Grocery Outlet (NASDAQ:GO) Price Target Raised to $8.00

Grocery Outlet (NASDAQ:GO) had its price objective upped by The Goldman Sachs Group from $6.00 to $8.00 in a report published on Thursday morning,Benzinga reports. They currently have a sell rating on the stock.

A number of other analysts have also issued reports on the stock. Roth Capital reiterated a “neutral” rating and set a $10.00 price target on shares of Grocery Outlet in a research note on Thursday, August 13th. Guggenheim restated a “neutral” rating on shares of Grocery Outlet in a report on Wednesday. Wells Fargo & Company increased their target price on shares of Grocery Outlet from $11.00 to $13.00 and gave the stock an “equal weight” rating in a report on Wednesday. Deutsche Bank restated a “hold” rating and issued a $9.00 price target on shares of Grocery Outlet in a research note on Thursday, August 13th. Finally, DA Davidson upped their price objective on Grocery Outlet from $9.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat, the company has an average rating of “Reduce” and an average price target of $11.50.

Grocery Outlet Trading Down 1.6%

NASDAQ GO traded down $0.20 on Thursday, reaching $12.65. The stock had a trading volume of 1,725,461 shares, compared to its average volume of 2,564,084. The company has a quick ratio of 0.30, a current ratio of 1.30 and a debt-to-equity ratio of 0.58. The stock has a fifty day moving average price of $12.25 and a two-hundred day moving average price of $9.75. Grocery Outlet has a 12-month low of $5.66 and a 12-month high of $14.32. The firm has a market capitalization of $1.25 billion, a price-to-earnings ratio of -3.28, a P/E/G ratio of 8.93 and a beta of 0.64.

Grocery Outlet (NASDAQ:GO) last released its quarterly earnings results on Tuesday, November 10th. The company reported $0.16 EPS for the quarter, hitting the consensus estimate of $0.16. Grocery Outlet had a positive return on equity of 5.54% and a negative net margin of 7.99%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period last year, the business posted $0.21 earnings per share. The company’s quarterly revenue was up .9% on a year-over-year basis. As a group, sell-side analysts forecast that Grocery Outlet will post 0.42 EPS for the current fiscal year.

Insider Activity at Grocery Outlet

In other news, Director Carey Jaros purchased 15,000 shares of the firm’s stock in a transaction that occurred on Thursday, August 27th. The stock was bought at an average price of $11.70 per share, for a total transaction of $175,500.00. Following the completion of the purchase, the director directly owned 60,000 shares of the company’s stock, valued at $702,000. The trade was a 33.33% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Miller acquired 8,000 shares of the company’s stock in a transaction on Thursday, August 20th. The stock was purchased at an average cost of $10.90 per share, for a total transaction of $87,200.00. Following the completion of the transaction, the insider owned 72,171 shares in the company, valued at approximately $786,663.90. The trade was a 12.47% increase in their position. The SEC filing for this purchase provides additional information. 5.60% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Bank of America Corp DE acquired a new stake in Grocery Outlet during the 2nd quarter worth $6,138,000. Quantinno Capital Management LP lifted its position in Grocery Outlet by 217.0% in the first quarter. Quantinno Capital Management LP now owns 429,869 shares of the company’s stock valued at $3,031,000 after acquiring an additional 294,280 shares during the last quarter. BlackRock Inc. acquired a new position in Grocery Outlet in the second quarter valued at $152,440,000. Bank of New York Mellon Corp acquired a new position in Grocery Outlet in the second quarter valued at $5,500,000. Finally, Legal & General Group Plc acquired a new position in Grocery Outlet in the second quarter valued at $2,227,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

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.