Wells Fargo & Company Has Lowered Expectations for Grocery Outlet (NASDAQ:GO) Stock Price

Grocery Outlet (NASDAQ:GO) had its price target decreased by Wells Fargo & Company from $28.00 to $26.00 in a research note released on Wednesday, Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

GO has been the subject of a number of other research reports. Loop Capital began coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They set a “hold” rating and a $17.00 target price for the company. Roth Capital upgraded Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Melius Research started coverage on Grocery Outlet in a research report on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price on the stock. Roth Mkm lowered their price target on Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Telsey Advisory Group reissued an “outperform” rating and issued a $27.00 price objective on shares of Grocery Outlet in a research note on Tuesday. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $19.73.

Grocery Outlet Trading Up 5.2 %

GO stock opened at $15.05 on Wednesday. Grocery Outlet has a 52-week low of $13.60 and a 52-week high of $29.98. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The firm has a market cap of $1.47 billion, a P/E ratio of 27.87, a PEG ratio of 2.67 and a beta of 0.10. The company’s 50-day simple moving average is $16.81 and its 200-day simple moving average is $20.01.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.20 by $0.05. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. Grocery Outlet’s quarterly revenue was up 11.7% compared to the same quarter last year. During the same period last year, the company earned $0.23 earnings per share. As a group, equities analysts forecast that Grocery Outlet will post 0.68 EPS for the current fiscal year.

Insider Buying and Selling at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the stock in a transaction on 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 completion of the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction dated 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 sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction dated 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 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 disclosure for this sale can be found here. Insiders have sold 500,095 shares of company stock worth $8,876,548 over the last quarter. 4.50% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Grocery Outlet

Institutional investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC purchased a new stake in Grocery Outlet during the 1st quarter worth approximately $25,000. State of Michigan Retirement System boosted its position in Grocery Outlet by 2.5% in the 1st quarter. State of Michigan Retirement System now owns 24,380 shares of the company’s stock valued at $702,000 after buying an additional 600 shares during the period. Norden Group LLC acquired a new position in shares of Grocery Outlet in the first quarter worth $442,000. Oak Ridge Investments LLC increased its position in shares of Grocery Outlet by 1.2% during the first quarter. Oak Ridge Investments LLC now owns 73,820 shares of the company’s stock worth $2,125,000 after acquiring an additional 876 shares during the period. Finally, Capstone Investment Advisors LLC raised its stake in shares of Grocery Outlet by 161.1% in the first quarter. Capstone Investment Advisors LLC now owns 93,188 shares of the company’s stock valued at $2,682,000 after acquiring an additional 57,496 shares in the last quarter. 99.87% of the stock is owned by institutional investors and hedge funds.

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.