Wells Fargo & Company Issues Pessimistic Forecast for Grocery Outlet (NASDAQ:GO) Stock Price

Grocery Outlet (NASDAQ:GO - Free Report) had its price target lowered by Wells Fargo & Company from $26.00 to $23.00 in a research note released on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

Several other research firms also recently commented on GO. The Goldman Sachs Group reduced their price target on shares of Grocery Outlet from $17.00 to $15.00 and set a "sell" rating for the company in a research report on Friday, November 1st. Roth Capital upgraded Grocery Outlet from a "hold" rating to a "strong-buy" rating in a research report on Wednesday, August 7th. TD Cowen cut Grocery Outlet from a "buy" rating to a "hold" rating and decreased their price objective for the stock from $25.00 to $16.00 in a research report on Wednesday. Craig Hallum cut their price target on Grocery Outlet from $20.00 to $17.00 and set a "hold" rating for the company in a research note on Wednesday. Finally, Telsey Advisory Group lowered shares of Grocery Outlet from an "outperform" rating to a "market perform" rating and lowered their price objective for the company from $27.00 to $19.00 in a research report on Wednesday, October 30th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of "Hold" and a consensus target price of $18.17.

Grocery Outlet Stock Up 10.6 %

Shares of NASDAQ:GO traded up $1.55 on Wednesday, hitting $16.11. 5,551,807 shares of the company's stock were exchanged, compared to its average volume of 1,820,757. The firm's 50-day moving average is $16.66 and its 200 day moving average is $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 company has a market capitalization of $1.58 billion, a PE ratio of 29.83, a P/E/G 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 issued its quarterly earnings data on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01. The business had revenue of $1.11 billion during the quarter, compared to the consensus estimate 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 was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.25 EPS. Sell-side analysts predict that Grocery Outlet will post 0.66 EPS for the current year.

Insider Activity at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm'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 transaction of $1,890,000.00. Following the completion of the transaction, the director now directly 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 at this hyperlink. In other Grocery Outlet 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 directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction dated 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 sale, the director now owns 70,938 shares of the company's stock, valued at approximately $1,155,580.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders have sold 500,095 shares of company stock valued at $8,876,548. Insiders own 4.50% of the company's stock.

Institutional Investors Weigh In On Grocery Outlet

Institutional investors have recently bought and sold shares of the stock. Angeles Investment Advisors LLC grew its position in Grocery Outlet by 18.5% during the third quarter. Angeles Investment Advisors LLC now owns 21,535 shares of the company's stock valued at $378,000 after acquiring an additional 3,355 shares during the period. Geneva Capital Management LLC increased its position 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 worth $27,650,000 after purchasing an additional 13,561 shares in the last quarter. Victory Capital Management Inc. lifted its position in Grocery Outlet by 23.2% during the third 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 acquired a new position in Grocery Outlet during the third quarter valued at approximately $2,507,000. Finally, Entropy Technologies LP acquired a new stake in shares of Grocery Outlet in the third quarter worth $258,000. 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.