Grocery Outlet (NASDAQ:GO) Trading Up 6.4%

Grocery Outlet Holding Corp. (NASDAQ:GO) shares were up 6.4% during mid-day trading on Thursday . The company traded as high as $23.96 and last traded at $23.87. Approximately 65,126 shares were traded during trading, a decline of 96% from the average daily volume of 1,566,319 shares. The stock had previously closed at $22.44.

A number of equities analysts recently weighed in on the stock. Telsey Advisory Group lowered their price objective on shares of Grocery Outlet from $45.00 to $38.00 and set an “outperform” rating on the stock in a research report on Wednesday, August 11th. Craig Hallum lowered their price objective on shares of Grocery Outlet from $42.00 to $35.00 and set a “hold” rating on the stock in a research report on Wednesday, August 11th. DA Davidson reduced their target price on Grocery Outlet from $43.00 to $35.00 and set a “buy” rating for the company in a report on Wednesday, August 11th. TheStreet downgraded Grocery Outlet from a “c-” rating to a “d+” rating in a report on Thursday, September 23rd. Finally, MKM Partners downgraded Grocery Outlet from a “buy” rating to a “neutral” rating and set a $29.00 target price for the company. in a report on Wednesday, August 11th. One research analyst has rated the stock with a sell rating, five have assigned a hold rating and three have assigned a buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $33.50.

The stock’s 50-day moving average is $24.85 and its 200-day moving average is $32.05. The stock has a market cap of $2.30 billion, a price-to-earnings ratio of 22.99, a price-to-earnings-growth ratio of 4.73 and a beta of -0.22. The company has a debt-to-equity ratio of 0.46, a current ratio of 1.88 and a quick ratio of 0.72.

Grocery Outlet (NASDAQ:GO) last announced its earnings results on Monday, August 9th. The company reported $0.23 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.01). Grocery Outlet had a return on equity of 12.73% and a net margin of 3.33%. The firm had revenue of $775.54 million for the quarter, compared to analyst estimates of $774.31 million. During the same quarter last year, the business posted $0.42 EPS. The firm’s revenue was down 3.5% compared to the same quarter last year. Analysts predict that Grocery Outlet Holding Corp. will post 0.81 EPS for the current fiscal year.

In other news, CEO Eric J. Jr. Lindberg sold 25,000 shares of Grocery Outlet stock in a transaction on Wednesday, July 21st. The stock was sold at an average price of $35.87, for a total transaction of $896,750.00. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director Thomas F. Herman sold 2,000 shares of Grocery Outlet stock in a transaction on Wednesday, September 15th. The shares were sold at an average price of $24.50, for a total value of $49,000.00. Following the transaction, the director now owns 14,883 shares in the company, valued at $364,633.50. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 29,000 shares of company stock worth $999,390. 11.80% of the stock is currently owned by insiders.

Several institutional investors and hedge funds have recently bought and sold shares of GO. Morgan Stanley lifted its position in Grocery Outlet by 189.9% in the second quarter. Morgan Stanley now owns 786,403 shares of the company’s stock worth $27,257,000 after purchasing an additional 515,159 shares during the period. Metropolitan Life Insurance Co NY increased its stake in shares of Grocery Outlet by 96,735.3% in the second quarter. Metropolitan Life Insurance Co NY now owns 16,462 shares of the company’s stock valued at $571,000 after buying an additional 16,445 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Grocery Outlet by 2.1% in the second quarter. Price T Rowe Associates Inc. MD now owns 1,196,672 shares of the company’s stock valued at $41,477,000 after acquiring an additional 24,123 shares during the last quarter. Balyasny Asset Management LLC boosted its holdings in Grocery Outlet by 37.3% in the second quarter. Balyasny Asset Management LLC now owns 208,999 shares of the company’s stock valued at $7,244,000 after acquiring an additional 56,734 shares during the last quarter. Finally, Boothbay Fund Management LLC bought a new position in Grocery Outlet in the second quarter valued at about $213,000. 99.57% of the stock is owned by institutional investors.

About Grocery Outlet (NASDAQ:GO)

Grocery Outlet Holding Corp. engages in the operation of retail stores in the United States. It offers name-brand consumables and fresh products through a network of independently operated stores. The company was founded by Jim Read in 1946 and is headquartered in Emeryville, CA.

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