Bank of America Downgrades Grocery Outlet (NASDAQ:GO) to Neutral

Bank of America downgraded shares of Grocery Outlet (NASDAQ:GO) from a buy rating to a neutral rating in a research report report published on Wednesday, Marketbeat reports. Bank of America currently has $17.00 price objective on the stock, down from their previous price objective of $29.00.

Several other analysts have also issued reports on the company. Loop Capital initiated coverage on Grocery Outlet in a report on Thursday, October 17th. They set a “hold” rating and a $17.00 price objective for the company. Craig Hallum lowered Grocery Outlet from a “buy” rating to a “hold” rating and reduced their price target for the company from $32.00 to $20.00 in a report on Wednesday, July 31st. Telsey Advisory Group restated an “outperform” rating and issued a $27.00 price objective on shares of Grocery Outlet in a report on Tuesday. Roth Mkm reduced their target price on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Finally, Melius Research started coverage on shares of Grocery Outlet in a research note on Monday, September 23rd. They set a “hold” rating and a $17.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Grocery Outlet currently has an average rating of “Hold” and an average price target of $20.27.

Grocery Outlet Stock Down 16.3 %

Shares of Grocery Outlet stock opened at $13.90 on Wednesday. Grocery Outlet has a 1 year low of $13.60 and a 1 year high of $29.98. The company has a market cap of $1.36 billion, a P/E ratio of 25.74, a P/E/G ratio of 3.21 and a beta of 0.10. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. The stock has a 50-day moving average price of $16.93 and a 200 day moving average price of $20.13.

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

Insider Buying and Selling at Grocery Outlet

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction dated 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 transaction, 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 ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 500,095 shares of company stock worth $8,876,548 over the last ninety days. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

A number of hedge funds have recently modified their holdings of the company. Pallas Capital Advisors LLC bought a new position in Grocery Outlet in the third quarter worth $474,000. Nisa Investment Advisors LLC bought a new position in shares of Grocery Outlet during the 3rd quarter worth about $181,000. Semanteon Capital Management LP acquired a new stake in shares of Grocery Outlet during the 3rd quarter valued at about $434,000. Wealth Enhancement Advisory Services LLC bought a new stake in Grocery Outlet in the third quarter valued at about $801,000. Finally, Blue Trust Inc. raised its position in Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares in the last quarter. Institutional investors own 99.87% 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.