Grocery Outlet (NASDAQ:GO) Given New $18.00 Price Target at Wells Fargo & Company

Grocery Outlet (NASDAQ:GO) had its target price trimmed by Wells Fargo & Company from $23.00 to $18.00 in a research note issued to investors on Wednesday morning,Benzinga reports. The brokerage currently has an overweight rating on the stock.

Several other research firms have also recently commented on GO. Bank of America cut their target price on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday. Craig Hallum cut their price objective on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. The Goldman Sachs Group decreased their target price 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. UBS Group cut their price target on shares of Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Finally, Telsey Advisory Group reduced their price objective on shares of Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $15.58.

Grocery Outlet Stock Performance

GO opened at $10.99 on Wednesday. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33. The company has a market capitalization of $1.07 billion, a price-to-earnings ratio of 21.55, a P/E/G ratio of 9.08 and a beta of 0.32. The business’s 50-day moving average price is $16.14 and its two-hundred day moving average price is $17.14. Grocery Outlet has a 1 year low of $10.26 and a 1 year high of $29.19.

Hedge Funds Weigh In On Grocery Outlet

Institutional investors have recently bought and sold shares of the business. Franklin Resources Inc. lifted its position in shares of Grocery Outlet by 1.8% in the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock valued at $526,000 after buying an additional 529 shares during the last quarter. Amundi lifted its holdings in Grocery Outlet by 0.6% during the 4th quarter. Amundi now owns 116,139 shares of the company’s stock valued at $1,895,000 after purchasing an additional 719 shares during the last quarter. Blue Trust Inc. lifted its holdings in Grocery Outlet by 76.6% during the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares during the last quarter. Cedar Wealth Management LLC boosted its position in Grocery Outlet by 3.9% during the fourth quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company’s stock worth $318,000 after purchasing an additional 765 shares during the period. Finally, Wealth Enhancement Advisory Services LLC increased its holdings in shares of Grocery Outlet by 2.7% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock valued at $732,000 after purchasing an additional 1,240 shares during the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

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.