Grocery Outlet (NASDAQ:GO) Trading Down 3% on Insider Selling

Grocery Outlet Holding Corp. (NASDAQ:GO)’s share price was down 3% during trading on Wednesday following insider selling activity. The stock traded as low as $18.32 and last traded at $18.32. Approximately 100,347 shares changed hands during mid-day trading, a decline of 94% from the average daily volume of 1,726,369 shares. The stock had previously closed at $18.88.

Specifically, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s 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 completion of the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction on 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 in the company, valued at $1,335,762.54. The disclosure for this sale can be found here.

Analyst Upgrades and Downgrades

GO has been the topic of a number of analyst reports. UBS Group dropped their price objective on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Roth Mkm cut their price target on Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Telsey Advisory Group cut their target price on Grocery Outlet from $31.00 to $27.00 and set an “outperform” rating on the stock in a research note on Wednesday, August 7th. Finally, TD Cowen decreased their price target on Grocery Outlet from $43.00 to $25.00 and set a “buy” rating for the company in a research note on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Grocery Outlet has an average rating of “Hold” and an average target price of $22.75.

Grocery Outlet Price Performance

The company has a quick ratio of 0.30, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. The company has a 50 day moving average of $20.42 and a two-hundred day moving average of $23.50. The firm has a market cap of $1.77 billion, a P/E ratio of 27.67, a PEG ratio of 3.55 and a beta of 0.09.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.20 by $0.05. The company had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Grocery Outlet had a net margin of 1.60% and a return on equity of 5.46%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.23 EPS. Sell-side analysts expect that Grocery Outlet Holding Corp. will post 0.69 EPS for the current year.

Hedge Funds Weigh In On Grocery Outlet

A number of hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC purchased a new position in shares of Grocery Outlet in the first quarter worth approximately $25,000. Innealta Capital LLC purchased a new stake in shares of Grocery Outlet in the second quarter valued at $38,000. Canada Pension Plan Investment Board acquired a new stake in shares of Grocery Outlet in the second quarter worth $82,000. Daiwa Securities Group Inc. purchased a new position in shares of Grocery Outlet during the first quarter valued at $127,000. Finally, Headlands Technologies LLC raised its position in Grocery Outlet by 32,200.0% during the fourth quarter. Headlands Technologies LLC now owns 4,845 shares of the company’s stock valued at $131,000 after buying an additional 4,830 shares during the period. 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.