Grocery Outlet (NASDAQ:GO) Shares Down 3.6% - Here's Why

Grocery Outlet Holding Corp. (NASDAQ:GO - Get Free Report) dropped 3.6% during trading on Friday . The company traded as low as $15.65 and last traded at $15.71. Approximately 180,188 shares were traded during trading, a decline of 78% from the average daily volume of 807,336 shares. The stock had previously closed at $16.30.

Analysts Set New Price Targets

A number of equities research analysts recently commented on the stock. Deutsche Bank Aktiengesellschaft decreased their target price on shares of Grocery Outlet from $29.00 to $26.00 and set a "buy" rating for the company in a research report on Wednesday, November 6th. Melius Research started coverage on Grocery Outlet in a research report on Monday, September 23rd. They issued a "hold" rating and a $17.00 price objective for the company. TD Cowen lowered Grocery Outlet from a "buy" rating to a "hold" rating and reduced their target price for the company from $25.00 to $16.00 in a research report on Wednesday, November 6th. UBS Group lowered their price target on Grocery Outlet from $21.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday, November 6th. Finally, Craig Hallum cut their price objective on shares of Grocery Outlet from $20.00 to $17.00 and set a "hold" rating on the stock in a report on Wednesday, November 6th. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Hold" and a consensus target price of $18.00.

Grocery Outlet Price Performance

The stock has a 50-day simple moving average of $17.68 and a 200 day simple moving average of $18.40. The company has a market cap of $1.52 billion, a PE ratio of 30.73, a P/E/G ratio of 4.81 and a beta of 0.25. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

Grocery Outlet (NASDAQ:GO - Get Free Report) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.25% and a net margin of 1.20%. The business had revenue of $1.11 billion during the quarter, compared to analyst estimates of $1.10 billion. During the same period last year, the business posted $0.25 earnings per share. The company's quarterly revenue was up 10.4% on a year-over-year basis. Equities analysts expect that Grocery Outlet Holding Corp. will post 0.63 EPS for the current year.

Insider Buying and Selling

In related news, Director Erik D. Ragatz purchased 110,000 shares of Grocery Outlet stock in a transaction that occurred on Friday, November 15th. The stock was purchased at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the completion of the transaction, the director now directly owns 539,785 shares in the company, valued at approximately $9,851,076.25. The trade was a 25.59 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 4.50% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Franklin Resources Inc. grew its stake in shares of Grocery Outlet by 1.8% during the 3rd quarter. Franklin Resources Inc. now owns 29,987 shares of the company's stock worth $526,000 after purchasing an additional 529 shares during the period. Blue Trust Inc. increased its stake 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 worth $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 worth approximately $32,000. Arizona State Retirement System grew its holdings in Grocery Outlet by 7.2% during the 2nd quarter. Arizona State Retirement System now owns 27,779 shares of the company's stock valued at $614,000 after buying an additional 1,862 shares during the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its position in shares of Grocery Outlet by 21.9% in the second quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 16,995 shares of the company's stock valued at $376,000 after acquiring an additional 3,050 shares in the last quarter. 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.