Craig Hallum Issues Pessimistic Forecast for Grocery Outlet (NASDAQ:GO) Stock Price

Grocery Outlet (NASDAQ:GO) had its price target cut by equities researchers at Craig Hallum from $20.00 to $17.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The firm currently has a “hold” rating on the stock. Craig Hallum’s target price would suggest a potential upside of 16.76% from the stock’s previous close.

A number of other research firms also recently weighed in on GO. The Goldman Sachs Group reduced their price target on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research report on Friday, November 1st. Telsey Advisory Group cut Grocery Outlet from an “outperform” rating to a “market perform” rating and dropped their price objective for the stock from $27.00 to $19.00 in a research note on Wednesday, October 30th. Loop Capital assumed coverage on Grocery Outlet in a research note on Thursday, October 17th. They set a “hold” rating and a $17.00 price objective on the stock. Wells Fargo & Company dropped their price objective on Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 30th. Finally, Roth Mkm dropped their price objective on Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Grocery Outlet has a consensus rating of “Hold” and a consensus price target of $18.64.

Grocery Outlet Trading Up 1.0 %

NASDAQ:GO opened at $14.56 on Wednesday. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.98. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The business has a 50 day moving average price of $16.74 and a two-hundred day moving average price of $19.84. The company has a market cap of $1.43 billion, a P/E ratio of 26.96, a price-to-earnings-growth ratio of 3.57 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share 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 firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the firm posted $0.25 EPS. The business’s revenue was up 10.4% on a year-over-year basis. As a group, analysts expect that Grocery Outlet will post 0.66 EPS for the current fiscal year.

Insider Activity at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction 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 sale, the director now owns 70,938 shares in the company, valued at approximately $1,340,728.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the stock in a transaction on Thursday, September 19th. The stock was 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 $1,155,580.02. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing 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 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 transaction, the director now owns 70,938 shares in the company, valued at $1,340,728.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last quarter, insiders have sold 500,095 shares of company stock worth $8,876,548. Company insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in GO. Blue Trust Inc. grew its holdings in shares of Grocery Outlet by 76.6% during the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares in the last quarter. Allspring Global Investments Holdings LLC acquired a new stake in shares of Grocery Outlet during the 1st quarter worth $25,000. Texas Permanent School Fund Corp grew its holdings in shares of Grocery Outlet by 1.3% during the 1st quarter. Texas Permanent School Fund Corp now owns 86,879 shares of the company’s stock worth $2,500,000 after purchasing an additional 1,126 shares in the last quarter. Swiss National Bank grew its holdings in shares of Grocery Outlet by 0.6% during the 1st quarter. Swiss National Bank now owns 186,100 shares of the company’s stock worth $5,356,000 after purchasing an additional 1,200 shares in the last quarter. Finally, Innealta Capital LLC acquired a new stake in shares of Grocery Outlet during the 2nd quarter worth $38,000. Institutional investors own 99.87% 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.