Craig Hallum Cuts Grocery Outlet (NASDAQ:GO) Price Target to $17.00

Grocery Outlet (NASDAQ:GO) had its price objective decreased by Craig Hallum from $20.00 to $17.00 in a report issued on Wednesday morning,Benzinga reports. Craig Hallum currently has a hold rating on the stock.

A number of other research analysts have also weighed in on GO. TD Cowen lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and decreased their price target for the company from $25.00 to $16.00 in a research note on Wednesday. Bank of America cut shares of Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their target price for the company from $29.00 to $17.00 in a report on Wednesday, October 30th. Melius Research started coverage on shares of Grocery Outlet in a report on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price for the company. Wells Fargo & Company reduced their price target on Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Finally, Roth Capital upgraded Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $18.17.

Grocery Outlet Stock Up 3.5 %

Shares of GO traded up $0.61 during midday trading on Wednesday, hitting $17.80. 3,080,337 shares of the company’s stock traded hands, compared to its average volume of 2,554,729. The firm’s fifty day moving average is $16.55 and its 200-day moving average is $19.64. 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 $1.74 billion, a price-to-earnings ratio of 34.90, a price-to-earnings-growth ratio of 3.92 and a beta of 0.13. The company has a current ratio of 1.46, a quick ratio of 0.29 and a debt-to-equity ratio of 0.34.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data 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 1.20% and a return on equity of 5.25%. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same period in the previous year, the company earned $0.25 earnings per share. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Grocery Outlet will post 0.65 earnings per share for the current year.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the transaction, 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction on 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 of the company’s stock, valued at approximately $1,340,728.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction dated 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 completion of the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at $1,155,580.02. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,095 shares of company stock valued at $8,876,548. Insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new position in shares of Grocery Outlet in the 1st quarter valued at $25,000. Blue Trust Inc. raised its holdings in Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after acquiring an additional 722 shares in the last quarter. Innealta Capital LLC bought a new position in Grocery Outlet during the 2nd quarter valued at $38,000. Capital Performance Advisors LLP acquired a new position in Grocery Outlet during the 3rd quarter worth $32,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Grocery Outlet in the 2nd quarter valued at about $82,000. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

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.