Grocery Outlet (NASDAQ:GO) Stock Price Up 4.6% – Here’s Why

Grocery Outlet Holding Corp. (NASDAQ:GO)’s stock price rose 4.6% during mid-day trading on Wednesday . The company traded as high as $12.64 and last traded at $12.77. Approximately 163,141 shares changed hands during trading, a decline of 92% from the average daily volume of 2,044,771 shares. The stock had previously closed at $12.21.

Analyst Ratings Changes

Several research firms have recently issued reports on GO. The Goldman Sachs Group reduced their target price on Grocery Outlet from $14.00 to $11.00 and set a “sell” rating on the stock in a report on Thursday, February 27th. Telsey Advisory Group decreased their target price on shares of Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating on the stock in a report on Wednesday, February 26th. Deutsche Bank Aktiengesellschaft cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday, February 26th. Wells Fargo & Company reduced their price target on shares of Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday, February 26th. Finally, Bank of America lowered their price objective on shares of Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have given a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $15.25.

Grocery Outlet Stock Performance

The company has a fifty day moving average price of $14.61 and a two-hundred day moving average price of $16.26. The company has a market capitalization of $1.26 billion, a P/E ratio of 25.43, a PEG ratio of 9.08 and a beta of 0.36. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33.

Insider Buying and Selling at Grocery Outlet

In related news, CFO Christopher M. Miller acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The shares were bought at an average cost of $11.68 per share, with a total value 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 $116,800. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is available at this link. Also, Director Erik D. Ragatz bought 165,000 shares of the firm’s stock in a transaction on Friday, February 28th. The shares were purchased at an average cost of $12.25 per share, with a total value of $2,021,250.00. Following the transaction, the director now directly owns 201,500 shares in the company, valued at approximately $2,468,375. This trade represents a 452.05 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 200,000 shares of company stock worth $2,435,050 and sold 17,756 shares worth $216,892. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

Large investors have recently added to or reduced their stakes in the business. FPR Partners LLC boosted its holdings in shares of Grocery Outlet by 15.2% during the 4th 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 in the last quarter. Dimensional Fund Advisors LP lifted its position in shares of Grocery Outlet by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,833,955 shares of the company’s stock valued at $59,845,000 after acquiring an additional 35,938 shares during the period. State Street Corp boosted its stake in Grocery Outlet by 0.6% during the third quarter. State Street Corp now owns 3,407,152 shares of the company’s stock worth $59,796,000 after acquiring an additional 21,237 shares in the last quarter. Simcoe Capital Management LLC acquired a new stake in Grocery Outlet in the fourth quarter worth $53,185,000. Finally, Clearbridge Investments LLC increased its stake in Grocery Outlet by 9.4% in the fourth quarter. Clearbridge Investments LLC now owns 3,158,059 shares of the company’s stock valued at $49,297,000 after purchasing an additional 272,285 shares in the last quarter. Institutional investors and hedge funds own 99.87% 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.