Grocery Outlet (NASDAQ:GO) Earns Market Perform Rating from Telsey Advisory Group

Grocery Outlet (NASDAQ:GO)‘s stock had its “market perform” rating reaffirmed by equities research analysts at Telsey Advisory Group in a research note issued on Thursday,Benzinga reports. They currently have a $18.00 price target on the stock. Telsey Advisory Group’s price target would suggest a potential upside of 7.59% from the company’s previous close.

Several other research firms have also recently weighed in on GO. Wells Fargo & Company cut their price target on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. TD Cowen downgraded Grocery Outlet from a “buy” rating to a “hold” rating and cut their target price for the stock from $25.00 to $16.00 in a research note on Wednesday, November 6th. UBS Group decreased their price target on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Roth Mkm cut their price objective on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Finally, Bank of America lowered Grocery Outlet from a “buy” rating to a “neutral” rating and decreased their target price for the company from $29.00 to $17.00 in a research report on Wednesday, October 30th. One research analyst has 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’s stock. Based on data from MarketBeat, Grocery Outlet currently has a consensus rating of “Hold” and an average target price of $18.00.

Grocery Outlet Price Performance

Shares of NASDAQ:GO opened at $16.73 on Thursday. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.19. The stock’s 50 day moving average is $17.87 and its 200-day moving average is $18.72. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.63 billion, a price-to-earnings ratio of 32.80, a PEG ratio of 4.74 and a beta of 0.25.

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

Insider Activity

In related news, Director Erik D. Ragatz acquired 110,000 shares of the firm’s stock in a transaction that occurred on Friday, November 15th. The shares were bought at an average cost of $18.25 per share, for a total transaction of $2,007,500.00. Following the completion of the transaction, the director now owns 539,785 shares in the company, valued at approximately $9,851,076.25. This trade represents a 25.59 % increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Company insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

Large investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. grew its position in Grocery Outlet by 1.8% during the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock valued at $526,000 after acquiring an additional 529 shares during the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Grocery Outlet in the 3rd quarter valued at $360,000. Barclays PLC grew its holdings in shares of Grocery Outlet by 1,224.1% during the 3rd quarter. Barclays PLC now owns 300,393 shares of the company’s stock valued at $5,271,000 after purchasing an additional 277,706 shares during the last quarter. Y Intercept Hong Kong Ltd purchased a new position in Grocery Outlet in the 3rd quarter worth $511,000. Finally, Jane Street Group LLC lifted its stake in Grocery Outlet by 357.7% in the third quarter. Jane Street Group LLC now owns 519,542 shares of the company’s stock worth $9,118,000 after purchasing an additional 406,039 shares during the last quarter. Hedge funds and other institutional investors own 99.87% 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.