut shares of Grocery Outlet from a “buy” rating to a “neutral” rating and cut their price target for the stock from $29.00 to $17.00 in a research note on Wednesday, October 30th. Finally, Telsey Advisory Group lowered their price objective on shares of Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a research report on Wednesday, November 6th.

Grocery Outlet Stock Up 6.9 %

GO stock opened at $20.88 on Tuesday. The stock has a 50-day simple moving average of $16.90 and a two-hundred day simple moving average of $19.05. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.80. The firm has a market capitalization of $2.03 billion, a PE ratio of 40.94, a PEG ratio of 4.92 and a beta of 0.13. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. Grocery Outlet’s revenue was up 10.4% on a year-over-year basis. On average, equities analysts predict that Grocery Outlet will post 0.63 EPS for the current fiscal year.

Insider Activity

In other news, Director Erik D. Ragatz purchased 110,000 shares of the stock in a transaction that occurred on Friday, November 15th. The stock was bought at an average cost of $18.25 per share, for a total transaction of $2,007,500.00. Following the acquisition, the director now directly owns 539,785 shares of the company’s stock, valued at $9,851,076.25. This represents a 25.59 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s 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 completion of the sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. This trade represents a 73.83 % decrease in their position. The disclosure for this sale can be found here. Insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the business. Capital World Investors lifted its position in shares of Grocery Outlet by 281.4% in the 1st quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock worth $103,023,000 after purchasing an additional 2,641,016 shares during the period. Millennium Management LLC lifted its holdings in Grocery Outlet by 677.6% in the second quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after buying an additional 1,726,741 shares during the period. Solel Partners LP bought a new stake in Grocery Outlet during the 2nd quarter valued at approximately $35,980,000. American Century Companies Inc. grew its holdings in shares of Grocery Outlet by 889.9% during the 2nd quarter. American Century Companies Inc. now owns 1,010,785 shares of the company’s stock worth $22,359,000 after acquiring an additional 908,680 shares during the period. Finally, Point72 Asset Management L.P. raised its position in shares of Grocery Outlet by 159.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,235,078 shares of the company’s stock worth $21,676,000 after acquiring an additional 759,697 shares in the last quarter. Institutional investors own 99.87% of the company’s stock.

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.