Grocery Outlet (NASDAQ:GO) Given New $26.00 Price Target at Wells Fargo & Company

Grocery Outlet (NASDAQ:GO - Free Report) had its price objective trimmed by Wells Fargo & Company from $28.00 to $26.00 in a report released on Wednesday, Benzinga reports. The firm currently has an overweight rating on the stock.

A number of other analysts also recently issued reports on GO. Telsey Advisory Group reiterated an "outperform" rating and issued a $27.00 price objective on shares of Grocery Outlet in a report on Tuesday. UBS Group lowered their price target on shares of Grocery Outlet from $27.00 to $21.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 7th. Melius Research initiated coverage on shares of Grocery Outlet in a research note on Monday, September 23rd. They set a "hold" rating and a $17.00 price objective for the company. Loop Capital assumed coverage on Grocery Outlet in a report on Thursday, October 17th. They issued a "hold" rating and a $17.00 price objective for the company. Finally, Craig Hallum lowered Grocery Outlet from a "buy" rating to a "hold" rating and dropped their target price for the stock from $32.00 to $20.00 in a report on Wednesday, July 31st. Two research analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of "Hold" and an average price target of $20.27.

Grocery Outlet Stock Down 16.3 %

Shares of NASDAQ GO traded down $2.71 during mid-day trading on Wednesday, reaching $13.90. 7,392,018 shares of the company's stock were exchanged, compared to its average volume of 1,783,494. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. The business has a fifty day simple moving average of $17.02 and a 200 day simple moving average of $20.18. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.98. The firm has a market capitalization of $1.36 billion, a price-to-earnings ratio of 25.59, a PEG ratio of 3.21 and a beta of 0.10.

Grocery Outlet (NASDAQ:GO - Get Free Report) last released its quarterly earnings results on Tuesday, August 6th. The company reported $0.25 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.05. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The company had revenue of $1.13 billion during the quarter, compared to analysts' expectations of $1.10 billion. During the same quarter in the prior year, the company earned $0.23 earnings per share. The business's quarterly revenue was up 11.7% compared to the same quarter last year. As a group, equities analysts expect that Grocery Outlet will post 0.68 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company's 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 transaction, the director now owns 70,938 shares in the company, valued at approximately $1,340,728.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company's stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the transaction, the director now directly owns 70,938 shares of the company's stock, valued at $1,340,728.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $16.29, for a total value of $3,259,547.55. Following the transaction, 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 disclosure for this sale can be found here. Insiders sold a total of 500,095 shares of company stock valued at $8,876,548 over the last ninety days. 4.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grocery Outlet

Several hedge funds and other institutional investors have recently added to or reduced their stakes in GO. Allspring Global Investments Holdings LLC bought a new stake in shares of Grocery Outlet during the 1st quarter worth approximately $25,000. Blue Trust Inc. lifted its stake in Grocery Outlet by 76.6% during the third 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. Innealta Capital LLC acquired a new stake in shares of Grocery Outlet in the 2nd quarter valued at $38,000. Canada Pension Plan Investment Board bought a new position in shares of Grocery Outlet in the 2nd quarter valued at $82,000. Finally, Daiwa Securities Group Inc. acquired a new position in shares of Grocery Outlet during the 1st quarter worth $127,000. 99.87% of the stock is owned by institutional investors and hedge funds.

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.