Telsey Advisory Group Reaffirms "Outperform" Rating for Grocery Outlet (NASDAQ:GO)

Telsey Advisory Group reissued their outperform rating on shares of Grocery Outlet (NASDAQ:GO - Free Report) in a research note issued to investors on Tuesday morning, Benzinga reports. They currently have a $27.00 price objective on the stock.

GO has been the topic of a number of other research reports. Roth Capital raised Grocery Outlet from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, August 7th. UBS Group cut their price target on shares of Grocery Outlet from $27.00 to $21.00 and set a "neutral" rating for the company in a research report on Wednesday, August 7th. Loop Capital started coverage on shares of Grocery Outlet in a research report on Thursday, October 17th. They set a "hold" rating and a $17.00 price target for the company. Craig Hallum lowered shares of Grocery Outlet from a "buy" rating to a "hold" rating and cut their price target for the company from $32.00 to $20.00 in a research report on Wednesday, July 31st. Finally, Roth Mkm cut their price target on shares of Grocery Outlet from $22.00 to $20.00 and set a "neutral" rating for the company in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, five have given a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, Grocery Outlet currently has a consensus rating of "Hold" and a consensus price target of $21.60.

Grocery Outlet Price Performance

Shares of Grocery Outlet stock traded down $0.23 during trading on Tuesday, hitting $16.61. The stock had a trading volume of 1,458,530 shares, compared to its average volume of 1,756,658. The firm has a market cap of $1.63 billion, a price-to-earnings ratio of 31.19, a P/E/G ratio of 3.21 and a beta of 0.10. Grocery Outlet has a 12 month low of $15.18 and a 12 month high of $29.98. The business's 50-day moving average is $17.07 and its 200 day moving average is $20.25. 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 earnings per share for the quarter, topping the consensus estimate of $0.20 by $0.05. The firm had revenue of $1.13 billion for the quarter, compared to analysts' expectations of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The business's quarterly revenue was up 11.7% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.23 earnings per share. As a group, sell-side analysts anticipate that Grocery Outlet will post 0.68 earnings per share for the current year.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business's stock in a transaction that occurred on 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 completion of the transaction, the director now directly owns 70,938 shares in the company, valued at $1,340,728.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the business's stock in a transaction that occurred 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 completion of the transaction, the director now owns 70,938 shares of the company's stock, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,095 shares of company stock worth $8,876,548. Insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Grocery Outlet

A number of hedge funds have recently added to or reduced their stakes in the stock. 12 West Capital Management LP grew its position in shares of Grocery Outlet by 383.3% during the 1st quarter. 12 West Capital Management LP now owns 3,625,000 shares of the company's stock valued at $104,328,000 after acquiring an additional 2,875,000 shares during the period. Capital World Investors boosted its holdings in Grocery Outlet by 281.4% in the 1st quarter. Capital World Investors now owns 3,579,683 shares of the company's stock worth $103,023,000 after buying an additional 2,641,016 shares during the period. Millennium Management LLC lifted its stake in Grocery Outlet by 677.6% in the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company's stock worth $43,832,000 after purchasing an additional 1,726,741 shares in the last quarter. Solel Partners LP purchased a new stake in Grocery Outlet in the 2nd quarter worth $35,980,000. Finally, American Century Companies Inc. lifted its stake in Grocery Outlet by 889.9% in the 2nd quarter. American Century Companies Inc. now owns 1,010,785 shares of the company's stock worth $22,359,000 after purchasing an additional 908,680 shares in the last quarter. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

About Grocery Outlet

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.