Grocery Outlet (NASDAQ:GO) Issues Earnings Results, Hits Expectations

Grocery Outlet (NASDAQ:GO) posted its quarterly earnings data on Tuesday. The company reported $0.16 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.16, FiscalAI reports. Grocery Outlet had a negative net margin of 8.04% and a positive return on equity of 5.84%. The company had revenue of $1.18 billion for the quarter, compared to analyst estimates of $1.17 billion.

Grocery Outlet Stock Performance

Shares of GO stock traded up $0.15 during mid-day trading on Tuesday, reaching $14.02. The stock had a trading volume of 3,731,479 shares, compared to its average volume of 2,930,326. Grocery Outlet has a 1-year low of $5.66 and a 1-year high of $14.33. The firm has a market cap of $1.39 billion, a price-to-earnings ratio of -3.62, a PEG ratio of 9.52 and a beta of 0.64. The company has a current ratio of 1.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.60. The business’s fifty day moving average is $12.17 and its 200-day moving average is $9.68.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on GO shares. Roth Capital reissued a “neutral” rating and issued a $10.00 price objective on shares of Grocery Outlet in a research report on Thursday, August 13th. TD Cowen began coverage on shares of Grocery Outlet in a research report on Friday, October 30th. They set a “hold” rating on the stock. Telsey Advisory Group reaffirmed a “market perform” rating on shares of Grocery Outlet in a research note on Thursday, August 13th. Bank of America raised shares of Grocery Outlet from a “neutral” rating to a “buy” rating and lifted their price target for the company from $12.50 to $15.00 in a research note on Wednesday, September 30th. Finally, Wells Fargo & Company boosted their price target on Grocery Outlet from $9.00 to $11.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Reduce” and an average target price of $10.50.

Insider Buying and Selling at Grocery Outlet

In related news, insider Paul Miller purchased 8,000 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were bought at an average cost of $10.90 per share, with a total value of $87,200.00. Following the transaction, the insider owned 72,171 shares of the company’s stock, valued at approximately $786,663.90. This trade represents a 12.47% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Carey Jaros purchased 15,000 shares of Grocery Outlet stock in a transaction that occurred on Thursday, August 27th. The shares were bought at an average price of $11.70 per share, with a total value of $175,500.00. Following the completion of the transaction, the director owned 60,000 shares of the company’s stock, valued at $702,000. This represents a 33.33% increase in their position. The disclosure for this purchase is available in the SEC filing. 5.60% of the stock is owned by corporate insiders.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates Grocery Outlet Bargain Market, a discount grocery chain offering brand-name products and private-label items at value-oriented prices. Its stores carry a range of goods, including groceries, fresh produce, meat, dairy, frozen foods and household products. The company uses opportunistic buying to source products, which can result in changing assortments and limited-time deals. Founded in 1946 by Jim Read, Grocery Outlet has grown from a California-based business into a retailer serving communities across the western United States and parts of the East Coast.