Grocery Outlet (NASDAQ:GO) Receives Market Perform Rating from Telsey Advisory Group

Telsey Advisory Group reissued their market perform rating on shares of Grocery Outlet (NASDAQ:GO) in a research report report published on Thursday,Benzinga reports. They currently have a $18.00 price target on the stock.

A number of other research analysts have also recently weighed in on the stock. The Goldman Sachs Group cut their price objective on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a report on Friday, November 1st. TD Cowen cut Grocery Outlet from a “buy” rating to a “hold” rating and reduced their price target for the stock from $25.00 to $16.00 in a report on Wednesday, November 6th. Roth Mkm lowered their price target on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Craig Hallum cut their price objective on Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Finally, Loop Capital assumed coverage on Grocery Outlet in a research report on Thursday, October 17th. They set a “hold” rating and a $17.00 target price on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Grocery Outlet presently has an average rating of “Hold” and a consensus price target of $18.00.

Grocery Outlet Stock Performance

Shares of NASDAQ GO traded up $0.41 during trading on Thursday, reaching $17.01. 235,726 shares of the company traded hands, compared to its average volume of 1,826,158. The stock has a market cap of $1.65 billion, a P/E ratio of 33.35, a PEG ratio of 4.74 and a beta of 0.25. The firm’s fifty day simple moving average is $17.86 and its 200 day simple moving average is $18.76. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. Grocery Outlet has a 12-month low of $13.60 and a 12-month high of $29.19.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The company had revenue of $1.11 billion during 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%. Grocery Outlet’s quarterly revenue was up 10.4% on a year-over-year basis. During the same period last year, the business earned $0.25 earnings per share. As a group, research analysts anticipate that Grocery Outlet will post 0.63 earnings per share for the current fiscal year.

Insiders Place Their Bets

In related news, Director Erik D. Ragatz purchased 110,000 shares of the business’s stock in a transaction that occurred on Friday, November 15th. The shares were purchased at an average cost of $18.25 per share, for a total transaction of $2,007,500.00. Following the purchase, the director now directly owns 539,785 shares of the company’s stock, valued at $9,851,076.25. The trade was a 25.59 % increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 4.50% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the company. Franklin Resources Inc. increased its stake in 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 purchasing an additional 529 shares during the period. Blue Trust Inc. increased its position in Grocery Outlet by 76.6% in the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after acquiring an additional 722 shares during the period. Innealta Capital LLC purchased a new stake in Grocery Outlet during the 2nd quarter valued at approximately $38,000. Capital Performance Advisors LLP acquired a new stake in Grocery Outlet during the 3rd quarter worth approximately $32,000. Finally, Arizona State Retirement System increased its holdings in shares of Grocery Outlet by 7.2% in the second quarter. Arizona State Retirement System now owns 27,779 shares of the company’s stock valued at $614,000 after purchasing an additional 1,862 shares during the period. Hedge funds and other institutional investors 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.