Grocery Outlet (NASDAQ:GO) Upgraded at Bank of America

Bank of America upgraded shares of Grocery Outlet (NASDAQ:GO) from a neutral rating to a buy rating in a report released on Wednesday morning, Marketbeat.com reports. The brokerage currently has $15.00 price objective on the stock, up from their prior price objective of $12.50.

Other equities analysts have also recently issued research reports about the company. Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $9.00 price target on shares of Grocery Outlet in a research report on Thursday, August 13th. Weiss Ratings raised Grocery Outlet from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, August 13th. Telsey Advisory Group reiterated a “market perform” rating on shares of Grocery Outlet in a research note on Thursday, August 13th. Roth Capital reissued a “neutral” rating and issued a $10.00 target price on shares of Grocery Outlet in a report on Thursday, August 13th. Finally, Morgan Stanley upped their price target on Grocery Outlet from $7.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. One analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Reduce” and a consensus target price of $10.50.

Grocery Outlet Stock Performance

Shares of Grocery Outlet stock opened at $11.62 on Wednesday. The firm’s fifty day simple moving average is $11.05 and its 200-day simple moving average is $9.26. The stock has a market capitalization of $1.15 billion, a price-to-earnings ratio of -3.00, a PEG ratio of 8.18 and a beta of 0.66. Grocery Outlet has a 12 month low of $5.66 and a 12 month high of $16.99. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.29 and a quick ratio of 0.30.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings results on Wednesday, August 12th. The company reported $0.20 earnings per share for the quarter, topping analysts’ consensus estimates of $0.13 by $0.07. The firm had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.17 billion. Grocery Outlet had a negative net margin of 8.04% and a positive return on equity of 5.84%. Grocery Outlet’s quarterly revenue was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.23 EPS. As a group, equities analysts forecast that Grocery Outlet will post 0.42 earnings per share for the current year.

Insider Activity at Grocery Outlet

In other Grocery Outlet news, insider Paul Miller bought 8,000 shares of the business’s stock in a transaction dated Thursday, August 20th. The stock was acquired at an average cost of $10.90 per share, with a total value of $87,200.00. Following the purchase, the insider owned 72,171 shares in the company, valued at approximately $786,663.90. This represents a 12.47% increase in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director Carey Jaros purchased 15,000 shares of Grocery Outlet stock in a transaction dated Thursday, August 27th. The stock was acquired at an average cost of $11.70 per share, with a total value of $175,500.00. Following the completion of the acquisition, the director directly owned 60,000 shares in the company, valued at approximately $702,000. This trade represents a 33.33% increase in their ownership of the stock. The disclosure for this purchase is available in the SEC filing. Insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the business. Tidal Investments LLC purchased a new position in shares of Grocery Outlet in the 2nd quarter valued at about $784,000. Engineers Gate Manager LP acquired a new position in Grocery Outlet during the second quarter worth about $310,000. Integrated Wealth Concepts LLC acquired a new position in Grocery Outlet during the second quarter worth about $125,000. Allworth Financial LP increased its holdings in Grocery Outlet by 30,876.9% in the second quarter. Allworth Financial LP now owns 4,027 shares of the company’s stock valued at $40,000 after buying an additional 4,014 shares in the last quarter. Finally, Corient Private Wealth LP lifted its position in shares of Grocery Outlet by 118.2% during the 2nd quarter. Corient Private Wealth LP now owns 30,298 shares of the company’s stock valued at $302,000 after acquiring an additional 16,411 shares during the period. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates a network of discount grocery stores in the United States under the Grocery Outlet banner. The company offers a broad selection of food and household products, including fresh produce, meat, dairy, packaged groceries, beverages, health and beauty items, and general merchandise.

Grocery Outlet’s business model is based on purchasing excess inventory, discontinued products, seasonal goods, and other opportunistic merchandise from manufacturers and distributors.