Telsey Advisory Group Cuts Grocery Outlet (NASDAQ:GO) Price Target to $15.00

Grocery Outlet (NASDAQ:GO) had its target price lowered by equities researchers at Telsey Advisory Group from $17.00 to $15.00 in a research note issued on Tuesday,Benzinga reports. The firm presently has an “outperform” rating on the stock. Telsey Advisory Group’s price target points to a potential upside of 45.91% from the stock’s previous close.

GO has been the topic of a number of other reports. Bank of America reduced their price target on shares of Grocery Outlet from $19.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, November 5th. Deutsche Bank Aktiengesellschaft set a $11.00 target price on Grocery Outlet in a research report on Thursday, January 8th. TD Cowen cut their price target on Grocery Outlet from $18.00 to $16.00 and set a “hold” rating for the company in a report on Wednesday, November 5th. Wells Fargo & Company decreased their price objective on Grocery Outlet from $19.00 to $16.00 and set an “overweight” rating on the stock in a report on Friday, December 19th. Finally, Zacks Research downgraded Grocery Outlet from a “strong-buy” rating to a “hold” rating in a research report on Friday, November 14th. Four analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, Grocery Outlet presently has a consensus rating of “Hold” and an average target price of $14.32.

Grocery Outlet Trading Up 2.0%

GO stock opened at $10.28 on Tuesday. The company has a debt-to-equity ratio of 0.40, a current ratio of 1.30 and a quick ratio of 0.25. Grocery Outlet has a 1-year low of $8.96 and a 1-year high of $19.41. The business has a 50 day simple moving average of $9.96 and a two-hundred day simple moving average of $13.32. The company has a market capitalization of $1.01 billion, a price-to-earnings ratio of -205.60, a PEG ratio of 2.05 and a beta of 0.49.

Institutional Trading of Grocery Outlet

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GO. PNC Financial Services Group Inc. boosted its position in shares of Grocery Outlet by 32.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,942 shares of the company’s stock valued at $37,000 after buying an additional 719 shares during the period. Thrivent Financial for Lutherans boosted its holdings in Grocery Outlet by 1.0% during the 2nd quarter. Thrivent Financial for Lutherans now owns 72,087 shares of the company’s stock valued at $895,000 after acquiring an additional 739 shares during the period. Bank of Montreal Can grew its position in Grocery Outlet by 5.1% in the 2nd quarter. Bank of Montreal Can now owns 16,525 shares of the company’s stock valued at $205,000 after acquiring an additional 803 shares during the last quarter. Amalgamated Bank lifted its position in shares of Grocery Outlet by 3.5% during the third quarter. Amalgamated Bank now owns 28,875 shares of the company’s stock worth $463,000 after purchasing an additional 967 shares during the last quarter. Finally, Natixis Advisors LLC grew its holdings in shares of Grocery Outlet by 5.5% in the third quarter. Natixis Advisors LLC now owns 30,320 shares of the company’s stock worth $487,000 after purchasing an additional 1,591 shares during the last quarter. 99.87% of the stock is owned by hedge funds and other institutional investors.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. (NASDAQ: GO) is a specialty discount retailer that offers consumers deeply discounted groceries by purchasing excess inventory, closeouts, and overstocks from manufacturers and distributors. Headquartered in Emeryville, California, the company operates two primary banners—Grocery Outlet and Fresh2Go—with a combined footprint of more than 400 stores. Its product assortment spans fresh produce, meat, dairy, bakery items, household staples, natural and organic offerings, and select specialty products, all sold at significant markdowns compared to conventional supermarkets.

The company’s unique buying model enables it to source inventory through opportunistic purchases of surplus freight, discontinued items, and closeout deals, which it then passes on as savings to its customers.