Grocery Outlet (NASDAQ:GO) Rating Lowered to Hold at Craig Hallum

Grocery Outlet (NASDAQ:GO) was downgraded by stock analysts at Craig Hallum from a “buy” rating to a “hold” rating in a research report issued on Wednesday, Marketbeat reports. They currently have a $20.00 price objective on the stock, down from their previous price objective of $32.00. Craig Hallum’s target price points to a potential upside of 4.11% from the company’s previous close.

Several other analysts have also recently weighed in on the company. Telsey Advisory Group dropped their price objective on Grocery Outlet from $37.00 to $31.00 and set an “outperform” rating for the company in a report on Wednesday, May 8th. The Goldman Sachs Group dropped their price objective on Grocery Outlet from $24.00 to $21.00 and set a “sell” rating for the company in a report on Thursday, May 9th. Wells Fargo & Company started coverage on Grocery Outlet in a report on Thursday, July 18th. They set an “overweight” rating and a $28.00 price objective for the company. UBS Group dropped their price objective on Grocery Outlet from $30.00 to $27.00 and set a “neutral” rating for the company in a report on Wednesday, May 8th. Finally, Roth Mkm lowered their price target on Grocery Outlet from $27.00 to $22.00 and set a “neutral” rating for the company in a research note on Thursday, May 9th. Two research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $27.36.

Grocery Outlet Stock Down 1.8 %

Shares of NASDAQ GO opened at $19.21 on Wednesday. The firm’s 50-day simple moving average is $21.18 and its 200 day simple moving average is $24.20. The company has a market cap of $1.92 billion, a price-to-earnings ratio of 30.02, a price-to-earnings-growth ratio of 3.61 and a beta of 0.09. The company has a quick ratio of 0.30, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. Grocery Outlet has a 12-month low of $18.79 and a 12-month high of $36.54.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.10). The company had revenue of $1.04 billion for the quarter, compared to analyst estimates of $1.02 billion. Grocery Outlet had a return on equity of 5.46% and a net margin of 1.60%. On average, research analysts expect that Grocery Outlet will post 0.69 earnings per share for the current fiscal year.

Insider Activity

In other Grocery Outlet news, Director Erik D. Ragatz purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average price of $20.91 per share, for a total transaction of $2,091,000.00. Following the purchase, the director now owns 429,785 shares in the company, valued at $8,986,804.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other Grocery Outlet news, Director Erik D. Ragatz purchased 100,000 shares of the company’s stock in a transaction that occurred on Friday, May 10th. The shares were acquired at an average price of $20.91 per share, for a total transaction of $2,091,000.00. Following the purchase, the director now owns 429,785 shares in the company, valued at $8,986,804.35. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director John E. Bachman purchased 10,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The stock was acquired at an average price of $20.09 per share, for a total transaction of $200,900.00. Following the purchase, the director now owns 25,872 shares in the company, valued at approximately $519,768.48. The disclosure for this purchase can be found here. 4.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Treasurer of the State of North Carolina grew its position in shares of Grocery Outlet by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 42,093 shares of the company’s stock worth $1,135,000 after buying an additional 410 shares during the period. Versor Investments LP grew its holdings in Grocery Outlet by 1.5% in the fourth quarter. Versor Investments LP now owns 37,341 shares of the company’s stock worth $1,007,000 after purchasing an additional 550 shares during the period. State of Michigan Retirement System increased its stake in Grocery Outlet by 2.5% in the first quarter. State of Michigan Retirement System now owns 24,380 shares of the company’s stock valued at $702,000 after purchasing an additional 600 shares in the last quarter. Louisiana State Employees Retirement System raised its holdings in shares of Grocery Outlet by 2.5% during the first quarter. Louisiana State Employees Retirement System now owns 28,600 shares of the company’s stock valued at $823,000 after purchasing an additional 700 shares during the period. Finally, Allspring Global Investments Holdings LLC bought a new position in shares of Grocery Outlet during the 1st quarter worth about $25,000. Institutional investors own 99.87% 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.