Grocery Outlet (NASDAQ:GO) Cut to Hold at TD Cowen

TD Cowen cut shares of Grocery Outlet (NASDAQ:GO) from a buy rating to a hold rating in a research report report published on Wednesday morning, MarketBeat reports. They currently have $16.00 price objective on the stock, down from their previous price objective of $25.00.

Other analysts have also recently issued research reports about the stock. UBS Group dropped their price target on shares of Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Loop Capital assumed coverage on shares of Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 price target for the company. The Goldman Sachs Group dropped their price target on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research note on Friday, November 1st. Wells Fargo & Company dropped their price target on shares of Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating for the company in a research note on Wednesday, October 30th. Finally, Bank of America cut shares of Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their price target for the company from $29.00 to $17.00 in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and an average target price of $18.00.

Grocery Outlet Stock Up 3.5 %

GO stock opened at $17.80 on Wednesday. The stock has a market capitalization of $1.74 billion, a P/E ratio of 34.90, a P/E/G ratio of 3.92 and a beta of 0.13. The firm has a 50-day simple moving average of $16.55 and a 200-day simple moving average of $19.64. The company has a quick ratio of 0.29, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. Grocery Outlet has a 52 week low of $13.60 and a 52 week high of $29.98.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.27 by $0.01. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The company had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter in the prior year, the company earned $0.25 EPS. Grocery Outlet’s revenue was up 10.4% compared to the same quarter last year. Equities analysts forecast that Grocery Outlet will post 0.65 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $1,155,580.02. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction on Wednesday, August 21st. The stock was sold at an average price of $18.44, for a total transaction of $1,844,000.00. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,308,096.72. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 500,095 shares of company stock worth $8,876,548 in the last ninety days. 4.50% of the stock is owned by corporate insiders.

Institutional Trading of Grocery Outlet

Several hedge funds and other institutional investors have recently made changes to their positions in GO. Moran Wealth Management LLC acquired a new position in Grocery Outlet during the third quarter worth about $2,581,000. Connor Clark & Lunn Investment Management Ltd. purchased a new stake in shares of Grocery Outlet during the third quarter worth about $441,000. Quest Partners LLC purchased a new stake in Grocery Outlet in the third quarter valued at approximately $266,000. Thrivent Financial for Lutherans grew its holdings in Grocery Outlet by 5.9% in the third quarter. Thrivent Financial for Lutherans now owns 209,531 shares of the company’s stock valued at $3,677,000 after purchasing an additional 11,615 shares during the period. Finally, Angeles Investment Advisors LLC grew its holdings in Grocery Outlet by 18.5% in the third quarter. Angeles Investment Advisors LLC now owns 21,535 shares of the company’s stock valued at $378,000 after purchasing an additional 3,355 shares during the period. Institutional investors and hedge funds own 99.87% 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.