The Goldman Sachs Group Cuts Grocery Outlet (NASDAQ:GO) Price Target to $15.00

Grocery Outlet (NASDAQ:GO) had its price target reduced by The Goldman Sachs Group from $17.00 to $15.00 in a research report released on Friday, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

Other research analysts also recently issued reports about the stock. Telsey Advisory Group downgraded shares of Grocery Outlet from an “outperform” rating to a “market perform” rating and decreased their price target for the stock from $27.00 to $19.00 in a research note on Wednesday, October 30th. Roth Mkm decreased their target price on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $29.00 to $17.00 in a research note on Wednesday, October 30th. Melius Research began coverage on Grocery Outlet in a research note on Monday, September 23rd. They set a “hold” rating and a $17.00 price objective on the stock. Finally, Craig Hallum lowered Grocery Outlet from a “buy” rating to a “hold” rating and lowered their target price for the company from $32.00 to $20.00 in a research note on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued 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 an average price target of $19.73.

Grocery Outlet Stock Up 5.2 %

GO stock opened at $15.05 on Friday. Grocery Outlet has a 1-year low of $13.60 and a 1-year high of $29.98. The stock has a market cap of $1.47 billion, a price-to-earnings ratio of 27.87, a price-to-earnings-growth ratio of 3.39 and a beta of 0.13. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. The company’s 50 day moving average is $16.81 and its 200 day moving average is $19.92.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.05. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the company posted $0.23 EPS. The business’s quarterly revenue was up 11.7% on a year-over-year basis. Sell-side analysts predict that Grocery Outlet will post 0.66 EPS for the current fiscal year.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction 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 directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed 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 shares were 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 disclosure for this sale can be found here. Over the last three months, insiders have sold 500,095 shares of company stock valued at $8,876,548. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. 12 West Capital Management LP boosted its stake in Grocery Outlet by 383.3% in the 1st quarter. 12 West Capital Management LP now owns 3,625,000 shares of the company’s stock worth $104,328,000 after purchasing an additional 2,875,000 shares in the last quarter. Capital World Investors raised its holdings in Grocery Outlet by 281.4% in the first quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock worth $103,023,000 after buying an additional 2,641,016 shares during the last quarter. Millennium Management LLC lifted its stake in shares of 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 in the last quarter. Solel Partners LP purchased a new stake in shares of Grocery Outlet during the second quarter valued at approximately $35,980,000. Finally, American Century Companies Inc. increased its position in shares of Grocery Outlet by 889.9% during the second quarter. American Century Companies Inc. now owns 1,010,785 shares of the company’s stock valued at $22,359,000 after acquiring an additional 908,680 shares in the last quarter. Hedge funds and other 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.