Grocery Outlet (NASDAQ:GO) Issues FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided EPS guidance of $0.77-0.80 for the period, compared to the consensus EPS estimate of $0.88. The company issued revenue guidance of slightly above $4.35 billion, compared to the consensus revenue estimate of $4.36 billion.

Grocery Outlet Price Performance

Shares of Grocery Outlet stock traded up $1.55 during trading on Wednesday, reaching $16.11. The company’s stock had a trading volume of 5,551,807 shares, compared to its average volume of 1,820,757. The stock has a 50-day moving average price of $16.66 and a two-hundred day moving average price of $19.75. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. Grocery Outlet has a one year low of $13.60 and a one year high of $29.98. The stock has a market capitalization of $1.58 billion, a P/E ratio of 29.83, a price-to-earnings-growth ratio of 3.57 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last released its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the previous year, the business posted $0.25 earnings per share. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. As a group, sell-side analysts anticipate that Grocery Outlet will post 0.66 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages recently commented on GO. Roth Capital upgraded Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research report on Wednesday, August 7th. Bank of America lowered Grocery Outlet from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $29.00 to $17.00 in a research report on Wednesday, October 30th. UBS Group decreased their target price on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft decreased their target price on Grocery Outlet from $29.00 to $26.00 and set a “buy” rating for the company in a research report on Wednesday. Finally, Melius Research began coverage on Grocery Outlet in a research report on Monday, September 23rd. They set a “hold” rating and a $17.00 target price for the company. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $18.17.

Insider Transactions at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the company’s stock in a transaction that occurred on Friday, August 16th. The stock was sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the sale, the director now owns 70,938 shares in the company, valued at $1,340,728.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $16.29, for a total value of $3,259,547.55. Following the sale, the director now owns 70,938 shares in the company, valued at approximately $1,155,580.02. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now owns 70,938 shares in the company, valued at approximately $1,340,728.20. 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 90 days. Corporate insiders own 4.50% of the company’s stock.

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.