Grocery Outlet (NASDAQ:GO) Shares Down 6.5% Following Insider Selling

Grocery Outlet Holding Corp. (NASDAQ:GO) dropped 6.5% on Wednesday after an insider sold shares in the company. The company traded as low as $12.09 and last traded at $12.05. Approximately 303,531 shares changed hands during mid-day trading, a decline of 85% from the average daily volume of 2,022,198 shares. The stock had previously closed at $12.88.

Specifically, EVP Steven K. Wilson sold 6,682 shares of Grocery Outlet stock in a transaction on Monday, March 10th. The stock was sold at an average price of $13.16, for a total transaction of $87,935.12. Following the transaction, the executive vice president now owns 166,923 shares in the company, valued at approximately $2,196,706.68. The trade was a 3.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, SVP Lindsay E. Gray sold 2,741 shares of the firm’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $11.34, for a total value of $31,082.94. Following the sale, the senior vice president now owns 41,448 shares of the company’s stock, valued at $470,020.32. The trade was a 6.20 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In other news, EVP Steven K. Wilson sold 6,477 shares of the company’s stock in a transaction dated Tuesday, March 4th. The stock was sold at an average price of $11.34, for a total value of $73,449.18. Following the transaction, the executive vice president now owns 173,605 shares in the company, valued at $1,968,680.70. This represents a 3.60 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.

Wall Street Analyst Weigh In

GO has been the topic of several research reports. Morgan Stanley dropped their price objective on shares of Grocery Outlet from $13.00 to $10.00 and set an “underperform” rating on the stock in a research note on Wednesday, February 26th. The Goldman Sachs Group dropped their price target on shares of Grocery Outlet from $14.00 to $11.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Deutsche Bank Aktiengesellschaft cut Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 price objective for the company. in a research report on Wednesday, February 26th. Bank of America cut their price target on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating for the company in a research note on Wednesday, February 26th. Finally, Telsey Advisory Group lowered their price target on Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating for the company in a research note on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $15.25.

Grocery Outlet Price Performance

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33. The stock’s fifty day simple moving average is $15.47 and its 200-day simple moving average is $16.71. The company has a market capitalization of $1.17 billion, a P/E ratio of 23.63, a PEG ratio of 9.08 and a beta of 0.36.

Institutional Trading of Grocery Outlet

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Franklin Resources Inc. increased its position in shares of Grocery Outlet by 1.8% during the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock valued at $526,000 after purchasing an additional 529 shares during the period. Amundi boosted its stake in Grocery Outlet by 0.6% during the fourth quarter. Amundi now owns 116,139 shares of the company’s stock worth $1,895,000 after buying an additional 719 shares in the last quarter. Cedar Wealth Management LLC raised its stake in shares of Grocery Outlet by 3.9% in the 4th quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company’s stock valued at $318,000 after buying an additional 765 shares in the last quarter. Wealth Enhancement Advisory Services LLC lifted its holdings in shares of Grocery Outlet by 2.7% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock worth $732,000 after acquiring an additional 1,240 shares during the period. Finally, Integrated Wealth Concepts LLC boosted its position in shares of Grocery Outlet by 9.6% during the 4th quarter. Integrated Wealth Concepts LLC now owns 15,671 shares of the company’s stock valued at $245,000 after acquiring an additional 1,377 shares in the last quarter. 99.87% of the stock is currently owned by institutional investors and hedge funds.

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.