Grocery Outlet Sees Unusually High Options Volume (NYSE:GO)

Grocery Outlet Holding Corp. (NYSE:GO) was the target of some unusual options trading on Monday. Stock traders purchased 2,747 call options on the company. This represents an increase of approximately 2,987% compared to the average daily volume of 89 call options.

Shares of GO traded up $2.30 during midday trading on Tuesday, reaching $33.30. The stock had a trading volume of 1,356,114 shares, compared to its average volume of 759,700. Grocery Outlet has a 52 week low of $27.75 and a 52 week high of $47.57. The firm has a 50 day moving average of $33.04.

Grocery Outlet (NYSE:GO) last posted its quarterly earnings data on Monday, November 11th. The company reported $0.22 EPS for the quarter, topping the Zacks’ consensus estimate of $0.19 by $0.03. The firm had revenue of $652.50 million during the quarter, compared to the consensus estimate of $652.60 million. Grocery Outlet’s revenue was up 13.1% on a year-over-year basis.

In other Grocery Outlet news, CAO Pamela B. Burke sold 26,470 shares of Grocery Outlet stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $32.72, for a total transaction of $866,098.40. Also, Vice Chairman S. Macgregor Jr. Read sold 350,000 shares of Grocery Outlet stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $32.72, for a total value of $11,452,000.00. Insiders have sold a total of 12,119,742 shares of company stock valued at $396,557,958 in the last 90 days.

Institutional investors and hedge funds have recently bought and sold shares of the company. Ladenburg Thalmann Financial Services Inc. acquired a new position in shares of Grocery Outlet in the 2nd quarter worth $30,000. Tower Research Capital LLC TRC acquired a new position in shares of Grocery Outlet in the 2nd quarter worth $43,000. First Mercantile Trust Co. acquired a new position in shares of Grocery Outlet in the 2nd quarter worth $53,000. Tower Research Capital LLC TRC grew its holdings in shares of Grocery Outlet by 198.0% in the 3rd quarter. Tower Research Capital LLC TRC now owns 3,943 shares of the company’s stock worth $137,000 after acquiring an additional 2,620 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Grocery Outlet in the 2nd quarter worth $132,000.

Several analysts have weighed in on the company. Morgan Stanley assumed coverage on Grocery Outlet in a research note on Monday, July 15th. They set an “equal weight” rating and a $30.00 target price on the stock. Jefferies Financial Group set a $51.00 target price on Grocery Outlet and gave the company a “buy” rating in a research note on Tuesday, October 8th. Cowen reaffirmed an “outperform” rating and set a $48.00 target price (up previously from $42.00) on shares of Grocery Outlet in a research note on Wednesday, August 14th. Bank of America lifted their target price on Grocery Outlet from $37.00 to $40.00 and gave the company a “neutral” rating in a research note on Wednesday, August 14th. Finally, Barclays reaffirmed a “hold” rating and set a $37.00 target price on shares of Grocery Outlet in a research note on Thursday, August 15th. Six research analysts have rated the stock with a hold rating and four have given a buy rating to the company. Grocery Outlet has a consensus rating of “Hold” and a consensus price target of $39.89.

About Grocery Outlet

Grocery Outlet Holding Corp. owns and operates a chain of grocery stores in the United States. The company offers products in various categories, such as grocery, dairy and deli, produce, refrigerated and frozen, floral, beer and wine, general merchandise, and health and beauty care, as well as fresh meat and seafood; and natural, organic, specialty, and healthy products.

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