Grocery Outlet Holding Corp. (NASDAQ:GO) Receives $18.00 Consensus Target Price from Brokerages

Grocery Outlet Holding Corp. (NASDAQ:GO) has been assigned a consensus rating of “Hold” from the twelve ratings firms that are currently covering the company, Marketbeat reports. One investment analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokerages that have issued ratings on the stock in the last year is $18.00.

Several brokerages recently commented on GO. Roth Mkm dropped their price objective on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $29.00 to $17.00 in a research note on Wednesday, October 30th. UBS Group dropped their price objective on shares of Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Telsey Advisory Group dropped their price target on shares of Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating for the company in a research note on Wednesday, November 6th. Finally, Loop Capital began coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They set a “hold” rating and a $17.00 price target for the company.

Insider Buying and Selling

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the transaction, the director now owns 70,938 shares in the company, valued at approximately $1,155,580.02. This represents a 73.83 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Erik D. Ragatz acquired 110,000 shares of the company’s stock in a transaction dated Friday, November 15th. The shares were bought at an average price of $18.25 per share, for a total transaction of $2,007,500.00. Following the acquisition, the director now directly owns 539,785 shares of the company’s stock, valued at approximately $9,851,076.25. This trade represents a 25.59 % increase in their position. The disclosure for this purchase can be found here. 4.50% of the stock is owned by insiders.

Institutional Investors Weigh In On Grocery Outlet

Hedge funds and other institutional investors have recently made changes to their positions in the business. Allspring Global Investments Holdings LLC bought a new stake in shares of Grocery Outlet during the first quarter worth about $25,000. Blue Trust Inc. increased its position in shares of Grocery Outlet by 76.6% during the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after acquiring an additional 722 shares in the last quarter. Innealta Capital LLC bought a new stake in shares of Grocery Outlet during the second quarter worth about $38,000. Capital Performance Advisors LLP bought a new stake in Grocery Outlet in the 3rd quarter worth about $32,000. Finally, Canada Pension Plan Investment Board bought a new stake in Grocery Outlet in the 2nd quarter worth about $82,000. 99.87% of the stock is owned by institutional investors.

Grocery Outlet Stock Performance

NASDAQ GO opened at $19.54 on Tuesday. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.90 billion, a price-to-earnings ratio of 38.31, a P/E/G ratio of 4.69 and a beta of 0.13. The firm’s 50 day simple moving average is $16.82 and its 200 day simple moving average is $19.06. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.80.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter last year, the business posted $0.25 EPS. As a group, research analysts expect that Grocery Outlet will post 0.63 earnings per share for the current fiscal year.

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.