Telsey Advisory Group Reaffirms Market Perform Rating for Grocery Outlet (NASDAQ:GO)

Grocery Outlet (NASDAQ:GO)‘s stock had its “market perform” rating reaffirmed by equities researchers at Telsey Advisory Group in a report released on Wednesday,Benzinga reports. They presently have a $16.00 price objective on the stock. Telsey Advisory Group’s price target suggests a potential downside of 4.19% from the stock’s previous close.

Other equities research analysts have also issued research reports about the stock. Wells Fargo & Company lowered their price target on shares of Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Jefferies Financial Group raised shares of Grocery Outlet from a “hold” rating to a “buy” rating and upped their target price for the company from $13.00 to $18.00 in a research note on Wednesday, April 16th. Deutsche Bank Aktiengesellschaft cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research note on Wednesday, February 26th. Morgan Stanley lowered their price objective on Grocery Outlet from $13.00 to $10.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 26th. Finally, Bank of America decreased their price target on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Grocery Outlet currently has a consensus rating of “Hold” and a consensus price target of $15.46.

Grocery Outlet Price Performance

Shares of GO stock opened at $16.70 on Wednesday. Grocery Outlet has a 12 month low of $10.26 and a 12 month high of $26.25. The company has a market capitalization of $1.64 billion, a P/E ratio of 32.75, a P/E/G ratio of 9.08 and a beta of 0.40. The stock has a 50 day moving average of $13.69 and a two-hundred day moving average of $15.93. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling

In other news, CFO Christopher M. Miller purchased 10,000 shares of the firm’s stock in a transaction that occurred on Thursday, February 27th. The shares were acquired at an average price of $11.68 per share, for a total transaction of $116,800.00. Following the completion of the acquisition, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $116,800. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Erik D. Ragatz acquired 165,000 shares of the company’s stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $12.25 per share, with a total value of $2,021,250.00. Following the completion of the acquisition, the director now directly owns 201,500 shares in the company, valued at approximately $2,468,375. The trade was a 452.05 % increase in their position. The disclosure for this purchase can be found here. In the last 90 days, insiders have purchased 200,000 shares of company stock worth $2,435,050 and have sold 17,756 shares worth $216,892. 4.50% of the stock is owned by corporate insiders.

Institutional Trading of Grocery Outlet

Institutional investors and hedge funds have recently made changes to their positions in the business. Barclays PLC grew its stake in shares of Grocery Outlet by 1,224.1% during the third quarter. Barclays PLC now owns 300,393 shares of the company’s stock worth $5,271,000 after purchasing an additional 277,706 shares during the period. Wealth Enhancement Advisory Services LLC grew its position in shares of Grocery Outlet by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock worth $732,000 after buying an additional 1,240 shares during the period. Decker Retirement Planning Inc. bought a new stake in shares of Grocery Outlet in the 4th quarter valued at about $31,000. Red Spruce Capital LLC raised its position in shares of Grocery Outlet by 10.2% in the 4th quarter. Red Spruce Capital LLC now owns 130,924 shares of the company’s stock valued at $2,044,000 after acquiring an additional 12,124 shares during the period. Finally, SG Americas Securities LLC bought a new position in Grocery Outlet during the 4th quarter worth approximately $658,000. 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.