Brokerages predict that Grocery Outlet Holding Corp. (NYSE:GO) will announce sales of $632.80 million for the current quarter, Zacks reports. Two analysts have provided estimates for Grocery Outlet’s earnings, with the lowest sales estimate coming in at $630.00 million and the highest estimate coming in at $635.60 million. The firm is expected to issue its next earnings results on Tuesday, November 12th.
According to Zacks, analysts expect that Grocery Outlet will report full year sales of $2.54 billion for the current financial year, with estimates ranging from $2.53 billion to $2.54 billion. For the next year, analysts forecast that the firm will post sales of $2.86 billion, with estimates ranging from $2.84 billion to $2.89 billion. Zacks Investment Research’s sales averages are a mean average based on a survey of analysts that that provide coverage for Grocery Outlet.
Grocery Outlet (NYSE:GO) last issued its earnings results on Tuesday, August 13th. The company reported $0.20 EPS for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $645.30 million for the quarter, compared to analysts’ expectations of $626.60 million. The company’s revenue for the quarter was up 12.2% on a year-over-year basis.
Several analysts have commented on GO shares. Guggenheim started coverage on Grocery Outlet in a research note on Monday, July 15th. They set a “neutral” rating on the stock. Bank of America increased their target price on Grocery Outlet from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Morgan Stanley assumed coverage on Grocery Outlet in a research note on Monday, July 15th. They issued an “equal weight” rating and a $30.00 price target on the stock. Deutsche Bank raised their price target on Grocery Outlet from $40.00 to $43.00 and gave the stock a “buy” rating in a research note on Wednesday, August 14th. Finally, Barclays restated a “hold” rating and issued a $37.00 price target on shares of Grocery Outlet in a research note on Thursday, August 15th. Five research analysts have rated the stock with a hold rating and four have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $40.00.
GO traded up $0.13 during trading on Friday, hitting $34.49. 9,964 shares of the company’s stock traded hands, compared to its average volume of 603,029. The business’s 50 day moving average is $39.71. Grocery Outlet has a 12-month low of $27.75 and a 12-month high of $47.57.
Several hedge funds have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new position in Grocery Outlet during the second quarter valued at $25,921,000. Janus Henderson Group PLC purchased a new position in Grocery Outlet during the second quarter valued at $486,000. Point72 Hong Kong Ltd purchased a new position in Grocery Outlet during the second quarter valued at $390,000. BlueMountain Capital Management LLC purchased a new position in Grocery Outlet during the second quarter valued at $2,302,000. Finally, Wasatch Advisors Inc. purchased a new position in Grocery Outlet during the second quarter valued at $21,111,000.
About Grocery Outlet
Grocery Outlet Holding Corp. owns and operates a chain of grocery stores in the United States. The company offers products in various categories, such as grocery, dairy and deli, produce, refrigerated and frozen, floral, beer and wine, general merchandise, and health and beauty care, as well as fresh meat and seafood; and natural, organic, specialty, and healthy products.
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