Grocery Outlet (NASDAQ:GO) Issues FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share (EPS) guidance of $0.77-0.80 for the period, compared to the consensus estimate of $0.88. The company issued revenue guidance of slightly above $4.35 billion, compared to the consensus revenue estimate of $4.36 billion.

Grocery Outlet Stock Up 1.0 %

Shares of NASDAQ:GO traded up $0.15 on Tuesday, reaching $14.56. The company had a trading volume of 2,283,689 shares, compared to its average volume of 1,803,081. The firm's 50 day simple moving average is $16.74 and its 200-day simple moving average is $19.84. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. Grocery Outlet has a 52-week low of $13.60 and a 52-week high of $29.98. The firm has a market capitalization of $1.43 billion, a PE ratio of 27.19, a PEG ratio of 3.57 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its earnings results on Tuesday, August 6th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.20 by $0.05. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same quarter last year, the business posted $0.23 EPS. The firm's quarterly revenue was up 11.7% on a year-over-year basis. As a group, analysts expect that Grocery Outlet will post 0.66 earnings per share for the current fiscal year.

Analysts Set New Price Targets

GO has been the subject of a number of recent analyst reports. UBS Group cut their price objective on shares of Grocery Outlet from $27.00 to $21.00 and set a "neutral" rating for the company in a report on Wednesday, August 7th. Bank of America cut Grocery Outlet from a "buy" rating to a "neutral" rating and reduced their price target for the stock from $29.00 to $17.00 in a report on Wednesday, October 30th. Craig Hallum lowered Grocery Outlet from a "buy" rating to a "hold" rating and dropped their price objective for the company from $32.00 to $20.00 in a report on Wednesday, July 31st. Roth Mkm reduced their target price on Grocery Outlet from $22.00 to $20.00 and set a "neutral" rating for the company in a research note on Wednesday, August 7th. Finally, Wells Fargo & Company dropped their price target on shares of Grocery Outlet from $28.00 to $26.00 and set an "overweight" rating on the stock in a research note on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $19.73.

Insider Activity

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction on Monday, August 19th. The stock was sold at an average price of $18.83, for a total transaction of $1,883,000.00. Following the completion of the sale, the director now directly owns 70,938 shares of the company's stock, valued at $1,335,762.54. 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 other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business's stock in a transaction on 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 directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm's stock in a transaction on Monday, August 19th. The shares were sold at an average price of $18.83, for a total value of $1,883,000.00. Following the completion of the transaction, the director now owns 70,938 shares of the company's stock, valued at approximately $1,335,762.54. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 500,095 shares of company stock valued at $8,876,548. Insiders own 4.50% of the company's stock.

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.

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