Grocery Outlet (NASDAQ:GO) Given New $17.00 Price Target at Craig Hallum

Grocery Outlet (NASDAQ:GO) had its price target cut by Craig Hallum from $20.00 to $17.00 in a research report released on Wednesday, Benzinga reports. They currently have a hold rating on the stock.

Several other analysts have also recently issued reports on the company. TD Cowen cut Grocery Outlet from a “buy” rating to a “hold” rating and decreased their price objective for the stock from $25.00 to $16.00 in a report on Wednesday. Bank of America cut Grocery Outlet from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $29.00 to $17.00 in a report on Wednesday, October 30th. Loop Capital started coverage on Grocery Outlet in a report on Thursday, October 17th. They set a “hold” rating and a $17.00 price objective on the stock. Wells Fargo & Company decreased their price objective on Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating on the stock in a report on Wednesday, October 30th. Finally, The Goldman Sachs Group decreased their price objective on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a report on Friday, November 1st. 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 issued a strong buy rating to the stock. According to MarketBeat, Grocery Outlet currently has an average rating of “Hold” and an average target price of $18.17.

Grocery Outlet Price Performance

NASDAQ GO traded up $0.55 during trading hours on Wednesday, reaching $16.66. The company’s stock had a trading volume of 122,833 shares, compared to its average volume of 1,812,992. The firm’s 50-day moving average price is $16.66 and its 200-day moving average price is $19.75. 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 has a 1 year low of $13.60 and a 1 year high of $29.98. The company has a market capitalization of $1.63 billion, a price-to-earnings ratio of 31.59, a PEG ratio of 3.42 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the firm earned $0.25 EPS. The firm’s revenue was up 10.4% compared to the same quarter last year. On average, equities research analysts predict that Grocery Outlet will post 0.66 EPS for the current fiscal year.

Insider Activity at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’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 owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This trade 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 available through this link. In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,155,580.02. This trade 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 available through this link. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’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 sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,095 shares of company stock valued at $8,876,548 over the last quarter. 4.50% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Grocery Outlet

Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Allspring Global Investments Holdings LLC acquired a new stake in Grocery Outlet in the first quarter worth about $25,000. Blue Trust Inc. boosted its holdings in Grocery Outlet by 76.6% in 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 acquired a new stake in Grocery Outlet in the third quarter worth about $32,000. Innealta Capital LLC acquired a new stake in Grocery Outlet in the second quarter worth about $38,000. Finally, Canada Pension Plan Investment Board acquired a new stake in Grocery Outlet in the second quarter worth about $82,000. 99.87% of the stock is currently owned by hedge funds and other 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.