Grocery Outlet’s (GO) Market Perform Rating Reiterated at Telsey Advisory Group

Grocery Outlet (NASDAQ:GO)‘s stock had its “market perform” rating reiterated by Telsey Advisory Group in a report issued on Wednesday,Benzinga reports. They presently have a $18.00 price target on the stock. Telsey Advisory Group’s price target would indicate a potential upside of 19.13% from the stock’s current price.

GO has been the subject of several other research reports. Bank of America downgraded shares of Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their target price for the stock from $29.00 to $17.00 in a report on Wednesday, October 30th. TD Cowen downgraded shares of Grocery Outlet from a “buy” rating to a “hold” rating and dropped their price objective for the company from $25.00 to $16.00 in a report on Wednesday, November 6th. Roth Mkm dropped their price objective on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Loop Capital assumed coverage on shares of Grocery Outlet in a report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price target for the company. Finally, Deutsche Bank Aktiengesellschaft lowered their price target on shares of Grocery Outlet from $29.00 to $26.00 and set a “buy” rating for the company in a report on Wednesday, November 6th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $18.00.

Grocery Outlet Price Performance

Shares of GO opened at $15.11 on Wednesday. The firm has a market cap of $1.47 billion, a PE ratio of 29.63, a P/E/G ratio of 16.92 and a beta of 0.31. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The firm has a fifty day simple moving average of $17.58 and a two-hundred day simple moving average of $17.83. Grocery Outlet has a 1-year low of $13.60 and a 1-year high of $29.19.

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

Insider Buying and Selling

In other news, Director Erik D. Ragatz acquired 110,000 shares of Grocery Outlet stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average cost of $18.25 per share, with a total value of $2,007,500.00. Following the transaction, the director now directly owns 539,785 shares of the company’s stock, valued at $9,851,076.25. This trade represents a 25.59 % increase in their position. The acquisition was disclosed in a filing with the SEC, which is available at this link. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grocery Outlet

A number of institutional investors have recently modified their holdings of the stock. Dimensional Fund Advisors LP increased its position in shares of Grocery Outlet by 22.1% during the second quarter. Dimensional Fund Advisors LP now owns 3,613,617 shares of the company’s stock worth $79,933,000 after acquiring an additional 655,065 shares during the period. State Street Corp increased its position in shares of Grocery Outlet by 0.6% during the third quarter. State Street Corp now owns 3,407,152 shares of the company’s stock worth $59,796,000 after acquiring an additional 21,237 shares during the period. Millennium Management LLC increased its position in shares of Grocery Outlet by 677.6% during the second quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after acquiring an additional 1,726,741 shares during the period. Geneva Capital Management LLC increased its position in shares of Grocery Outlet by 0.9% during the third quarter. Geneva Capital Management LLC now owns 1,575,495 shares of the company’s stock worth $27,650,000 after acquiring an additional 13,561 shares during the period. Finally, WCM Investment Management LLC increased its position in shares of Grocery Outlet by 3.8% during the third quarter. WCM Investment Management LLC now owns 1,264,133 shares of the company’s stock worth $22,337,000 after acquiring an additional 46,632 shares during the period. 99.87% of the stock is owned by hedge funds and other institutional investors.

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.