The Goldman Sachs Group Issues Pessimistic Forecast for Grocery Outlet (NASDAQ:GO) Stock Price

Grocery Outlet (NASDAQ:GO) had its target price cut by equities researchers at The Goldman Sachs Group from $14.00 to $11.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The brokerage currently has a “sell” rating on the stock. The Goldman Sachs Group’s price target points to a potential downside of 7.33% from the stock’s previous close.

A number of other research firms have also recently commented on GO. Craig Hallum reduced their target price on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating on the stock in a research report on Wednesday, November 6th. UBS Group cut their price objective on shares of Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th. Roth Mkm lowered their target price on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. TD Cowen cut Grocery Outlet from a “buy” rating to a “hold” rating and cut their price target for the stock from $25.00 to $16.00 in a research note on Wednesday, November 6th. Finally, Wells Fargo & Company lowered their price objective on Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating for the company in a research note on Wednesday. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $15.25.

Grocery Outlet Stock Performance

Shares of NASDAQ:GO opened at $11.87 on Thursday. The company has a market cap of $1.15 billion, a P/E ratio of 23.27, a PEG ratio of 9.08 and a beta of 0.32. Grocery Outlet has a one year low of $10.26 and a one year high of $29.13. The business’s 50-day simple moving average is $15.95 and its 200 day simple moving average is $17.05. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46.

Insider Activity at Grocery Outlet

In related news, CFO Christopher M. Miller bought 10,000 shares of the firm’s stock in a transaction on Thursday, February 27th. The stock was bought at an average cost of $11.68 per share, for a total transaction of $116,800.00. Following the completion of the purchase, the chief financial officer now directly owns 10,000 shares in the company, valued at approximately $116,800. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

Several hedge funds have recently made changes to their positions in the stock. Simcoe Capital Management LLC bought a new stake in Grocery Outlet in the 4th quarter valued at about $53,185,000. Junto Capital Management LP acquired a new stake in shares of Grocery Outlet in the fourth quarter valued at approximately $39,128,000. Freestone Grove Partners LP acquired a new position in shares of Grocery Outlet during the fourth quarter worth approximately $13,602,000. FPR Partners LLC boosted its position in shares of Grocery Outlet by 15.2% during the fourth quarter. FPR Partners LLC now owns 5,991,474 shares of the company’s stock worth $93,527,000 after buying an additional 791,474 shares during the period. Finally, Point72 Asset Management L.P. grew its holdings in Grocery Outlet by 159.8% in the 3rd quarter. Point72 Asset Management L.P. now owns 1,235,078 shares of the company’s stock worth $21,676,000 after buying an additional 759,697 shares in the last quarter. Institutional investors 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.