Moran Wealth Management LLC Makes New $2.58 Million Investment in Grocery Outlet Holding Corp. (NASDAQ:GO)

Moran Wealth Management LLC bought a new stake in shares of Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund bought 147,084 shares of the company's stock, valued at approximately $2,581,000. Moran Wealth Management LLC owned approximately 0.15% of Grocery Outlet as of its most recent SEC filing.

Other large investors have also recently modified their holdings of the company. Blue Trust Inc. boosted its position in shares of Grocery Outlet by 76.6% during the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company's stock valued at $29,000 after acquiring an additional 722 shares during the last quarter. Innealta Capital LLC bought a new stake in Grocery Outlet in the 2nd quarter worth approximately $38,000. Capital Performance Advisors LLP bought a new stake in Grocery Outlet in the 3rd quarter worth approximately $32,000. Canada Pension Plan Investment Board bought a new stake in Grocery Outlet in the 2nd quarter worth approximately $82,000. Finally, CIBC Asset Management Inc bought a new stake in Grocery Outlet in the 2nd quarter worth approximately $217,000. Institutional investors own 99.87% of the company's stock.

Insiders Place Their Bets

In other Grocery Outlet news, Director Erik D. Ragatz purchased 110,000 shares of the stock in a transaction dated Friday, November 15th. The shares were purchased at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the completion of the acquisition, the director now directly owns 539,785 shares in the company, valued at $9,851,076.25. This trade represents a 25.59 % increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company's stock in a transaction on 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 transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. The trade was a 73.83 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 4.50% of the company's stock.

Grocery Outlet Stock Up 4.8 %

GO stock traded up $0.89 during midday trading on Friday, hitting $19.54. The stock had a trading volume of 2,632,485 shares, compared to its average volume of 1,854,795. The firm has a market cap of $1.90 billion, a price-to-earnings ratio of 36.57, a price-to-earnings-growth ratio of 4.65 and a beta of 0.13. The business has a 50-day moving average of $16.76 and a two-hundred day moving average of $19.15. Grocery Outlet Holding Corp. has a 52-week low of $13.60 and a 52-week high of $29.80. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, topping 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 firm's revenue for the quarter was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 earnings per share. As a group, equities research analysts forecast that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Wall Street Analyst Weigh In

GO has been the topic of a number of analyst reports. Bank of America cut Grocery Outlet from a "buy" rating to a "neutral" rating and decreased their price target for the stock from $29.00 to $17.00 in a research note on Wednesday, October 30th. TD Cowen cut Grocery Outlet from a "buy" rating to a "hold" rating and decreased their price target for the stock from $25.00 to $16.00 in a research note on Wednesday, November 6th. Wells Fargo & Company decreased their price target on Grocery Outlet from $26.00 to $23.00 and set an "overweight" rating on the stock in a research note on Wednesday, November 6th. Melius Research initiated coverage on Grocery Outlet in a research note on Monday, September 23rd. They issued a "hold" rating and a $17.00 price target on the stock. Finally, Loop Capital initiated coverage on Grocery Outlet in a research note on Thursday, October 17th. They issued a "hold" rating and a $17.00 price target on the stock. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Grocery Outlet has a consensus rating of "Hold" and a consensus price target of $18.00.

Grocery Outlet 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.