Grocery Outlet (NASDAQ:GO) Shares Gap Up on Insider Buying Activity

Grocery Outlet Holding Corp. (NASDAQ:GO)’s share price gapped up prior to trading on Friday after an insider bought additional shares in the company. The stock had previously closed at $11.83, but opened at $12.33. Grocery Outlet shares last traded at $12.02, with a volume of 535,930 shares.

Specifically, CFO Christopher M. Miller purchased 10,000 shares of the stock in a transaction on Thursday, February 27th. The stock was acquired at an average price of $11.68 per share, with a total value of $116,800.00. Following the completion of the acquisition, the chief financial officer now owns 10,000 shares in the company, valued at $116,800. The trade was a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link.

Analyst Ratings Changes

Several research analysts have recently issued reports on GO shares. Roth Mkm reduced their price objective 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. Craig Hallum reduced 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, November 6th. The Goldman Sachs Group reduced their price objective on Grocery Outlet from $14.00 to $11.00 and set a “sell” rating for the company in a research note on Thursday. TD Cowen cut Grocery Outlet from a “buy” rating to a “hold” rating and reduced their price target for the company from $25.00 to $16.00 in a research report on Wednesday, November 6th. Finally, Deutsche Bank Aktiengesellschaft cut Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 price target for the company. in a research report 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 assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $15.25.

Grocery Outlet Price Performance

The firm has a market capitalization of $1.15 billion, a PE ratio of 23.27, a PEG ratio of 9.08 and a beta of 0.32. The stock has a 50-day moving average price of $15.95 and a 200 day moving average price of $17.05. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

Institutional Trading of Grocery Outlet

Institutional investors and hedge funds have recently made changes to their positions in the business. Franklin Resources Inc. boosted its stake in shares of Grocery Outlet by 1.8% in the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock worth $526,000 after acquiring an additional 529 shares during the last quarter. Amundi boosted its stake in shares of Grocery Outlet by 0.6% in the fourth quarter. Amundi now owns 116,139 shares of the company’s stock worth $1,895,000 after acquiring an additional 719 shares during the last quarter. Blue Trust Inc. boosted its stake in shares of Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after acquiring an additional 722 shares during the last quarter. Cedar Wealth Management LLC boosted its stake in shares of Grocery Outlet by 3.9% in the fourth quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company’s stock worth $318,000 after acquiring an additional 765 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Grocery Outlet by 2.7% in the fourth 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 last quarter. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

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.