Grocery Outlet (NASDAQ:GO) Updates FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.77-0.80 for the period, compared to the consensus estimate of $0.88. The company issued revenue guidance of slightly above $4.35 billion, compared to the consensus revenue estimate of $4.36 billion.

Grocery Outlet Stock Down 0.1 %

Shares of GO stock traded down $0.01 on Friday, hitting $17.18. The stock had a trading volume of 561,114 shares, compared to its average volume of 1,825,863. Grocery Outlet has a 12-month low of $13.60 and a 12-month high of $29.98. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 33.65, a price-to-earnings-growth ratio of 3.42 and a beta of 0.13. The business has a 50 day moving average of $16.57 and a 200 day moving average of $19.70. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29.

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

Analyst Ratings Changes

A number of research firms have recently issued reports on GO. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their price objective for the stock from $29.00 to $17.00 in a report on Wednesday, October 30th. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Grocery Outlet from $29.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday. Telsey Advisory Group cut their price objective on Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a research report on Wednesday. TD Cowen cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and reduced their price target for the company from $25.00 to $16.00 in a research report on Wednesday. Finally, Melius Research assumed coverage on shares of Grocery Outlet in a report on Monday, September 23rd. They set a “hold” rating and a $17.00 target price on the stock. 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 assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and an average price target of $18.17.

Insider Activity at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’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 value of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet 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 sale, the director now owns 70,938 shares in the company, valued at $1,155,580.02. The trade was 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. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at approximately $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 have sold a total of 500,095 shares of company stock worth $8,876,548 in the last three months. Insiders own 4.50% of the company’s stock.

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.