Grocery Outlet (NASDAQ:GO) Downgraded to Neutral Rating by Bank of America

Bank of America downgraded shares of Grocery Outlet (NASDAQ:GO) from a buy rating to a neutral rating in a research report released on Wednesday, Marketbeat Ratings reports. They currently have $17.00 target price on the stock, down from their previous target price of $29.00.

A number of other equities analysts also recently commented on GO. Craig Hallum downgraded Grocery Outlet from a “buy” rating to a “hold” rating and decreased their price target for the stock from $32.00 to $20.00 in a research note on Wednesday, July 31st. Loop Capital assumed coverage on Grocery Outlet in a report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price target for the company. Melius Research assumed 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. Wells Fargo & Company lowered their target price on shares of Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating for the company in a research note on Wednesday. Finally, Telsey Advisory Group reaffirmed an “outperform” rating and issued a $27.00 price target on shares of Grocery Outlet in a report on Tuesday. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average price target of $20.27.

Grocery Outlet Stock Down 16.3 %

Shares of NASDAQ GO opened at $13.90 on Wednesday. The firm has a market cap of $1.36 billion, a price-to-earnings ratio of 25.74, a PEG ratio of 3.21 and a beta of 0.10. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.98. 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 stock’s 50-day simple moving average is $16.93 and its 200-day simple moving average is $20.13.

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

Insider Buying and Selling at Grocery Outlet

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 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 document filed with the SEC, which is available through the SEC website. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $18.83, for a total transaction of $1,883,000.00. Following the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,335,762.54. The trade was 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 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 transaction, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 500,095 shares of company stock valued at $8,876,548 in the last quarter. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC acquired a new stake in shares of Grocery Outlet during the 1st quarter valued at $25,000. Blue Trust Inc. lifted its holdings in shares of Grocery Outlet by 76.6% during the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares during the last quarter. Innealta Capital LLC acquired a new position in shares of Grocery Outlet in the 2nd quarter valued at $38,000. Canada Pension Plan Investment Board purchased a new position in Grocery Outlet in the 2nd quarter worth about $82,000. Finally, Daiwa Securities Group Inc. acquired a new stake in Grocery Outlet during the 1st quarter worth about $127,000. 99.87% of the stock is currently owned by 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.