Grocery Outlet (NASDAQ:GO) Issues Earnings Results, Beats Expectations By $0.01 EPS

Grocery Outlet (NASDAQ:GO) announced its quarterly earnings data on Tuesday. The company reported $0.28 EPS for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01, Briefing.com reports. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter last year, the firm earned $0.25 earnings per share. The firm’s revenue was up 10.4% compared to the same quarter last year. Grocery Outlet updated its FY24 guidance to $0.77-0.80 EPS.

Grocery Outlet Stock Up 2.3 %

Grocery Outlet stock traded up $0.40 during midday trading on Friday, hitting $17.59. 1,124,618 shares of the stock were exchanged, compared to its average volume of 1,828,510. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.98. The firm has a market cap of $1.72 billion, a P/E ratio of 33.65, a P/E/G ratio of 3.42 and a beta of 0.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29. The company has a 50 day moving average price of $16.57 and a two-hundred day moving average price of $19.70.

Insider Transactions at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at approximately $1,340,728.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the sale, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders sold 500,095 shares of company stock valued at $8,876,548. Insiders own 4.50% of the company’s stock.

Analyst Ratings Changes

GO has been the subject of a number of research analyst reports. Bank of America cut shares of Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their target price for the company from $29.00 to $17.00 in a report on Wednesday, October 30th. The Goldman Sachs Group dropped their target price on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a report on Friday, November 1st. Telsey Advisory Group dropped their price objective on shares of Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating for the company in a research note on Wednesday. Loop Capital started coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They set a “hold” rating and a $17.00 price objective for the company. Finally, Melius Research initiated coverage on shares of Grocery Outlet in a research note on Monday, September 23rd. They set a “hold” rating and a $17.00 price objective for the company. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.17.

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.