The Goldman Sachs Group Lowers Grocery Outlet (NASDAQ:GO) Price Target to $9.00

Grocery Outlet (NASDAQ:GO) had its target price lowered by equities research analysts at The Goldman Sachs Group from $12.00 to $9.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “sell” rating on the stock. The Goldman Sachs Group’s price objective suggests a potential downside of 13.13% from the company’s previous close.

Other analysts also recently issued research reports about the stock. Deutsche Bank Aktiengesellschaft set a $11.00 price target on shares of Grocery Outlet in a research note on Thursday, January 8th. Zacks Research downgraded shares of Grocery Outlet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 14th. Wells Fargo & Company decreased their price objective on Grocery Outlet from $19.00 to $16.00 and set an “overweight” rating for the company in a report on Friday, December 19th. Weiss Ratings reiterated a “sell (d)” rating on shares of Grocery Outlet in a research note on Thursday, January 22nd. Finally, UBS Group reissued a “neutral” rating and issued a $11.50 price objective on shares of Grocery Outlet in a report on Thursday, December 18th. Four investment analysts have rated the stock with a Buy rating, seven have issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $14.14.

Grocery Outlet Price Performance

GO stock opened at $10.36 on Thursday. The company has a current ratio of 1.30, a quick ratio of 0.25 and a debt-to-equity ratio of 0.40. The stock has a market cap of $1.02 billion, a PE ratio of -207.20, a P/E/G ratio of 2.07 and a beta of 0.49. Grocery Outlet has a 12 month low of $8.96 and a 12 month high of $19.41. The company has a 50-day moving average price of $9.89 and a 200 day moving average price of $13.23.

Institutional Investors Weigh In On Grocery Outlet

Several institutional investors and hedge funds have recently added to or reduced their stakes in GO. PNC Financial Services Group Inc. boosted its position in 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 acquiring an additional 719 shares during the last quarter. Thrivent Financial for Lutherans raised its holdings in 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 buying an additional 739 shares during the period. Bank of Montreal Can raised its stake 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 lifted its stake in Grocery Outlet by 3.5% during the third quarter. Amalgamated Bank now owns 28,875 shares of the company’s stock worth $463,000 after purchasing an additional 967 shares in the last quarter. Finally, Natixis Advisors LLC lifted 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 in the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

About Grocery Outlet

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.