Grocery Outlet (NASDAQ:GO) Price Target Cut to $15.00 by Analysts at The Goldman Sachs Group

Grocery Outlet (NASDAQ:GO) had its price objective reduced by The Goldman Sachs Group from $17.00 to $15.00 in a research note published on Friday, Benzinga reports. The Goldman Sachs Group currently has a sell rating on the stock.

A number of other analysts have also recently weighed in on GO. Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Loop Capital started coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective on the stock. Roth Mkm reduced their price objective on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Telsey Advisory Group cut shares of Grocery Outlet from an “outperform” rating to a “market perform” rating and reduced their price objective for the stock from $27.00 to $19.00 in a research note on Wednesday. Finally, Bank of America cut shares of Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $17.00 in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $19.73.

Grocery Outlet Price Performance

Shares of NASDAQ GO traded up $0.75 during midday trading on Friday, reaching $15.05. 3,442,909 shares of the company were exchanged, compared to its average volume of 1,798,509. The stock’s 50-day moving average price is $16.81 and its 200-day moving average price is $20.01. The stock has a market cap of $1.47 billion, a P/E ratio of 27.87, a PEG ratio of 2.67 and a beta of 0.10. Grocery Outlet has a one year low of $13.60 and a one year high of $29.98. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, August 6th. The company reported $0.25 earnings per share for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. The firm had revenue of $1.13 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The company’s revenue was up 11.7% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share. On average, sell-side analysts anticipate that Grocery Outlet will post 0.68 earnings per share for the current fiscal year.

Insider Activity at Grocery Outlet

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

Institutional Investors Weigh In On Grocery Outlet

Several hedge funds and other institutional investors have recently made changes to their positions in GO. Allspring Global Investments Holdings LLC bought a new stake in shares of Grocery Outlet during the first quarter worth about $25,000. Blue Trust Inc. increased its position in shares of Grocery Outlet by 76.6% during the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after acquiring an additional 722 shares in the last quarter. Capital Performance Advisors LLP bought a new stake in shares of Grocery Outlet during the third quarter worth about $32,000. Innealta Capital LLC bought a new stake in shares of Grocery Outlet during the second quarter worth about $38,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Grocery Outlet during the second quarter worth about $82,000. 99.87% of the stock is owned by institutional investors.

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.