Grocery Outlet (NASDAQ:GO) Issues FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.89-$0.95 for the period, compared to the consensus estimate of $1.17. The company issued revenue guidance of $4.3-$4.35 billion, compared to the consensus revenue estimate of $4.34 billion.

Grocery Outlet Stock Down 19.4 %

GO traded down $5.02 during trading on Wednesday, hitting $20.88. The company had a trading volume of 10,716,829 shares, compared to its average volume of 1,343,403. The firm’s 50-day moving average price is $26.94 and its 200 day moving average price is $27.07. The company has a market capitalization of $2.09 billion, a PE ratio of 26.59, a PEG ratio of 2.47 and a beta of 0.13. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 0.24. Grocery Outlet has a one year low of $19.73 and a one year high of $36.54.

Grocery Outlet (NASDAQ:GO) last announced its earnings results on Tuesday, February 27th. The company reported $0.13 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.11 by $0.02. The business had revenue of $989.82 million for the quarter, compared to analyst estimates of $982.44 million. Grocery Outlet had a return on equity of 7.17% and a net margin of 2.00%. As a group, equities analysts expect that Grocery Outlet will post 0.95 earnings per share for the current year.

Analysts Set New Price Targets

GO has been the topic of several recent analyst reports. UBS Group lowered their price target on Grocery Outlet from $30.00 to $27.00 and set a neutral rating on the stock in a research report on Wednesday. Telsey Advisory Group dropped their price target on shares of Grocery Outlet from $37.00 to $31.00 and set an outperform rating on the stock in a research report on Wednesday. Finally, Craig Hallum raised shares of Grocery Outlet from a hold rating to a buy rating and set a $36.00 price objective for the company in a research report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, Grocery Outlet presently has an average rating of Hold and an average target price of $30.44.

Insider Buying and Selling

In other news, Director Thomas F. Herman sold 2,000 shares of the stock in a transaction that occurred on Wednesday, February 28th. The stock was sold at an average price of $29.00, for a total transaction of $58,000.00. Following the transaction, the director now owns 11,400 shares in the company, valued at $330,600. The sale was disclosed in a filing with the SEC, which is available through the SEC website. In other Grocery Outlet news, Director Thomas F. Herman sold 2,000 shares of Grocery Outlet stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $29.00, for a total value of $58,000.00. Following the completion of the sale, the director now owns 11,400 shares in the company, valued at approximately $330,600. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric J. Jr. Lindberg sold 300,000 shares of the stock in a transaction that occurred on Friday, March 1st. The stock was sold at an average price of $26.16, for a total transaction of $7,848,000.00. Following the transaction, the director now owns 107,123 shares in the company, valued at approximately $2,802,337.68. The disclosure for this sale can be found here. In the last 90 days, insiders sold 506,588 shares of company stock valued at $13,367,577. Company insiders own 4.50% 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.