Grocery Outlet (NASDAQ:GO) Price Target Cut to $23.00 by Analysts at Wells Fargo & Company

Grocery Outlet (NASDAQ:GO) had its target price cut by Wells Fargo & Company from $26.00 to $23.00 in a research report released on Wednesday morning, Benzinga reports. They currently have an overweight rating on the stock.

Other equities research analysts have also recently issued research reports about the company. Telsey Advisory Group cut Grocery Outlet from an “outperform” rating to a “market perform” rating and decreased their target price for the stock from $27.00 to $19.00 in a research report on Wednesday, October 30th. Loop Capital initiated coverage on Grocery Outlet in a research report on Thursday, October 17th. They set a “hold” rating and a $17.00 target price for the company. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Melius Research initiated coverage on Grocery Outlet in a research report on Monday, September 23rd. They set a “hold” rating and a $17.00 target price for the company. Finally, UBS Group decreased their target price on Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Grocery Outlet has an average rating of “Hold” and an average price target of $18.17.

Grocery Outlet Stock Up 3.4 %

NASDAQ:GO traded up $0.55 on Wednesday, hitting $16.66. 122,833 shares of the company’s stock traded hands, compared to its average volume of 1,812,992. The company has a market cap of $1.63 billion, a PE ratio of 31.59, a price-to-earnings-growth ratio of 3.42 and a beta of 0.13. The firm has a 50-day moving average price of $16.66 and a 200-day moving average price of $19.75. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.98. 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 (NASDAQ:GO) last announced its quarterly 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 business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The firm’s quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business posted $0.25 EPS. Equities analysts anticipate 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 200,095 shares of the company’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 transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $18.44, for a total transaction of $1,844,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares in the company, valued at $1,308,096.72. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, 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 value of $3,259,547.55. Following the transaction, the director now owns 70,938 shares of the company’s stock, valued at $1,155,580.02. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,095 shares of company stock worth $8,876,548. 4.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. Capital World Investors grew its holdings 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 worth $103,023,000 after purchasing an additional 2,641,016 shares during the last quarter. Millennium Management LLC grew its holdings 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 worth $43,832,000 after purchasing an additional 1,726,741 shares during the last quarter. CWM LLC grew its holdings in shares of Grocery Outlet by 505.6% during the third quarter. CWM LLC now owns 51,933 shares of the company’s stock worth $911,000 after purchasing an additional 43,358 shares during the last quarter. Bleakley Financial Group LLC bought a new stake in shares of Grocery Outlet during the first quarter worth $217,000. Finally, Thrivent Financial for Lutherans grew its holdings 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 worth $4,378,000 after purchasing an additional 114,576 shares during the last quarter. 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.