Grocery Outlet (NYSE:GO) Price Target Raised to $50.00 at Jefferies Financial Group

Grocery Outlet (NYSE:GO) had its price objective lifted by equities researchers at Jefferies Financial Group from $41.00 to $50.00 in a research note issued on Wednesday, The Fly reports. The brokerage currently has a “buy” rating on the stock. Jefferies Financial Group’s price target indicates a potential upside of 28.80% from the company’s previous close.

A number of other equities analysts also recently commented on GO. Telsey Advisory Group initiated coverage on shares of Grocery Outlet in a research note on Monday, July 15th. They set an “outperform” rating and a $40.00 target price on the stock. Guggenheim initiated coverage on shares of Grocery Outlet in a research note on Monday, July 15th. They issued a “neutral” rating on the stock. Morgan Stanley initiated coverage on shares of Grocery Outlet in a research note on Monday, July 15th. They issued an “equal weight” rating and a $30.00 price target on the stock. Goldman Sachs Group initiated coverage on shares of Grocery Outlet in a research note on Monday, July 15th. They issued a “neutral” rating and a $32.00 price target on the stock. Finally, Deutsche Bank boosted their price target on shares of Grocery Outlet from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday. Five research analysts have rated the stock with a hold rating and four have given a buy rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $39.38.

GO stock traded up $1.22 during trading on Wednesday, reaching $38.82. 3,247,321 shares of the stock were exchanged, compared to its average volume of 612,982. The stock has a 50 day simple moving average of $35.95. Grocery Outlet has a 1 year low of $27.75 and a 1 year high of $42.31.

Grocery Outlet (NYSE:GO) last issued its earnings results on Tuesday, August 13th. The company reported $0.20 EPS for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $645.30 million for the quarter, compared to analysts’ expectations of $626.60 million. The firm’s revenue was up 12.2% compared to the same quarter last year.

In other Grocery Outlet news, President Robert Joseph Jr. Sheedy acquired 10,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was purchased at an average price of $22.00 per share, for a total transaction of $220,000.00. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Steven K. Wilson acquired 20,000 shares of the company’s stock in a transaction that occurred on Monday, June 24th. The stock was acquired at an average price of $22.00 per share, with a total value of $440,000.00. The disclosure for this purchase can be found here. Insiders bought a total of 58,530 shares of company stock worth $1,287,660 over the last three months.

Several hedge funds have recently made changes to their positions in the stock. Cubist Systematic Strategies LLC purchased a new stake in Grocery Outlet in the 2nd quarter valued at $147,000. Pentwater Capital Management LP purchased a new stake in Grocery Outlet in the 2nd quarter valued at $986,000. Morgan Stanley purchased a new stake in Grocery Outlet in the 2nd quarter valued at $1,795,000. Bank of America Corp DE purchased a new stake in Grocery Outlet in the 2nd quarter valued at $1,314,000. Finally, Marshall Wace North America L.P. purchased a new stake in Grocery Outlet in the 2nd quarter valued at $2,902,000.

Grocery Outlet Company Profile

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.

See Also: Buy Rating

The Fly

Analyst Recommendations for Grocery Outlet (NYSE:GO)

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