Zacks Research Comments on Grocery Outlet Holding Corp.’s Q3 2024 Earnings (NASDAQ:GO)

Grocery Outlet Holding Corp. (NASDAQ:GO) – Equities research analysts at Zacks Research cut their Q3 2024 earnings estimates for Grocery Outlet in a report released on Tuesday, September 10th. Zacks Research analyst S. Singh now expects that the company will post earnings per share of $0.19 for the quarter, down from their previous forecast of $0.27. The consensus estimate for Grocery Outlet’s current full-year earnings is $0.68 per share. Zacks Research also issued estimates for Grocery Outlet’s Q4 2024 earnings at $0.24 EPS, Q1 2025 earnings at $0.12 EPS, Q2 2025 earnings at $0.23 EPS, Q3 2025 earnings at $0.25 EPS, FY2025 earnings at $0.86 EPS, Q2 2026 earnings at $0.27 EPS and FY2026 earnings at $0.98 EPS.

Several other equities analysts have also issued reports on the stock. Telsey Advisory Group cut their price objective on shares of Grocery Outlet from $31.00 to $27.00 and set an “outperform” rating on the stock in a report on Wednesday, August 7th. UBS Group cut their price target on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating on the stock in a report on Wednesday, August 7th. Craig Hallum lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and cut their price target for the stock from $32.00 to $20.00 in a report on Wednesday, July 31st. Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Finally, Wells Fargo & Company started coverage on shares of Grocery Outlet in a report on Thursday, July 18th. They issued an “overweight” rating and a $28.00 price target on the stock. Two research analysts have rated the stock with a sell rating, three have assigned a hold rating, three have assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Hold” and an average target price of $22.75.

Grocery Outlet Stock Performance

Shares of GO stock opened at $16.44 on Friday. The firm has a market cap of $1.61 billion, a price-to-earnings ratio of 25.69, a PEG ratio of 3.16 and a beta of 0.10. The company’s 50 day moving average is $19.18 and its 200 day moving average is $22.59. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. Grocery Outlet has a 52-week low of $16.06 and a 52-week high of $30.33.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.20 by $0.05. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. Grocery Outlet’s revenue was up 11.7% compared to the same quarter last year. During the same period last year, the company posted $0.23 earnings per share.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Boulder Hill Capital Management LP acquired a new position in shares of Grocery Outlet in the fourth quarter worth about $2,038,000. Charles Schwab Investment Management Inc. raised its position in shares of Grocery Outlet by 4.6% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 879,116 shares of the company’s stock worth $23,701,000 after acquiring an additional 38,506 shares during the period. Capstone Investment Advisors LLC raised its position in shares of Grocery Outlet by 161.1% in the first quarter. Capstone Investment Advisors LLC now owns 93,188 shares of the company’s stock worth $2,682,000 after acquiring an additional 57,496 shares during the period. Capital Research Global Investors raised its position in shares of Grocery Outlet by 2.2% in the fourth quarter. Capital Research Global Investors now owns 9,342,414 shares of the company’s stock worth $251,871,000 after acquiring an additional 199,926 shares during the period. Finally, Capital World Investors raised its position in shares of Grocery Outlet by 281.4% in the first quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock worth $103,023,000 after acquiring an additional 2,641,016 shares during the period. 99.87% of the stock is currently owned by institutional investors and hedge funds.

Insider Transactions at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares in the company, valued at $1,340,728.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Over the last ninety days, insiders sold 300,000 shares of company stock worth $5,617,000. Company insiders own 4.50% of the company’s stock.

About Grocery Outlet

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.