Grocery Outlet (NASDAQ:GO) Updates FY 2024 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY 2024 earnings guidance on Wednesday. The company provided earnings per share guidance of 0.890-0.950 for the period, compared to the consensus earnings per share estimate of 1.170. The company issued revenue guidance of $4.3 billion-$4.4 billion, compared to the consensus revenue estimate of $4.3 billion.

Grocery Outlet Trading Down 16.8 %

NASDAQ GO opened at $21.54 on Wednesday. Grocery Outlet has a 52-week low of $20.48 and a 52-week high of $36.54. The firm has a 50-day moving average price of $26.95 and a 200 day moving average price of $27.09. The stock has a market capitalization of $2.16 billion, a P/E ratio of 32.78, a P/E/G ratio of 2.47 and a beta of 0.13. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 0.24.

Grocery Outlet (NASDAQ:GO) last issued its earnings results on Tuesday, February 27th. The company reported $0.13 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. Grocery Outlet had a return on equity of 7.17% and a net margin of 2.00%. The business had revenue of $989.82 million during the quarter, compared to the consensus estimate of $982.44 million. Equities research analysts expect that Grocery Outlet will post 0.95 EPS for the current year.

Analysts Set New Price Targets

Several analysts recently commented on the stock. Craig Hallum upgraded shares of Grocery Outlet from a hold rating to a buy rating and set a $36.00 price objective for the company in a research note on Wednesday, February 28th. UBS Group lowered their price target on Grocery Outlet from $32.00 to $30.00 and set a neutral rating on the stock in a report on Wednesday, February 28th. Finally, Telsey Advisory Group decreased their target price on Grocery Outlet from $37.00 to $31.00 and set an outperform rating on the stock in a research report on Wednesday. Two investment analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the stock. According to MarketBeat.com, the company has an average rating of Hold and a consensus target price of $30.78.

Insider Activity at Grocery Outlet

In other news, CEO Robert Joseph Jr. Sheedy sold 10,456 shares of Grocery Outlet stock in a transaction on Monday, March 4th. The stock was sold at an average price of $26.33, for a total value of $275,306.48. Following the completion of the sale, the chief executive officer now owns 198,992 shares of the company’s stock, valued at $5,239,459.36. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Grocery Outlet news, insider Andrea Renee Bortner sold 4,112 shares of the company’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $26.33, for a total transaction of $108,268.96. Following the completion of the sale, the insider now directly owns 49,308 shares in the company, valued at $1,298,279.64. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Robert Joseph Jr. Sheedy sold 10,456 shares of the firm’s stock in a transaction dated Monday, March 4th. The stock was sold at an average price of $26.33, for a total value of $275,306.48. Following the completion of the transaction, the chief executive officer now owns 198,992 shares in the company, valued at $5,239,459.36. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 506,588 shares of company stock valued at $13,367,577. Company insiders own 4.50% 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.