Grocery Outlet (NYSE:GO) Issues FY 2019 Earnings Guidance

Grocery Outlet (NYSE:GO) issued an update on its FY 2019 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.68-0.71 for the period, compared to the Thomson Reuters consensus EPS estimate of $0.59. The company issued revenue guidance of $2.5-2.53 billion, compared to the consensus revenue estimate of $2.51 billion.

NYSE:GO traded up $0.06 during mid-day trading on Tuesday, hitting $37.60. The stock had a trading volume of 575,600 shares, compared to its average volume of 532,338. Grocery Outlet has a twelve month low of $27.75 and a twelve month high of $39.56. The stock has a 50 day simple moving average of $35.72.

GO has been the subject of several recent analyst reports. Bank of America initiated coverage on shares of Grocery Outlet in a research note on Monday, July 15th. They issued a neutral rating and a $37.00 target price for the company. Guggenheim initiated coverage on shares of Grocery Outlet in a research report on Monday, July 15th. They set a neutral rating for the company. Cowen initiated coverage on shares of Grocery Outlet in a research report on Monday, July 15th. They set an outperform rating and a $42.00 price objective for the company. Telsey Advisory Group initiated coverage on shares of Grocery Outlet in a research report on Monday, July 15th. They set an outperform rating and a $40.00 price objective for the company. Finally, Deutsche Bank initiated coverage on shares of Grocery Outlet in a research report on Tuesday, July 16th. They set a buy rating and a $40.00 price objective for the company. Five investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. Grocery Outlet presently has an average rating of Hold and an average target price of $36.75.

In other Grocery Outlet news, CFO Charles Bracher bought 2,610 shares of the stock in a transaction dated Monday, June 24th. The shares were bought at an average cost of $22.00 per share, with a total value of $57,420.00. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Jeffrey York bought 25,000 shares of the stock in a transaction dated Monday, June 24th. The shares were acquired at an average cost of $22.00 per share, for a total transaction of $550,000.00. The disclosure for this purchase can be found here. Insiders have acquired 58,530 shares of company stock valued at $1,287,660 over the last 90 days.

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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