Grocery Outlet (NASDAQ:GO) Issues Quarterly Earnings Results

Grocery Outlet (NASDAQ:GO) released its earnings results on Tuesday. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01, Briefing.com reports. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The firm had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the company earned $0.25 EPS. The business’s quarterly revenue was up 10.4% compared to the same quarter last year. Grocery Outlet updated its FY24 guidance to $0.77-0.80 EPS.

Grocery Outlet Trading Up 10.1 %

Shares of NASDAQ GO traded up $1.47 during midday trading on Wednesday, hitting $16.03. The stock had a trading volume of 2,845,554 shares, compared to its average volume of 1,808,165. The firm has a market cap of $1.57 billion, a P/E ratio of 30.09, a price-to-earnings-growth ratio of 3.57 and a beta of 0.13. Grocery Outlet has a fifty-two week low of $13.60 and a fifty-two week high of $29.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29. The company’s 50-day simple moving average is $16.74 and its 200 day simple moving average is $19.84.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Telsey Advisory Group cut their target price on Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating for the company in a research note on Wednesday. Melius Research began coverage on shares of Grocery Outlet in a research report on Monday, September 23rd. They set a “hold” rating and a $17.00 target price on the stock. Loop Capital initiated coverage on Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective on the stock. TD Cowen cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and dropped their target price for the stock from $25.00 to $16.00 in a research report on Wednesday. Finally, Craig Hallum reduced their price target on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $18.17.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the transaction, the director now owns 70,938 shares of the company’s stock, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now owns 70,938 shares in the company, valued at approximately $1,340,728.20. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $16.29, for a total value of $3,259,547.55. Following the transaction, the director now owns 70,938 shares in the company, valued at approximately $1,155,580.02. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,095 shares of company stock valued at $8,876,548 over the last 90 days. 4.50% of the stock is owned by company insiders.

About Grocery Outlet

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.