Grocery Outlet (NASDAQ:GO) Cut to Market Perform at Telsey Advisory Group

Grocery Outlet (NASDAQ:GO) was downgraded by analysts at Telsey Advisory Group from an “outperform” rating to a “market perform” rating in a note issued to investors on Wednesday, Briefing.com reports. They currently have a $19.00 price objective on the stock, down from their prior price objective of $27.00. Telsey Advisory Group’s target price suggests a potential upside of 37.48% from the company’s current price.

A number of other equities research analysts have also commented on the stock. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Melius Research started coverage on shares of Grocery Outlet in a research report on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price for the company. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $17.00 in a research note on Wednesday. Loop Capital initiated coverage on Grocery Outlet in a report on Thursday, October 17th. They set a “hold” rating and a $17.00 price target for the company. Finally, UBS Group dropped their price objective on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. 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 data from MarketBeat, Grocery Outlet presently has a consensus rating of “Hold” and a consensus target price of $20.27.

Grocery Outlet Stock Down 16.8 %

Shares of NASDAQ GO traded down $2.79 during trading hours on Wednesday, hitting $13.82. The stock had a trading volume of 3,046,798 shares, compared to its average volume of 1,762,802. Grocery Outlet has a 52 week low of $13.63 and a 52 week high of $29.98. The firm’s 50-day moving average price is $17.02 and its two-hundred day moving average price is $20.18. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.29 and a current ratio of 1.29. The company has a market capitalization of $1.35 billion, a P/E ratio of 25.59, a P/E/G ratio of 3.21 and a beta of 0.10.

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

Insider Transactions at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’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 sale, the director now owns 70,938 shares in the company, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction dated Monday, August 19th. The shares were sold at an average price of $18.83, for a total value of $1,883,000.00. Following the completion of the sale, the director now directly owns 70,938 shares of the company’s stock, valued at $1,335,762.54. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the 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 sale, the director now directly owns 70,938 shares in the company, valued at $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

Institutional investors and hedge funds have recently bought and sold shares of the business. Capstone Investment Advisors LLC increased its holdings in shares of Grocery Outlet by 161.1% in the first quarter. Capstone Investment Advisors LLC now owns 93,188 shares of the company’s stock valued at $2,682,000 after purchasing an additional 57,496 shares during the last quarter. Capital World Investors raised its stake in shares of Grocery Outlet by 281.4% in the first quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock valued at $103,023,000 after acquiring an additional 2,641,016 shares in the last quarter. Millennium Management LLC boosted 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 valued at $43,832,000 after buying an additional 1,726,741 shares during the period. CWM LLC raised its stake in Grocery Outlet by 505.6% in the third quarter. CWM LLC now owns 51,933 shares of the company’s stock valued at $911,000 after buying an additional 43,358 shares in the last quarter. Finally, Bleakley Financial Group LLC purchased a new stake in Grocery Outlet during the first quarter worth approximately $217,000. 99.87% of the stock is currently owned by institutional investors and hedge funds.

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.