FY2024 EPS Estimate for Grocery Outlet Lowered by Analyst

Grocery Outlet Holding Corp. (NASDAQ:GO) – Research analysts at DA Davidson dropped their FY2024 earnings per share (EPS) estimates for shares of Grocery Outlet in a report issued on Wednesday, November 6th. DA Davidson analyst M. Baker now expects that the company will earn $0.53 per share for the year, down from their previous forecast of $0.66. The consensus estimate for Grocery Outlet’s current full-year earnings is $0.66 per share.

Grocery Outlet (NASDAQ:GO) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the company posted $0.25 earnings per share. Grocery Outlet’s revenue for the quarter was up 10.4% on a year-over-year basis.

A number of other brokerages have also recently issued reports on GO. Loop Capital assumed coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective for the company. UBS Group decreased their price target on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday. Craig Hallum dropped their price objective on Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday. Roth Mkm cut their target price on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, Telsey Advisory Group lowered their price target on Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a report on Wednesday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, Grocery Outlet has an average rating of “Hold” and an average price target of $18.17.

Grocery Outlet Trading Up 3.5 %

Grocery Outlet stock opened at $17.80 on Thursday. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. Grocery Outlet has a 12-month low of $13.60 and a 12-month high of $29.98. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of 33.65, a P/E/G ratio of 3.42 and a beta of 0.13. The firm has a 50 day moving average of $16.57 and a 200 day moving average of $19.70.

Insider Buying and Selling

In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction on 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 directly owns 70,938 shares in the company, valued at $1,155,580.02. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’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 completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,155,580.02. This trade represents 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 this hyperlink. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction that occurred on Wednesday, August 21st. The stock was sold at an average price of $18.44, for a total value of $1,844,000.00. Following the completion of the sale, the director now owns 70,938 shares in the company, valued at approximately $1,308,096.72. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders sold 500,095 shares of company stock worth $8,876,548. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

A number of large investors have recently made changes to their positions in GO. Capital World Investors increased its stake in shares of Grocery Outlet by 281.4% during the first quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock valued at $103,023,000 after buying an additional 2,641,016 shares during the period. Millennium Management LLC increased its position in Grocery Outlet by 677.6% during the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock valued at $43,832,000 after purchasing an additional 1,726,741 shares during the period. CWM LLC raised its holdings in shares of Grocery Outlet by 505.6% in the 3rd quarter. CWM LLC now owns 51,933 shares of the company’s stock valued at $911,000 after purchasing an additional 43,358 shares in the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of Grocery Outlet in the 1st quarter worth approximately $217,000. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Grocery Outlet by 137.5% during the second quarter. Thrivent Financial for Lutherans now owns 197,916 shares of the company’s stock valued at $4,378,000 after purchasing an additional 114,576 shares in the last quarter. 99.87% of the stock is owned by hedge funds and other 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.