Grocery Outlet (NASDAQ:GO) Downgraded to Equal Weight Rating by Wells Fargo & Company

Wells Fargo & Company lowered shares of Grocery Outlet (NASDAQ:GO) from an overweight rating to an equal weight rating in a research note published on Wednesday, Marketbeat reports. They currently have $10.50 price target on the stock, down from their prior price target of $16.00.

Other equities research analysts also recently issued research reports about the stock. The Goldman Sachs Group dropped their target price on shares of Grocery Outlet from $12.00 to $9.00 and set a “sell” rating for the company in a research report on Thursday, February 19th. TD Cowen lowered their price objective on Grocery Outlet from $18.00 to $16.00 and set a “hold” rating for the company in a report on Wednesday, November 5th. UBS Group reaffirmed a “neutral” rating and set a $11.50 target price on shares of Grocery Outlet in a report on Thursday, December 18th. Zacks Research downgraded shares of Grocery Outlet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 14th. Finally, DA Davidson restated a “neutral” rating and issued a $15.00 target price on shares of Grocery Outlet in a research note on Thursday, December 4th. Three equities research analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and two have given a Sell rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $13.64.

Grocery Outlet Stock Performance

Grocery Outlet stock opened at $9.99 on Wednesday. Grocery Outlet has a 52 week low of $8.96 and a 52 week high of $19.41. 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 $980.42 million, a P/E ratio of -199.80, a price-to-earnings-growth ratio of 2.05 and a beta of 0.49. The stock has a 50 day moving average of $9.87 and a 200-day moving average of $13.06.

Institutional Investors Weigh In On Grocery Outlet

Institutional investors have recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd lifted its holdings in shares of Grocery Outlet by 1,030.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 2,532 shares of the company’s stock valued at $26,000 after buying an additional 2,308 shares during the period. Bayforest Capital Ltd acquired a new stake in shares of Grocery Outlet during the third quarter worth $29,000. Hantz Financial Services Inc. lifted its holdings in shares of Grocery Outlet by 591.5% during the third quarter. Hantz Financial Services Inc. now owns 2,033 shares of the company’s stock valued at $33,000 after purchasing an additional 1,739 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Grocery Outlet in the 4th quarter valued at $35,000. Finally, PNC Financial Services Group Inc. increased its stake in Grocery Outlet by 32.3% in the 2nd 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 in the last quarter. 99.87% of the stock is currently owned by institutional investors and hedge funds.

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.