Grocery Outlet (NASDAQ:GO) Shares Gap Up on Insider Buying Activity

Grocery Outlet Holding Corp. (NASDAQ:GO - Get Free Report)'s share price gapped up before the market opened on Friday after an insider bought additional shares in the company. The stock had previously closed at $11.83, but opened at $12.33. Grocery Outlet shares last traded at $12.02, with a volume of 535,930 shares.

Specifically, CFO Christopher M. Miller purchased 10,000 shares of the business's stock in a transaction on Thursday, February 27th. The shares were purchased at an average cost of $11.68 per share, for a total transaction of $116,800.00. Following the acquisition, the chief financial officer now owns 10,000 shares of the company's stock, valued at approximately $116,800. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website.

Analyst Ratings Changes

A number of equities analysts have recently weighed in on the company. Bank of America lowered their target price on Grocery Outlet from $20.00 to $17.00 and set a "neutral" rating on the stock in a research report on Wednesday. Morgan Stanley dropped their price target on Grocery Outlet from $13.00 to $10.00 and set an "underperform" rating on the stock in a report on Wednesday. Roth Mkm lowered their price target on shares of Grocery Outlet from $20.00 to $16.00 and set a "neutral" rating on the stock in a report on Wednesday, November 6th. Wells Fargo & Company lowered their price target on shares of Grocery Outlet from $23.00 to $18.00 and set an "overweight" rating on the stock in a report on Wednesday. Finally, The Goldman Sachs Group lowered their target price on shares of Grocery Outlet from $14.00 to $11.00 and set a "sell" rating on the stock in a report on Thursday. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $15.25.

Grocery Outlet Price Performance

The company has a market capitalization of $1.16 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 9.08 and a beta of 0.32. The firm's 50-day moving average is $15.95 and its 200-day moving average is $17.03. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

Institutional Inflows and Outflows

Large investors have recently made changes to their positions in the business. Franklin Resources Inc. increased its stake in shares of Grocery Outlet by 1.8% in the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company's stock worth $526,000 after buying an additional 529 shares during the period. Amundi boosted its holdings in shares of Grocery Outlet by 0.6% during the 4th quarter. Amundi now owns 116,139 shares of the company's stock valued at $1,895,000 after buying an additional 719 shares in the last quarter. Blue Trust Inc. raised its position in shares of Grocery Outlet by 76.6% in 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 during the last quarter. Cedar Wealth Management LLC raised its position in shares of Grocery Outlet by 3.9% in the 4th quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company's stock worth $318,000 after purchasing an additional 765 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC raised its position in Grocery Outlet by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company's stock worth $732,000 after buying an additional 1,240 shares during the last quarter. 99.87% of the stock is 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.