Telsey Advisory Group Reaffirms “Market Perform” Rating for Grocery Outlet (NASDAQ:GO)

Grocery Outlet (NASDAQ:GO)‘s stock had its “market perform” rating reissued by equities research analysts at Telsey Advisory Group in a report issued on Wednesday,Benzinga reports. They currently have a $18.00 price target on the stock. Telsey Advisory Group’s price target suggests a potential upside of 18.34% from the company’s previous close.

Several other research analysts have also recently issued reports on the stock. TD Cowen cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and lowered their target price for the company from $25.00 to $16.00 in a report on Wednesday, November 6th. Wells Fargo & Company reduced their price target on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday, November 6th. Roth Mkm reduced their price target 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, November 6th. Loop Capital started coverage on shares of Grocery Outlet in a research report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price target for the company. Finally, Craig Hallum reduced their price target 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, November 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $18.00.

Grocery Outlet Stock Down 4.6 %

GO traded down $0.74 during trading hours on Wednesday, hitting $15.21. 1,909,667 shares of the company’s stock were exchanged, compared to its average volume of 1,629,209. 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. The firm has a market cap of $1.48 billion, a P/E ratio of 29.82, a price-to-earnings-growth ratio of 16.92 and a beta of 0.31. The firm has a 50 day moving average of $17.66 and a 200 day moving average of $17.85.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the previous year, the business posted $0.25 EPS. The firm’s revenue was up 10.4% on a year-over-year basis. Analysts predict that Grocery Outlet will post 0.63 EPS for the current fiscal year.

Insider Activity

In other Grocery Outlet news, Director Erik D. Ragatz acquired 110,000 shares of the stock in a transaction that occurred on Friday, November 15th. The shares were purchased at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the purchase, the director now owns 539,785 shares in the company, valued at approximately $9,851,076.25. The trade was a 25.59 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through the SEC website. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

A number of large investors have recently added to or reduced their stakes in the business. Envestnet Asset Management Inc. boosted its stake in shares of Grocery Outlet by 12.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 79,507 shares of the company’s stock worth $1,759,000 after purchasing an additional 8,494 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in shares of Grocery Outlet by 22.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 3,613,617 shares of the company’s stock worth $79,933,000 after purchasing an additional 655,065 shares during the last quarter. Intech Investment Management LLC acquired a new stake in shares of Grocery Outlet during the 2nd quarter worth about $259,000. Canada Pension Plan Investment Board acquired a new stake in shares of Grocery Outlet during the 2nd quarter worth about $82,000. Finally, Thrivent Financial for Lutherans boosted its stake in shares of Grocery Outlet by 137.5% during the 2nd quarter. Thrivent Financial for Lutherans now owns 197,916 shares of the company’s stock worth $4,378,000 after purchasing an additional 114,576 shares during the last quarter. 99.87% of the stock is owned by institutional investors and hedge funds.

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.