Grocery Outlet (NASDAQ:GO) Issues Quarterly Earnings Results, Beats Expectations By $0.01 EPS

Grocery Outlet (NASDAQ:GO) released its quarterly earnings results on Tuesday. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01, Briefing.com reports. The business had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The firm’s revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.25 earnings per share. Grocery Outlet updated its FY24 guidance to $0.77-0.80 EPS.

Grocery Outlet Price Performance

NASDAQ:GO traded up $1.08 during mid-day trading on Thursday, reaching $17.19. The stock had a trading volume of 4,255,923 shares, compared to its average volume of 1,832,124. The company has a debt-to-equity ratio of 0.31, a quick ratio of 0.29 and a current ratio of 1.29. Grocery Outlet has a one year low of $13.60 and a one year high of $29.98. The firm has a 50 day moving average price of $16.59 and a two-hundred day moving average price of $19.72. The stock has a market capitalization of $1.68 billion, a P/E ratio of 33.63, a P/E/G ratio of 3.42 and a beta of 0.13.

Insider Buying and Selling at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction 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 directly owns 70,938 shares of the company’s stock, valued at approximately $1,340,728.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this link. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction that occurred 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 owns 70,938 shares in the company, valued at $1,155,580.02. 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. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet 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 completion of the transaction, the director now 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. Over the last 90 days, insiders sold 500,095 shares of company stock worth $8,876,548. 4.50% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

GO has been the topic of several analyst reports. Deutsche Bank Aktiengesellschaft dropped their price target on shares of Grocery Outlet from $29.00 to $26.00 and set a “buy” rating on the stock in a research note on Wednesday. Craig Hallum dropped their target price on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday. Roth Mkm lowered their price objective on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday. Loop Capital initiated coverage on shares of Grocery Outlet in a research report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective for the company. Finally, Melius Research began coverage on shares of Grocery Outlet in a research note on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price on the stock. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, Grocery Outlet has a consensus rating of “Hold” and an average target price of $18.17.

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.