Grocery Outlet (NASDAQ:GO) Cut to "Hold" at TD Cowen

Grocery Outlet (NASDAQ:GO - Get Free Report) was downgraded by equities research analysts at TD Cowen from a "buy" rating to a "hold" rating in a research note issued on Wednesday, Marketbeat reports. They currently have a $16.00 target price on the stock, down from their previous target price of $25.00. TD Cowen's price objective would indicate a potential downside of 0.68% from the stock's current price.

GO has been the subject of a number of other reports. Bank of America lowered Grocery Outlet from a "buy" rating to a "neutral" rating and lowered their price objective for the stock from $29.00 to $17.00 in a research report on Wednesday, October 30th. Wells Fargo & Company reduced their target price on Grocery Outlet from $28.00 to $26.00 and set an "overweight" rating for the company in a research note on Wednesday, October 30th. Craig Hallum downgraded shares of Grocery Outlet from a "buy" rating to a "hold" rating and dropped their price objective for the company from $32.00 to $20.00 in a report on Wednesday, July 31st. The Goldman Sachs Group decreased their target price on shares of Grocery Outlet from $17.00 to $15.00 and set a "sell" rating on the stock in a research report on Friday, November 1st. Finally, Melius Research started coverage on Grocery Outlet in a research note on Monday, September 23rd. They issued a "hold" rating and a $17.00 target price on the stock. Two analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $18.17.

Grocery Outlet Stock Up 10.6 %

NASDAQ GO traded up $1.55 during trading on Wednesday, reaching $16.11. 5,551,807 shares of the company's stock were exchanged, compared to its average volume of 1,820,757. The company has a 50 day moving average price of $16.66 and a two-hundred day moving average price of $19.75. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.29 and a current ratio of 1.29. The stock has a market cap of $1.58 billion, a P/E ratio of 29.83, a price-to-earnings-growth ratio of 3.57 and a beta of 0.13. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.98.

Grocery Outlet (NASDAQ:GO - Get Free Report) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The firm's quarterly revenue was up 10.4% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.25 EPS. On average, equities research analysts anticipate that Grocery Outlet will post 0.66 EPS for the current fiscal year.

Insiders Place Their Bets

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company's stock in a transaction that occurred 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 completion of the transaction, the director now 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 transaction was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the company's stock in a transaction 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 sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet 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 sale, 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 ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 500,095 shares of company stock worth $8,876,548. 4.50% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Grocery Outlet

Several institutional investors have recently bought and sold shares of GO. Angeles Investment Advisors LLC boosted its holdings in shares of Grocery Outlet by 18.5% during the third quarter. Angeles Investment Advisors LLC now owns 21,535 shares of the company's stock worth $378,000 after purchasing an additional 3,355 shares during the period. Geneva Capital Management LLC raised its stake in Grocery Outlet by 0.9% during the 3rd quarter. Geneva Capital Management LLC now owns 1,575,495 shares of the company's stock valued at $27,650,000 after purchasing an additional 13,561 shares during the period. Victory Capital Management Inc. grew its holdings in Grocery Outlet by 23.2% during the 3rd quarter. Victory Capital Management Inc. now owns 915,119 shares of the company's stock valued at $16,060,000 after buying an additional 172,050 shares in the last quarter. GSA Capital Partners LLP bought a new stake in Grocery Outlet during the third quarter worth approximately $2,507,000. Finally, Entropy Technologies LP bought a new stake in shares of Grocery Outlet in the 3rd quarter worth about $258,000. Hedge funds and other 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.