Grocery Outlet (NYSE:GO) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday, Zacks.com reports. The firm currently has a $37.00 price objective on the stock. Zacks Investment Research‘s target price points to a potential upside of 4.43% from the company’s current price.
According to Zacks, “Grocery Outlet Holding Corp. owns and operates a chain of grocery stores primarily in the United States. The company offers products which include 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. Grocery Outlet Holding Corp. is based in Emeryville, California. “
Several other equities analysts have also recently weighed in on GO. Craig Hallum initiated coverage on Grocery Outlet in a report on Wednesday, January 29th. They set a “buy” rating and a $47.00 price objective on the stock. Deutsche Bank cut their price objective on Grocery Outlet from $43.00 to $42.00 and set a “buy” rating on the stock in a report on Wednesday. Telsey Advisory Group reiterated an “outperform” rating on shares of Grocery Outlet in a report on Tuesday, March 17th. Finally, Morgan Stanley lifted their price objective on Grocery Outlet from $35.00 to $38.00 and gave the company an “equal weight” rating in a report on Wednesday. Five investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $41.20.
Shares of GO opened at $35.43 on Thursday. Grocery Outlet has a 1 year low of $27.75 and a 1 year high of $47.57. The stock’s 50-day moving average price is $31.76 and its two-hundred day moving average price is $32.89.
Grocery Outlet (NYSE:GO) last issued its earnings results on Tuesday, March 24th. The company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.17 by $0.04. The company had revenue of $655.52 million for the quarter, compared to the consensus estimate of $654.72 million. The business’s quarterly revenue was up 12.0% compared to the same quarter last year.
In other Grocery Outlet news, Director Thomas F. Herman sold 2,000 shares of the business’s stock in a transaction that occurred on Monday, March 16th. The stock was sold at an average price of $29.28, for a total value of $58,560.00. Following the sale, the director now owns 23,185 shares in the company, valued at approximately $678,856.80. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Charles Bracher sold 18,750 shares of the business’s stock in a transaction that occurred on Monday, January 27th. The shares were sold at an average price of $35.31, for a total value of $662,062.50. Following the completion of the sale, the chief financial officer now owns 60,840 shares in the company, valued at approximately $2,148,260.40. The disclosure for this sale can be found here. Insiders sold a total of 61,638 shares of company stock worth $2,161,939 in the last 90 days.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Great West Life Assurance Co. Can bought a new stake in Grocery Outlet in the 4th quarter valued at approximately $46,000. Atlas Capital Advisors LLC acquired a new position in shares of Grocery Outlet during the 4th quarter worth approximately $50,000. Zurcher Kantonalbank Zurich Cantonalbank acquired a new position in shares of Grocery Outlet during the 4th quarter worth approximately $82,000. Squar Milner Financial Services LLC acquired a new position in shares of Grocery Outlet during the 4th quarter worth approximately $83,000. Finally, Advisor Group Inc. increased its position in shares of Grocery Outlet by 627.8% during the 4th quarter. Advisor Group Inc. now owns 3,166 shares of the company’s stock worth $103,000 after purchasing an additional 2,731 shares during the last quarter.
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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