Grocery Outlet (NASDAQ:GO) Announces Earnings Results, Beats Expectations By $0.01 EPS

Grocery Outlet (NASDAQ:GO) issued its earnings results on Tuesday. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01, Briefing.com reports. The firm had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. Grocery Outlet’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.25 earnings per share. Grocery Outlet updated its FY24 guidance to $0.77-0.80 EPS.

Grocery Outlet Price Performance

Shares of GO traded up $1.08 during mid-day trading on Thursday, reaching $17.19. The stock had a trading volume of 4,255,923 shares, compared to its average volume of 1,832,124. 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 business has a fifty day moving average of $16.59 and a 200 day moving average of $19.72. Grocery Outlet has a 12 month low of $13.60 and a 12 month high of $29.98. The firm has a market cap of $1.68 billion, a price-to-earnings ratio of 33.63, a PEG ratio of 3.42 and a beta of 0.13.

Analysts Set New Price Targets

A number of equities analysts have recently weighed in on GO shares. UBS Group lowered their price target on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday. Melius Research began coverage on Grocery Outlet in a research note on Monday, September 23rd. They issued a “hold” rating and a $17.00 price target on the stock. Loop Capital started coverage on Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 target price for the company. Bank of America downgraded Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their target price for the stock from $29.00 to $17.00 in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group decreased their target price on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a report on Friday, November 1st. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $18.17.

Insider Buying and Selling at Grocery Outlet

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 sale, 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 Securities & Exchange Commission, which is accessible through this hyperlink. In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction dated 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 approximately $1,155,580.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction that occurred 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 sale, the director now owns 70,938 shares in the company, valued at $1,340,728.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,095 shares of company stock worth $8,876,548 over the last 90 days. 4.50% of the stock is owned by insiders.

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.