Grocery Outlet (NASDAQ:GO) Trading 4.2% Higher – Here’s What Happened

Grocery Outlet Holding Corp. (NASDAQ:GO)’s share price rose 4.2% on Tuesday . The company traded as high as $15.78 and last traded at $15.68. Approximately 327,562 shares traded hands during mid-day trading, a decline of 82% from the average daily volume of 1,816,119 shares. The stock had previously closed at $15.05.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on GO. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and lowered their price target for the stock from $29.00 to $17.00 in a report on Wednesday, October 30th. Melius Research started coverage on Grocery Outlet in a report on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price for the company. Deutsche Bank Aktiengesellschaft cut their price target on Grocery Outlet from $29.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday, November 6th. TD Cowen lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and reduced their target price for the stock from $25.00 to $16.00 in a report on Wednesday, November 6th. Finally, Telsey Advisory Group reaffirmed a “market perform” rating and set a $18.00 price target on shares of Grocery Outlet in a research note on Thursday, December 19th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $18.00.

Grocery Outlet Trading Up 3.7 %

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33. The firm’s fifty day moving average is $17.71 and its 200-day moving average is $18.43. The firm has a market cap of $1.52 billion, a price-to-earnings ratio of 30.61, a price-to-earnings-growth ratio of 4.74 and a beta of 0.25.

Grocery Outlet (NASDAQ:GO) last announced its earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. The company 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 5.25% and a net margin of 1.20%. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 EPS. Equities analysts anticipate that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current year.

Insider Transactions at Grocery Outlet

In other news, Director Erik D. Ragatz bought 110,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The stock was acquired at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the transaction, the director now directly owns 539,785 shares of the company’s stock, valued at approximately $9,851,076.25. This represents a 25.59 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

Hedge funds and other institutional investors have recently modified their holdings of the company. Dimensional Fund Advisors LP raised its holdings in shares of Grocery Outlet by 22.1% in the 2nd quarter. Dimensional Fund Advisors LP now owns 3,613,617 shares of the company’s stock worth $79,933,000 after acquiring an additional 655,065 shares during the last quarter. Van Berkom & Associates Inc. raised its stake in shares of Grocery Outlet by 21.1% in the second quarter. Van Berkom & Associates Inc. now owns 3,498,533 shares of the company’s stock worth $77,388,000 after purchasing an additional 609,871 shares during the last quarter. State Street Corp lifted its holdings in shares of Grocery Outlet by 0.6% in the third quarter. State Street Corp now owns 3,407,152 shares of the company’s stock valued at $59,796,000 after purchasing an additional 21,237 shares in the last quarter. Millennium Management LLC boosted its position in shares of Grocery Outlet by 677.6% during the second 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 last quarter. Finally, Solel Partners LP bought a new stake in Grocery Outlet during the second quarter worth $35,980,000. Institutional investors own 99.87% of the company’s stock.

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.