Grocery Outlet (NASDAQ:GO) Updates FY22 Earnings Guidance

Grocery Outlet (NASDAQ:GOGet Rating) updated its FY22 earnings guidance on Tuesday. The company provided earnings per share guidance of $0.94-$0.99 for the period, compared to the consensus earnings per share estimate of $0.95. The company issued revenue guidance of $3.39-$3.42 billion, compared to the consensus revenue estimate of $3.36 billion.Grocery Outlet also updated its FY 2022 guidance to $0.94-$0.99 EPS.

Several brokerages have recently issued reports on GO. Telsey Advisory Group reaffirmed an outperform rating on shares of Grocery Outlet in a research report on Thursday, February 24th. Cowen raised their target price on Grocery Outlet from $30.00 to $32.00 in a research report on Thursday, March 3rd. TheStreet raised Grocery Outlet from a d+ rating to a c- rating in a report on Friday, February 25th. Bank of America raised Grocery Outlet from an underperform rating to a buy rating and lifted their price objective for the stock from $23.00 to $37.00 in a report on Friday, April 29th. They noted that the move was a valuation call. Finally, Deutsche Bank Aktiengesellschaft raised Grocery Outlet from a hold rating to a buy rating and lifted their price objective for the stock from $29.00 to $40.00 in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and four have issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $31.90.

GO stock opened at $31.07 on Wednesday. The company has a quick ratio of 0.70, a current ratio of 1.86 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.99 billion, a price-to-earnings ratio of 49.32, a PEG ratio of 3.36 and a beta of -0.19. Grocery Outlet has a twelve month low of $21.01 and a twelve month high of $41.31. The firm’s 50-day moving average is $32.55.

Grocery Outlet (NASDAQ:GOGet Rating) last posted its earnings results on Tuesday, May 10th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. The business had revenue of $831.40 million during the quarter, compared to analyst estimates of $810.39 million. Grocery Outlet had a return on equity of 8.98% and a net margin of 2.02%. The company’s quarterly revenue was up 10.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.23 EPS. As a group, sell-side analysts expect that Grocery Outlet will post 0.95 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 dated Monday, April 11th. The stock was sold at an average price of $36.04, for a total transaction of $901,000.00. Following the completion of the sale, the chief executive officer now owns 76,114 shares in the company, valued at approximately $2,743,148.56. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, SVP Steven K. Wilson sold 2,469 shares of Grocery Outlet stock in a transaction dated Thursday, March 3rd. The shares were sold at an average price of $28.33, for a total value of $69,946.77. The disclosure for this sale can be found here. Insiders have sold a total of 130,980 shares of company stock valued at $4,318,598 in the last ninety days. Insiders own 11.80% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of the company. Advisor Group Holdings Inc. boosted its position in shares of Grocery Outlet by 51.3% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,508 shares of the company’s stock valued at $192,000 after acquiring an additional 1,868 shares during the last quarter. BlackRock Inc. boosted its position in shares of Grocery Outlet by 4.7% during the 4th quarter. BlackRock Inc. now owns 8,220,729 shares of the company’s stock valued at $232,483,000 after acquiring an additional 368,445 shares during the last quarter. Goldman Sachs Group Inc. boosted its position in shares of Grocery Outlet by 36.3% during the 4th quarter. Goldman Sachs Group Inc. now owns 738,324 shares of the company’s stock valued at $20,880,000 after acquiring an additional 196,730 shares during the last quarter. Parametric Portfolio Associates LLC lifted its position in Grocery Outlet by 131.7% in the 4th quarter. Parametric Portfolio Associates LLC now owns 172,327 shares of the company’s stock worth $4,873,000 after buying an additional 97,940 shares during the last quarter. Finally, Metropolitan Life Insurance Co NY lifted its position in Grocery Outlet by 10.1% in the 4th quarter. Metropolitan Life Insurance Co NY now owns 15,633 shares of the company’s stock worth $442,000 after buying an additional 1,432 shares during the last quarter. Hedge funds and other institutional investors own 96.41% of the company’s stock.

Grocery Outlet Company Profile (Get Rating)

Grocery Outlet Holding Corp. owns and operates a network of independently operated stores in the United States. The company's stores offer products in various categories, such as dairy and deli, produce, floral, and fresh meat and seafood products, as well as grocery, general merchandise, health and beauty care, frozen foods, and beer and wine.

Further Reading

Earnings History and Estimates for Grocery Outlet (NASDAQ:GO)

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