FY2024 EPS Estimates for Grocery Outlet Holding Corp. (NASDAQ:GO) Decreased by Analyst

Grocery Outlet Holding Corp. (NASDAQ:GO) – Equities researchers at DA Davidson lowered their FY2024 earnings estimates for Grocery Outlet in a report issued on Wednesday, September 25th. DA Davidson analyst M. Baker now forecasts that the company will post earnings per share of $0.69 for the year, down from their prior forecast of $0.70. The consensus estimate for Grocery Outlet’s current full-year earnings is $0.68 per share.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. The business had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The business’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the business earned $0.23 earnings per share.

A number of other analysts have also recently weighed in on the stock. UBS Group reduced their target price on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Roth Capital upgraded shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Telsey Advisory Group lowered their price objective on shares of Grocery Outlet from $31.00 to $27.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 7th. Melius Research assumed coverage on shares of Grocery Outlet in a research report on Monday, September 23rd. They set a “hold” rating and a $17.00 price objective on the stock. Finally, Craig Hallum cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and lowered their price objective for the stock from $32.00 to $20.00 in a research report on Wednesday, July 31st. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Grocery Outlet has a consensus rating of “Hold” and a consensus price target of $22.11.

Grocery Outlet Trading Up 3.5 %

Shares of NASDAQ:GO opened at $17.67 on Friday. The stock has a market capitalization of $1.73 billion, a price-to-earnings ratio of 27.61, a PEG ratio of 3.12 and a beta of 0.10. Grocery Outlet has a 1-year low of $15.72 and a 1-year high of $29.98. 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 50 day moving average price of $18.25 and a 200 day moving average price of $21.92.

Institutional Investors Weigh In On Grocery Outlet

Several institutional investors and hedge funds have recently modified their holdings of GO. Point72 Asset Management L.P. lifted its position in Grocery Outlet by 73.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 475,381 shares of the company’s stock worth $10,515,000 after acquiring an additional 201,881 shares during the last quarter. Lighthouse Investment Partners LLC lifted its position in Grocery Outlet by 54.0% during the 2nd quarter. Lighthouse Investment Partners LLC now owns 300,000 shares of the company’s stock worth $6,636,000 after acquiring an additional 105,160 shares during the last quarter. Millennium Management LLC lifted its position in Grocery Outlet by 677.6% during the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after acquiring an additional 1,726,741 shares during the last quarter. Solel Partners LP acquired a new position in Grocery Outlet during the 2nd quarter worth $35,980,000. Finally, Providence Capital Advisors LLC lifted its position in Grocery Outlet by 80.9% during the 2nd quarter. Providence Capital Advisors LLC now owns 285,803 shares of the company’s stock worth $6,322,000 after acquiring an additional 127,812 shares during the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction on Monday, August 19th. The shares were sold at an average price of $18.83, for a total transaction of $1,883,000.00. Following the completion of the sale, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $1,335,762.54. The disclosure for this sale can be found here. Insiders have sold a total of 500,095 shares of company stock worth $8,876,548 in the last ninety days. Corporate insiders own 4.50% 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.