Grocery Outlet (NASDAQ:GO) Stock Rating Lowered by Wells Fargo & Company

Grocery Outlet (NASDAQ:GO) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, MarketBeat reports. They presently have a $10.50 price target on the stock, down from their prior price target of $16.00. Wells Fargo & Company‘s target price would indicate a potential upside of 7.03% from the company’s previous close.

Several other research analysts have also weighed in on the company. Bank of America cut their target price on Grocery Outlet from $19.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 5th. Zacks Research lowered Grocery Outlet from a “strong-buy” rating to a “hold” rating in a research note on Friday, November 14th. Morgan Stanley dropped their target price on shares of Grocery Outlet from $14.00 to $11.00 and set an “equal weight” rating for the company in a research report on Thursday, January 15th. DA Davidson restated a “neutral” rating and issued a $15.00 price target on shares of Grocery Outlet in a report on Thursday, December 4th. Finally, Deutsche Bank Aktiengesellschaft set a $11.00 price objective on shares of Grocery Outlet in a research note on Thursday, January 8th. Three analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, Grocery Outlet has an average rating of “Hold” and a consensus target price of $13.64.

Grocery Outlet Stock Performance

Shares of GO stock opened at $9.81 on Wednesday. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.25 and a current ratio of 1.30. The firm has a market capitalization of $962.75 million, a price-to-earnings ratio of -196.20, a price-to-earnings-growth ratio of 2.03 and a beta of 0.49. Grocery Outlet has a one year low of $8.96 and a one year high of $19.41. The company has a 50 day moving average price of $9.87 and a 200 day moving average price of $13.03.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of GO. PNC Financial Services Group Inc. grew its stake in shares of Grocery Outlet by 32.3% during the second quarter. PNC Financial Services Group Inc. now owns 2,942 shares of the company’s stock worth $37,000 after purchasing an additional 719 shares during the period. Thrivent Financial for Lutherans raised its position in shares of Grocery Outlet by 1.0% in the 2nd quarter. Thrivent Financial for Lutherans now owns 72,087 shares of the company’s stock valued at $895,000 after acquiring an additional 739 shares during the period. Bank of Montreal Can raised its position in shares of Grocery Outlet by 5.1% in the 2nd quarter. Bank of Montreal Can now owns 16,525 shares of the company’s stock valued at $205,000 after acquiring an additional 803 shares during the period. Amalgamated Bank boosted its stake in Grocery Outlet by 3.5% during the 3rd quarter. Amalgamated Bank now owns 28,875 shares of the company’s stock worth $463,000 after acquiring an additional 967 shares during the last quarter. Finally, Natixis Advisors LLC boosted its stake in Grocery Outlet by 5.5% during the 3rd quarter. Natixis Advisors LLC now owns 30,320 shares of the company’s stock worth $487,000 after acquiring an additional 1,591 shares during the last quarter. Institutional investors own 99.87% of the company’s stock.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. (NASDAQ: GO) is a specialty discount retailer that offers consumers deeply discounted groceries by purchasing excess inventory, closeouts, and overstocks from manufacturers and distributors. Headquartered in Emeryville, California, the company operates two primary banners—Grocery Outlet and Fresh2Go—with a combined footprint of more than 400 stores. Its product assortment spans fresh produce, meat, dairy, bakery items, household staples, natural and organic offerings, and select specialty products, all sold at significant markdowns compared to conventional supermarkets.

The company’s unique buying model enables it to source inventory through opportunistic purchases of surplus freight, discontinued items, and closeout deals, which it then passes on as savings to its customers.