Fisher Asset Management LLC Cuts Stake in Grocery Outlet Holding Corp. $GO

Fisher Asset Management LLC lowered its stake in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) by 3.4% in the 3rd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 2,566,874 shares of the company’s stock after selling 91,307 shares during the quarter. Fisher Asset Management LLC owned approximately 2.62% of Grocery Outlet worth $41,198,000 as of its most recent SEC filing.

Several other hedge funds have also added to or reduced their stakes in the stock. PNC Financial Services Group Inc. grew its position in shares of Grocery Outlet by 32.3% during the 2nd quarter. PNC Financial Services Group Inc. now owns 2,942 shares of the company’s stock valued at $37,000 after acquiring an additional 719 shares during the period. Thrivent Financial for Lutherans lifted its stake in Grocery Outlet by 1.0% in the second quarter. Thrivent Financial for Lutherans now owns 72,087 shares of the company’s stock valued at $895,000 after purchasing an additional 739 shares during the last quarter. Bank of Montreal Can grew its holdings in Grocery Outlet by 5.1% during the second quarter. Bank of Montreal Can now owns 16,525 shares of the company’s stock valued at $205,000 after purchasing an additional 803 shares during the period. Amalgamated Bank increased its position in Grocery Outlet by 3.5% in the third quarter. Amalgamated Bank now owns 28,875 shares of the company’s stock worth $463,000 after buying an additional 967 shares during the last quarter. Finally, Hantz Financial Services Inc. increased its position in Grocery Outlet by 591.5% in the third quarter. Hantz Financial Services Inc. now owns 2,033 shares of the company’s stock worth $33,000 after buying an additional 1,739 shares during the last quarter. Institutional investors own 99.87% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently weighed in on GO. Weiss Ratings reiterated a “sell (d)” rating on shares of Grocery Outlet in a research note on Thursday, January 22nd. 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 downgraded shares of Grocery Outlet from an “overweight” rating to an “equal weight” rating and reduced their target price for the stock from $16.00 to $10.50 in a research note on Wednesday, February 25th. UBS Group reissued a “neutral” rating and issued a $11.50 price target on shares of Grocery Outlet in a research report on Thursday, December 18th. Finally, DA Davidson reaffirmed a “neutral” rating and issued a $15.00 price objective on shares of Grocery Outlet in a report on Thursday, December 4th. Three investment 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. Based on data from MarketBeat.com, Grocery Outlet currently has a consensus rating of “Hold” and an average price target of $13.64.

Grocery Outlet Price Performance

Shares of NASDAQ:GO opened at $8.87 on Wednesday. The company has a 50 day moving average of $9.82 and a 200 day moving average of $12.77. 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 $870.50 million, a P/E ratio of -177.40, a P/E/G ratio of 1.88 and a beta of 0.50. Grocery Outlet Holding Corp. has a 12 month low of $8.76 and a 12 month high of $19.41.

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.