Grocery Outlet (NASDAQ:GO) Now Covered by Analysts at Wells Fargo & Company

Wells Fargo & Company began coverage on shares of Grocery Outlet (NASDAQ:GO) in a report released on Thursday morning, MarketBeat.com reports. The brokerage issued an overweight rating and a $28.00 price objective on the stock.

A number of other equities research analysts also recently commented on the company. Roth Mkm lowered their price objective on Grocery Outlet from $27.00 to $22.00 and set a neutral rating for the company in a research report on Thursday, May 9th. Telsey Advisory Group dropped their price objective on shares of Grocery Outlet from $37.00 to $31.00 and set an outperform rating for the company in a research note on Wednesday, May 8th. TD Cowen decreased their target price on shares of Grocery Outlet from $43.00 to $25.00 and set a buy rating on the stock in a research report on Friday, May 10th. The Goldman Sachs Group dropped their price target on shares of Grocery Outlet from $24.00 to $21.00 and set a sell rating for the company in a research report on Thursday, May 9th. Finally, UBS Group decreased their price target on shares of Grocery Outlet from $30.00 to $27.00 and set a neutral rating on the stock in a report on Wednesday, May 8th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and five have assigned a buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of Hold and an average price target of $28.82.

Grocery Outlet Price Performance

NASDAQ:GO opened at $21.57 on Thursday. Grocery Outlet has a 12-month low of $19.73 and a 12-month high of $36.54. The firm has a market cap of $2.15 billion, a price-to-earnings ratio of 33.70, a price-to-earnings-growth ratio of 3.98 and a beta of 0.09. The company’s 50-day moving average is $21.50 and its two-hundred day moving average is $24.60. The company has a current ratio of 1.25, a quick ratio of 0.30 and a debt-to-equity ratio of 0.23.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.13 by ($0.10). The firm had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Grocery Outlet had a net margin of 1.60% and a return on equity of 5.46%. Research analysts expect that Grocery Outlet will post 0.69 EPS for the current year.

Insider Buying and Selling

In related news, Director Erik D. Ragatz bought 100,000 shares of the stock in a transaction dated Friday, May 10th. The stock was acquired at an average price of $20.91 per share, for a total transaction of $2,091,000.00. Following the completion of the purchase, the director now owns 429,785 shares in the company, valued at $8,986,804.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, Director Erik D. Ragatz bought 100,000 shares of Grocery Outlet stock in a transaction dated Friday, May 10th. The shares were acquired at an average cost of $20.91 per share, with a total value of $2,091,000.00. Following the completion of the transaction, the director now owns 429,785 shares in the company, valued at approximately $8,986,804.35. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, EVP Luke D. Thompson sold 1,332 shares of the firm’s stock in a transaction on Tuesday, May 21st. The shares were sold at an average price of $22.43, for a total transaction of $29,876.76. Following the sale, the executive vice president now directly owns 32,306 shares of the company’s stock, valued at $724,623.58. The disclosure for this sale can be found here. 4.50% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of GO. Treasurer of the State of North Carolina boosted its stake in Grocery Outlet by 1.0% during the 4th quarter. Treasurer of the State of North Carolina now owns 42,093 shares of the company’s stock valued at $1,135,000 after acquiring an additional 410 shares during the last quarter. Versor Investments LP lifted its position in shares of Grocery Outlet by 1.5% during the fourth quarter. Versor Investments LP now owns 37,341 shares of the company’s stock worth $1,007,000 after purchasing an additional 550 shares during the last quarter. State of Michigan Retirement System grew its stake in Grocery Outlet by 2.5% in the first quarter. State of Michigan Retirement System now owns 24,380 shares of the company’s stock worth $702,000 after purchasing an additional 600 shares in the last quarter. Louisiana State Employees Retirement System grew its stake in Grocery Outlet by 2.5% in the first quarter. Louisiana State Employees Retirement System now owns 28,600 shares of the company’s stock worth $823,000 after purchasing an additional 700 shares in the last quarter. Finally, Allspring Global Investments Holdings LLC bought a new stake in Grocery Outlet in the first quarter valued at about $25,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

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.