Insider Selling: Grocery Outlet Holding Corp. (NASDAQ:GO) Director Sells 100,000 Shares of Stock

Grocery Outlet Holding Corp. (NASDAQ:GO) Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the transaction, the director now owns 70,938 shares of the company’s stock, valued at $1,340,728.20. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website.

Grocery Outlet Stock Performance

NASDAQ GO opened at $18.88 on Wednesday. The company has a quick ratio of 0.30, a current ratio of 1.25 and a debt-to-equity ratio of 0.23. Grocery Outlet Holding Corp. has a 52-week low of $18.16 and a 52-week high of $33.79. The business’s 50-day moving average price is $20.52 and its 200 day moving average price is $23.58. The firm has a market cap of $1.89 billion, a P/E ratio of 29.50, a P/E/G ratio of 3.55 and a beta of 0.09.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. Grocery Outlet had a return on equity of 5.46% and a net margin of 1.60%. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. During the same quarter in the previous year, the company earned $0.23 EPS. The firm’s revenue for the quarter was up 11.7% compared to the same quarter last year. On average, equities research analysts expect that Grocery Outlet Holding Corp. will post 0.69 earnings per share for the current year.

Institutional Investors Weigh In On Grocery Outlet

Institutional investors and hedge funds have recently bought and sold shares of the stock. Point72 Asset Management L.P. increased its holdings in shares of Grocery Outlet by 73.8% during the 2nd quarter. Point72 Asset Management L.P. now owns 475,381 shares of the company’s stock worth $10,515,000 after buying an additional 201,881 shares during the last quarter. Lighthouse Investment Partners LLC lifted its position in Grocery Outlet by 54.0% during the second quarter. Lighthouse Investment Partners LLC now owns 300,000 shares of the company’s stock valued at $6,636,000 after buying an additional 105,160 shares in the last quarter. Millennium Management LLC lifted its position in shares of Grocery Outlet by 677.6% during the second quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after purchasing an additional 1,726,741 shares in the last quarter. Solel Partners LP acquired a new position in shares of Grocery Outlet during the second quarter worth $35,980,000. Finally, Providence Capital Advisors LLC lifted its position in shares of Grocery Outlet by 80.9% during the second quarter. Providence Capital Advisors LLC now owns 285,803 shares of the company’s stock worth $6,322,000 after purchasing an additional 127,812 shares in the last quarter. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Wall Street Analysts Forecast Growth

GO has been the topic of a number of research reports. TD Cowen decreased their price target on Grocery Outlet from $43.00 to $25.00 and set a “buy” rating on the stock in a research note on Friday, May 10th. Wells Fargo & Company started coverage on Grocery Outlet in a research note on Thursday, July 18th. They issued an “overweight” rating and a $28.00 price objective on the stock. Roth Mkm reduced their price objective on Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Roth Capital upgraded Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, The Goldman Sachs Group reduced their price objective on Grocery Outlet from $24.00 to $21.00 and set a “sell” rating on the stock in a research note on Thursday, May 9th. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating, three have issued a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, Grocery Outlet presently has an average rating of “Hold” and a consensus price target of $22.75.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. Its stores offer products in various categories, such as dairy and deli, produce, floral, fresh meat, seafood products, grocery, general merchandise, health and beauty care, frozen food, beer and wine, and ethnic products.