Wells Fargo & Company Cuts Grocery Outlet (NASDAQ:GO) Price Target to $26.00

Grocery Outlet (NASDAQ:GO) had its target price reduced by Wells Fargo & Company from $28.00 to $26.00 in a report issued on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Several other research analysts have also commented on the company. UBS Group reduced their price target on Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Telsey Advisory Group reiterated an “outperform” rating and issued a $27.00 target price on shares of Grocery Outlet in a report on Tuesday. Craig Hallum cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and lowered their price target for the company from $32.00 to $20.00 in a report on Wednesday, July 31st. Melius Research assumed coverage on shares of Grocery Outlet in a research report on Monday, September 23rd. They issued a “hold” rating and a $17.00 price objective on the stock. Finally, Roth Mkm decreased their target price on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, Grocery Outlet has a consensus rating of “Hold” and a consensus target price of $19.73.

Grocery Outlet Stock Up 5.2 %

Shares of NASDAQ:GO opened at $15.05 on Wednesday. Grocery Outlet has a 52-week low of $13.60 and a 52-week high of $29.98. The business’s 50 day moving average is $16.81 and its 200 day moving average is $20.01. The stock has a market cap of $1.47 billion, a P/E ratio of 27.87, a price-to-earnings-growth ratio of 2.67 and a beta of 0.10. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.05. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. Grocery Outlet’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the company posted $0.23 earnings per share. Sell-side analysts predict that Grocery Outlet will post 0.68 EPS for the current year.

Insider Buying and Selling

In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $16.29, for a total value of $3,259,547.55. Following the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at $1,155,580.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction that occurred on 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 sale, the director now owns 70,938 shares in the company, valued at $1,340,728.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the stock in a transaction that occurred 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 transaction, the director now owns 70,938 shares in the company, valued at approximately $1,155,580.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 500,095 shares of company stock worth $8,876,548 in the last three months. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

Several large investors have recently made changes to their positions in GO. Allspring Global Investments Holdings LLC purchased a new position in shares of Grocery Outlet during the first quarter worth $25,000. Blue Trust Inc. grew its position in Grocery Outlet by 76.6% during the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares during the period. Capital Performance Advisors LLP purchased a new position in shares of Grocery Outlet during the 3rd quarter valued at about $32,000. Innealta Capital LLC acquired a new position in shares of Grocery Outlet in the 2nd quarter valued at about $38,000. Finally, Canada Pension Plan Investment Board purchased a new stake in shares of Grocery Outlet in the second quarter worth about $82,000. 99.87% of the stock is owned by hedge funds and other institutional investors.

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.