Grocery Outlet (NASDAQ:GO) Cut to “Neutral” at Bank of America

Bank of America cut shares of Grocery Outlet (NASDAQ:GO) from a buy rating to a neutral rating in a report issued on Wednesday morning, Marketbeat reports. They currently have $17.00 price objective on the stock, down from their prior price objective of $29.00.

A number of other equities analysts have also issued reports on GO. Wells Fargo & Company decreased their price objective on Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating for the company in a report on Wednesday. Roth Mkm decreased their price objective on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Craig Hallum lowered Grocery Outlet from a “buy” rating to a “hold” rating and decreased their price target for the company from $32.00 to $20.00 in a research note on Wednesday, July 31st. Finally, UBS Group cut their price objective on Grocery Outlet from $27.00 to $21.00 and set a “neutral” rating for the company in a report on Wednesday, August 7th. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, Grocery Outlet currently has a consensus rating of “Hold” and a consensus price target of $19.73.

Grocery Outlet Stock Up 5.2 %

GO stock opened at $15.05 on Wednesday. The firm has a fifty day moving average price of $16.81 and a two-hundred day moving average price of $20.01. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29. Grocery Outlet has a 1-year low of $13.60 and a 1-year high of $29.98. The firm has a market cap of $1.47 billion, a price-to-earnings ratio of 27.87, a PEG ratio of 2.67 and a beta of 0.10.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, August 6th. The company reported $0.25 EPS for the quarter, beating the consensus estimate of $0.20 by $0.05. The company had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The business’s revenue was up 11.7% compared to the same quarter last year. During the same period in the prior year, the company earned $0.23 earnings per share. Research analysts predict that Grocery Outlet will post 0.68 EPS for the current year.

Insider Buying and Selling at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction on Monday, August 19th. The stock was sold at an average price of $18.83, for a total transaction of $1,883,000.00. Following the transaction, the director now owns 70,938 shares in the company, valued at approximately $1,335,762.54. The trade was a 0.00 % 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. In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $18.83, for a total transaction of $1,883,000.00. Following the transaction, the director now directly owns 70,938 shares in the company, valued at $1,335,762.54. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the transaction, the director now owns 70,938 shares in the company, valued at $1,155,580.02. 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 valued at $8,876,548 in the last three months. 4.50% of the stock is currently owned by company insiders.

Institutional Trading of Grocery Outlet

Several large investors have recently added to or reduced their stakes in GO. Allspring Global Investments Holdings LLC acquired a new position in shares of Grocery Outlet during the 1st quarter valued at about $25,000. State of Michigan Retirement System grew its stake in shares of Grocery Outlet by 2.5% in the first quarter. State of Michigan Retirement System now owns 24,380 shares of the company’s stock worth $702,000 after acquiring an additional 600 shares during the last quarter. Norden Group LLC acquired a new stake in shares of Grocery Outlet in the first quarter worth $442,000. Oak Ridge Investments LLC boosted its holdings in Grocery Outlet by 1.2% in the 1st quarter. Oak Ridge Investments LLC now owns 73,820 shares of the company’s stock valued at $2,125,000 after purchasing an additional 876 shares during the period. Finally, Capstone Investment Advisors LLC boosted its holdings in Grocery Outlet by 161.1% in the 1st quarter. Capstone Investment Advisors LLC now owns 93,188 shares of the company’s stock valued at $2,682,000 after purchasing an additional 57,496 shares during the period. 99.87% of the stock is owned by institutional investors.

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.