Grocery Outlet (NASDAQ:GO) Stock Price Down 4.6% – Here’s What Happened

Shares of Grocery Outlet Holding Corp. (NASDAQ:GO) traded down 4.6% on Wednesday . The company traded as low as $15.18 and last traded at $15.22. 984,858 shares traded hands during trading, a decline of 37% from the average session volume of 1,555,644 shares. The stock had previously closed at $15.95.

Wall Street Analyst Weigh In

Several analysts have issued reports on GO shares. UBS Group cut their price objective on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th. Telsey Advisory Group restated a “market perform” rating and set a $18.00 price objective on shares of Grocery Outlet in a research note on Wednesday. Roth Mkm lowered their target price on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. Craig Hallum reduced their price target on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. Finally, Wells Fargo & Company decreased their price target on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Grocery Outlet presently has an average rating of “Hold” and a consensus target price of $18.00.

Grocery Outlet Stock Up 8.0 %

The business’s 50 day moving average is $17.52 and its 200 day moving average is $17.82. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The stock has a market cap of $1.59 billion, a price-to-earnings ratio of 32.00, a price-to-earnings-growth ratio of 16.14 and a beta of 0.31.

Grocery Outlet (NASDAQ:GO) last released its earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Grocery Outlet had a return on equity of 5.25% and a net margin of 1.20%. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.25 EPS. Equities analysts expect that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current year.

Insider Buying and Selling at Grocery Outlet

In related news, Director Erik D. Ragatz acquired 110,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were acquired at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the purchase, the director now owns 539,785 shares of the company’s stock, valued at approximately $9,851,076.25. The trade was a 25.59 % increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

A number of hedge funds have recently bought and sold shares of GO. Barclays PLC increased its position 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 valued at $5,271,000 after purchasing an additional 277,706 shares during the period. Jane Street Group LLC increased its holdings in Grocery Outlet by 357.7% in the 3rd quarter. Jane Street Group LLC now owns 519,542 shares of the company’s stock valued at $9,118,000 after buying an additional 406,039 shares during the period. Cerity Partners LLC lifted its holdings in shares of Grocery Outlet by 887.1% during the 3rd quarter. Cerity Partners LLC now owns 105,675 shares of the company’s stock worth $1,855,000 after acquiring an additional 94,969 shares during the period. Y Intercept Hong Kong Ltd acquired a new stake in shares of Grocery Outlet during the 3rd quarter valued at about $511,000. Finally, GSA Capital Partners LLP bought a new stake in Grocery Outlet in the third quarter valued at about $2,507,000. 99.87% of the stock is currently owned by institutional investors.

Grocery Outlet Company Profile

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.