Grocery Outlet (NASDAQ:GO) Issues FY 2024 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share (EPS) guidance of 0.890-0.950 for the period, compared to the consensus estimate of 1.170. The company issued revenue guidance of $4.3 billion-$4.4 billion, compared to the consensus revenue estimate of $4.3 billion.

Grocery Outlet Trading Down 16.8 %

Grocery Outlet stock opened at $21.54 on Wednesday. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 0.24. The company has a market cap of $2.16 billion, a P/E ratio of 32.78, a P/E/G ratio of 2.47 and a beta of 0.13. The business has a 50-day simple moving average of $26.95 and a two-hundred day simple moving average of $27.09. Grocery Outlet has a 52-week low of $20.48 and a 52-week high of $36.54.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.13 EPS for the quarter, topping the consensus estimate of $0.11 by $0.02. The firm had revenue of $989.82 million during the quarter, compared to analyst estimates of $982.44 million. Grocery Outlet had a return on equity of 7.17% and a net margin of 2.00%. Analysts predict that Grocery Outlet will post 0.95 EPS for the current year.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on GO shares. Telsey Advisory Group cut their price objective on shares of Grocery Outlet from $37.00 to $31.00 and set an outperform rating for the company in a report on Wednesday. Craig Hallum raised shares of Grocery Outlet from a hold rating to a buy rating and set a $36.00 target price for the company in a research note on Wednesday, February 28th. Finally, UBS Group decreased their price target on shares of Grocery Outlet from $32.00 to $30.00 and set a neutral rating on the stock in a research note on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, Grocery Outlet presently has an average rating of Hold and a consensus price target of $30.78.

Insiders Place Their Bets

In other Grocery Outlet news, insider Andrea Renee Bortner sold 5,522 shares of the firm’s stock in a transaction on Friday, March 8th. The stock was sold at an average price of $25.83, for a total transaction of $142,633.26. Following the transaction, the insider now directly owns 43,786 shares in the company, valued at approximately $1,130,992.38. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Grocery Outlet news, insider Andrea Renee Bortner sold 5,522 shares of the stock in a transaction dated Friday, March 8th. The shares were sold at an average price of $25.83, for a total transaction of $142,633.26. Following the transaction, the insider now directly owns 43,786 shares in the company, valued at approximately $1,130,992.38. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Thomas F. Herman sold 2,000 shares of the business’s stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $29.00, for a total transaction of $58,000.00. Following the completion of the sale, the director now owns 11,400 shares of the company’s stock, valued at approximately $330,600. The disclosure for this sale can be found here. Insiders have sold 506,588 shares of company stock worth $13,367,577 in the last three months. Corporate insiders own 4.50% of the company’s stock.

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.