Grocery Outlet (NASDAQ:GO) Price Target Lowered to $17.00 at Craig Hallum

Grocery Outlet (NASDAQ:GO) had its price target cut by Craig Hallum from $20.00 to $17.00 in a research note released on Wednesday morning,Benzinga reports. They currently have a hold rating on the stock.

A number of other research firms have also commented on GO. Melius Research initiated coverage on shares of Grocery Outlet in a research note on Monday, September 23rd. They set a “hold” rating and a $17.00 price objective for the company. UBS Group dropped their price target on Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Roth Capital upgraded Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Roth Mkm lowered their price objective on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research report on Wednesday, August 7th. Finally, The Goldman Sachs Group cut 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. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Grocery Outlet currently has a consensus rating of “Hold” and an average price target of $18.17.

Grocery Outlet Stock Performance

Shares of GO traded up $0.61 during trading hours on Wednesday, reaching $17.80. 3,080,337 shares of the company’s stock traded hands, compared to its average volume of 2,554,729. The business’s fifty day simple moving average is $16.55 and its two-hundred day simple moving average is $19.64. The firm has a market capitalization of $1.74 billion, a price-to-earnings ratio of 34.90, a P/E/G ratio of 3.92 and a beta of 0.13. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.29. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.98.

Grocery Outlet (NASDAQ:GO) last issued 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 company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. Grocery Outlet had a return on equity of 5.25% and a net margin of 1.20%. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same period last year, the firm earned $0.25 EPS. Analysts predict that Grocery Outlet will post 0.65 earnings per share for the current year.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction dated 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 approximately $1,340,728.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing 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 Grocery Outlet stock in a transaction 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 completion of the sale, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’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 completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 500,095 shares of company stock valued at $8,876,548. Insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

A number of large investors have recently added to or reduced their stakes in GO. Moran Wealth Management LLC bought a new stake in shares of Grocery Outlet during the third quarter worth approximately $2,581,000. Connor Clark & Lunn Investment Management Ltd. bought a new position in shares of Grocery Outlet in the 3rd quarter valued at $441,000. Quest Partners LLC acquired a new stake in Grocery Outlet in the third quarter valued at about $266,000. Thrivent Financial for Lutherans boosted its position in Grocery Outlet by 5.9% in the third quarter. Thrivent Financial for Lutherans now owns 209,531 shares of the company’s stock valued at $3,677,000 after buying an additional 11,615 shares in the last quarter. Finally, Angeles Investment Advisors LLC grew 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 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.