Grocery Outlet (NASDAQ:GO) Releases Quarterly Earnings Results, Beats Estimates By $0.01 EPS

Grocery Outlet (NASDAQ:GO) posted its quarterly earnings data on Tuesday. The company reported $0.28 earnings per share for the quarter, topping the consensus estimate of $0.27 by $0.01, Briefing.com reports. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The company had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same period in the prior year, the business earned $0.25 earnings per share. Grocery Outlet’s revenue for the quarter was up 10.4% compared to the same quarter last year. Grocery Outlet updated its FY24 guidance to $0.77-0.80 EPS.

Grocery Outlet Stock Performance

Shares of Grocery Outlet stock traded up $0.35 during trading hours on Friday, reaching $17.54. 1,096,211 shares of the stock traded hands, compared to its average volume of 1,828,301. The company has a 50 day moving average price of $16.57 and a 200 day moving average price of $19.70. The firm has a market capitalization of $1.72 billion, a price-to-earnings ratio of 33.65, a P/E/G ratio of 3.42 and a beta of 0.13. Grocery Outlet has a one year low of $13.60 and a one year high of $29.98. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31.

Insider Activity

In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’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 value of $1,890,000.00. Following the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $1,340,728.20. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. 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 directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction that occurred 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 directly owns 70,938 shares in the company, valued at $1,155,580.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 500,095 shares of company stock valued at $8,876,548 in the last ninety days. Corporate insiders own 4.50% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have recently weighed in on GO. UBS Group dropped their price objective on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday. Bank of America lowered Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $29.00 to $17.00 in a research note on Wednesday, October 30th. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Craig Hallum dropped their price objective on Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday. Finally, The Goldman Sachs Group dropped their price target on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research note on Friday, November 1st. Two analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Grocery Outlet currently has an average rating of “Hold” and a consensus price target of $18.17.

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.