Grocery Outlet (NASDAQ:GO) Rating Lowered to "Market Perform" at Telsey Advisory Group

Telsey Advisory Group cut shares of Grocery Outlet (NASDAQ:GO - Free Report) from an outperform rating to a market perform rating in a research note released on Wednesday morning, Briefing.com reports. The brokerage currently has $19.00 target price on the stock, down from their previous target price of $27.00.

A number of other analysts have also commented on the stock. Bank of America lowered shares of Grocery Outlet from a "buy" rating to a "neutral" rating and lowered their target price for the stock from $29.00 to $17.00 in a report on Wednesday. Wells Fargo & Company dropped their price objective on Grocery Outlet from $28.00 to $26.00 and set an "overweight" rating for the company in a report on Wednesday. Roth Mkm reduced their target price on Grocery Outlet from $22.00 to $20.00 and set a "neutral" rating on the stock in a report on Wednesday, August 7th. UBS Group lowered their price target on Grocery Outlet from $27.00 to $21.00 and set a "neutral" rating for the company in a research note on Wednesday, August 7th. Finally, Loop Capital assumed coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They set a "hold" rating and a $17.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Grocery Outlet presently has an average rating of "Hold" and a consensus target price of $20.27.

Grocery Outlet Price Performance

GO stock traded down $2.71 during trading on Wednesday, hitting $13.90. The company had a trading volume of 7,392,018 shares, compared to its average volume of 1,783,494. The company has a fifty day moving average price of $16.93 and a two-hundred day moving average price of $20.13. Grocery Outlet has a fifty-two week low of $13.60 and a fifty-two week high of $29.98. The company has a market cap of $1.36 billion, a P/E ratio of 25.74, a P/E/G ratio of 3.21 and a beta of 0.10. 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 (NASDAQ:GO - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, beating analysts' consensus estimates of $0.20 by $0.05. The firm had revenue of $1.13 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 company's revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the previous year, the business earned $0.23 earnings per share. Equities research analysts expect that Grocery Outlet will post 0.68 earnings per share for the current fiscal year.

Insider Buying and Selling at Grocery Outlet

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm's stock in a transaction on 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 owns 70,938 shares of the company's stock, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction dated 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 completion of the sale, the director now owns 70,938 shares in the company, valued at $1,155,580.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction that occurred on 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 transaction, the director now owns 70,938 shares in the company, valued at approximately $1,340,728.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 500,095 shares of company stock worth $8,876,548 over the last quarter. 4.50% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC acquired a new stake in shares of Grocery Outlet during the 1st quarter worth approximately $25,000. State of Michigan Retirement System raised its holdings in shares of Grocery Outlet by 2.5% during the 1st quarter. State of Michigan Retirement System now owns 24,380 shares of the company's stock worth $702,000 after buying an additional 600 shares in the last quarter. Norden Group LLC bought a new position in Grocery Outlet in the first quarter valued at about $442,000. Oak Ridge Investments LLC lifted its holdings in shares of Grocery Outlet by 1.2% in the first quarter. Oak Ridge Investments LLC now owns 73,820 shares of the company's stock worth $2,125,000 after acquiring an additional 876 shares during the last quarter. Finally, Capstone Investment Advisors LLC boosted its stake in shares of Grocery Outlet by 161.1% in the 1st quarter. Capstone Investment Advisors LLC now owns 93,188 shares of the company's stock valued at $2,682,000 after purchasing an additional 57,496 shares in the last quarter. Institutional investors own 99.87% 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.