Grocery Outlet Holding Corp. (NASDAQ:GO) Stock Has Average Price Target of $10.59

Grocery Outlet Holding Corp. (NASDAQ:GO) has been given a consensus rating of “Reduce” by the fourteen research firms that are presently covering the stock, Marketbeat.com reports. Two analysts have rated the stock with a sell recommendation and twelve have issued a hold recommendation on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $10.59.

Several analysts have issued reports on GO shares. Telsey Advisory Group reaffirmed a “market perform” rating on shares of Grocery Outlet in a report on Thursday, August 13th. Roth Capital reissued a “neutral” rating and set a $10.00 price objective on shares of Grocery Outlet in a research note on Thursday, August 13th. DA Davidson lifted their price objective on Grocery Outlet from $9.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. TD Cowen reaffirmed a “hold” rating on shares of Grocery Outlet in a research note on Tuesday, August 18th. Finally, UBS Group increased their target price on Grocery Outlet from $10.00 to $11.50 and gave the company a “neutral” rating in a report on Monday, August 17th.

Grocery Outlet Stock Up 1.3%

Grocery Outlet stock opened at $11.30 on Friday. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.30 and a current ratio of 1.29. The firm has a market capitalization of $1.12 billion, a price-to-earnings ratio of -2.92, a price-to-earnings-growth ratio of 7.99 and a beta of 0.72. Grocery Outlet has a fifty-two week low of $5.66 and a fifty-two week high of $16.99. The stock’s fifty day moving average is $10.81 and its two-hundred day moving average is $9.07.

Grocery Outlet (NASDAQ:GO) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.20 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.13 by $0.07. The business had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.17 billion. Grocery Outlet had a positive return on equity of 5.84% and a negative net margin of 8.04%.The business’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.23 EPS. Analysts predict that Grocery Outlet will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling at Grocery Outlet

In related news, insider Paul Miller acquired 8,000 shares of Grocery Outlet stock in a transaction dated Thursday, August 20th. The shares were acquired at an average cost of $10.90 per share, for a total transaction of $87,200.00. Following the completion of the transaction, the insider directly owned 72,171 shares of the company’s stock, valued at $786,663.90. The trade was a 12.47% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Carey Jaros acquired 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average cost of $11.70 per share, for a total transaction of $175,500.00. Following the purchase, the director owned 60,000 shares of the company’s stock, valued at approximately $702,000. The trade was a 33.33% increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 5.60% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Grocery Outlet

A number of hedge funds and other institutional investors have recently modified their holdings of the company. HighTower Advisors LLC raised its position in shares of Grocery Outlet by 2.3% in the second quarter. HighTower Advisors LLC now owns 50,377 shares of the company’s stock valued at $503,000 after buying an additional 1,144 shares in the last quarter. Amundi lifted its position in shares of Grocery Outlet by 19.9% during the 1st quarter. Amundi now owns 15,371 shares of the company’s stock valued at $108,000 after acquiring an additional 2,556 shares during the period. Allworth Financial LP grew its holdings in shares of Grocery Outlet by 30,876.9% during the 2nd quarter. Allworth Financial LP now owns 4,027 shares of the company’s stock worth $40,000 after purchasing an additional 4,014 shares in the last quarter. Quantbot Technologies LP acquired a new stake in shares of Grocery Outlet during the 2nd quarter worth $46,000. Finally, GAMMA Investing LLC increased its position in shares of Grocery Outlet by 165.9% in the second quarter. GAMMA Investing LLC now owns 8,599 shares of the company’s stock worth $86,000 after purchasing an additional 5,365 shares during the period. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

About Grocery Outlet

Grocery Outlet Holding Corp. operates a network of independently operated, extreme-value grocery stores in the United States. The company offers a rotating selection of branded and private-label products at discounted prices, including groceries, fresh produce, meat, dairy, frozen foods, beverages, snacks, household goods and health and beauty products.

Its merchandising model is based on opportunistic buying, allowing Grocery Outlet to purchase surplus inventory, packaging changes, discontinued products and other bargains from manufacturers and distributors.