Grocery Outlet (NASDAQ:GO) Cut to Hold at TD Cowen

TD Cowen lowered shares of Grocery Outlet (NASDAQ:GO) from a buy rating to a hold rating in a research note released on Wednesday morning, Marketbeat reports. They currently have $16.00 target price on the stock, down from their prior target price of $25.00.

GO has been the subject of a number of other reports. Bank of America lowered shares of Grocery Outlet from a “buy” rating to a “neutral” rating and decreased their target price for the company from $29.00 to $17.00 in a research note on Wednesday, October 30th. UBS Group cut their price objective on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Loop Capital began coverage on shares of Grocery Outlet in a research report on Thursday, October 17th. They set a “hold” rating and a $17.00 price objective for the company. Finally, Roth Mkm cut their price objective on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $18.00.

Grocery Outlet Stock Performance

Shares of GO opened at $17.80 on Wednesday. The company has a quick ratio of 0.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. The business’s 50 day moving average price is $16.55 and its 200-day moving average price is $19.64. Grocery Outlet has a 52 week low of $13.60 and a 52 week high of $29.98. The stock has a market cap of $1.74 billion, a P/E ratio of 34.90, a P/E/G ratio of 3.92 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, topping analysts’ consensus estimates of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.25% and a net margin of 1.20%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the firm posted $0.25 EPS. The business’s revenue for the quarter was up 10.4% compared to the same quarter last year. Equities research analysts anticipate that Grocery Outlet will post 0.65 earnings per share for the current fiscal year.

Insider Activity

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now directly owns 70,938 shares in the company, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the transaction, the director now owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $1,340,728.20. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 500,095 shares of company stock worth $8,876,548. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GO. Allspring Global Investments Holdings LLC purchased a new position in Grocery Outlet in the first quarter valued at $25,000. Blue Trust Inc. increased its holdings in Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after buying an additional 722 shares in the last quarter. Capital Performance Advisors LLP purchased a new position in Grocery Outlet in the third quarter valued at $32,000. Innealta Capital LLC purchased a new position in Grocery Outlet in the second quarter valued at $38,000. Finally, Canada Pension Plan Investment Board purchased a new position in Grocery Outlet in the second quarter valued at $82,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

About Grocery Outlet

Grocery Outlet Holding Corp. operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. Its stores offer products in various categories, such as dairy and deli, produce, floral, fresh meat, seafood products, grocery, general merchandise, health and beauty care, frozen food, beer and wine, and ethnic products.