Telsey Advisory Group Lowers Grocery Outlet (NASDAQ:GO) Price Target to $18.00

Grocery Outlet (NASDAQ:GO) had its price objective lowered by investment analysts at Telsey Advisory Group from $19.00 to $18.00 in a report issued on Wednesday, Benzinga reports. The firm presently has a “market perform” rating on the stock. Telsey Advisory Group’s price target indicates a potential upside of 6.51% from the company’s current price.

Other research analysts have also issued reports about the stock. Roth Capital upgraded shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Wells Fargo & Company dropped their price target on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating on the stock in a research note on Wednesday. Bank of America lowered shares of Grocery Outlet from a “buy” rating to a “neutral” rating and lowered their target price for the stock from $29.00 to $17.00 in a research report on Wednesday, October 30th. Loop Capital assumed coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They set a “hold” rating and a $17.00 price objective on the stock. Finally, The Goldman Sachs Group reduced their price objective on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a research note on Friday, November 1st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Grocery Outlet presently has an average rating of “Hold” and a consensus price target of $18.92.

Grocery Outlet Stock Performance

GO traded up $2.34 on Wednesday, reaching $16.90. The company had a trading volume of 2,073,249 shares, compared to its average volume of 1,803,404. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.98. The stock has a market capitalization of $1.66 billion, a PE ratio of 31.13, a P/E/G ratio of 3.57 and a beta of 0.13. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $16.74 and a 200-day moving average price of $19.84.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the company earned $0.25 earnings per share. Grocery Outlet’s quarterly revenue was up 10.4% compared to the same quarter last year. As a group, research analysts forecast that Grocery Outlet will post 0.66 EPS for the current fiscal year.

Insiders Place Their Bets

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 transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet 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 sale, the director now directly owns 70,938 shares in the company, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction dated Thursday, September 19th. The shares were 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 owns 70,938 shares in the company, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 500,095 shares of company stock valued at $8,876,548 in the last ninety days. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Capital World Investors grew its stake 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 last quarter. Millennium Management LLC grew its stake in shares of Grocery Outlet by 677.6% in the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after purchasing an additional 1,726,741 shares during the last quarter. CWM LLC boosted its holdings in shares of Grocery Outlet by 505.6% during the third quarter. CWM LLC now owns 51,933 shares of the company’s stock worth $911,000 after purchasing an additional 43,358 shares during the period. Bleakley Financial Group LLC acquired a new stake in shares of Grocery Outlet during the first quarter worth approximately $217,000. Finally, Thrivent Financial for Lutherans boosted its holdings in shares of Grocery Outlet by 137.5% during the second quarter. Thrivent Financial for Lutherans now owns 197,916 shares of the company’s stock worth $4,378,000 after purchasing an additional 114,576 shares during the period. 99.87% of the stock is currently owned by 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.