FY2024 EPS Estimates for Grocery Outlet Reduced by Analyst

Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) - DA Davidson dropped their FY2024 earnings estimates for Grocery Outlet in a research note issued to investors on Wednesday, November 6th. DA Davidson analyst M. Baker now anticipates that the company will post earnings of $0.53 per share for the year, down from their prior estimate of $0.66. The consensus estimate for Grocery Outlet's current full-year earnings is $0.66 per share.

A number of other brokerages have also weighed in on GO. Bank of America lowered shares of Grocery Outlet from a "buy" rating to a "neutral" rating and decreased their price target for the company from $29.00 to $17.00 in a report on Wednesday, October 30th. Wells Fargo & Company reduced their target price on Grocery Outlet from $26.00 to $23.00 and set an "overweight" rating on the stock in a report on Wednesday. Telsey Advisory Group dropped their price target on Grocery Outlet from $19.00 to $18.00 and set a "market perform" rating for the company in a research note on Wednesday. Roth Mkm reduced their price objective on Grocery Outlet from $20.00 to $16.00 and set a "neutral" rating on the stock in a research note on Wednesday. Finally, 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 research report on Friday, November 1st. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company's stock. According to MarketBeat.com, the stock presently has a consensus rating of "Hold" and a consensus price target of $18.17.

Grocery Outlet Trading Up 6.7 %

Shares of NASDAQ:GO traded up $1.08 during midday trading on Thursday, reaching $17.19. The company's stock had a trading volume of 4,255,923 shares, compared to its average volume of 1,832,124. The business has a 50 day moving average price of $16.59 and a 200 day moving average price of $19.72. 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 $1.68 billion, a price-to-earnings ratio of 33.63, a price-to-earnings-growth ratio of 3.42 and a beta of 0.13. 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 - Get Free Report) last released its earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.27 by $0.01. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The firm's quarterly revenue was up 10.4% on a year-over-year basis. During the same period in the prior year, the firm earned $0.25 EPS.

Insider Buying and Selling

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet 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 transaction, 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 position. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business's stock in a transaction on 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 transaction, 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 ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the 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 completion of the sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,095 shares of company stock worth $8,876,548 over the last ninety days. 4.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of GO. Allspring Global Investments Holdings LLC acquired a new position in shares of Grocery Outlet during the first quarter valued at approximately $25,000. Blue Trust Inc. boosted its stake in 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 purchasing an additional 722 shares in the last quarter. Capital Performance Advisors LLP acquired a new position in shares of Grocery Outlet during the 3rd quarter valued at $32,000. Innealta Capital LLC bought a new stake in shares of Grocery Outlet in the 2nd quarter worth $38,000. Finally, Canada Pension Plan Investment Board acquired a new stake in shares of Grocery Outlet in the second quarter valued at $82,000. 99.87% of the stock is owned by institutional investors and hedge funds.

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.