Grocery Outlet (NYSE:GO) Stock Rating Lowered by Zacks Investment Research

Grocery Outlet (NYSE:GO) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday, Zacks.com reports.

According to Zacks, “Grocery Outlet Holding Corp. owns and operates a chain of grocery stores primarily in the United States. The company offers products which include 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. Grocery Outlet Holding Corp. is based in Emeryville, California. “

A number of other equities research analysts have also recently weighed in on GO. Jefferies Financial Group set a $51.00 price target on shares of Grocery Outlet and gave the company a “buy” rating in a research report on Tuesday, October 8th. Barclays reissued a “hold” rating and issued a $37.00 price target on shares of Grocery Outlet in a research report on Thursday, August 15th. Guggenheim assumed coverage on shares of Grocery Outlet in a research report on Monday, July 15th. They issued a “neutral” rating for the company. Telsey Advisory Group assumed coverage on shares of Grocery Outlet in a research report on Monday, July 15th. They issued an “outperform” rating and a $40.00 price target for the company. Finally, Bank of America boosted their price target on shares of Grocery Outlet from $37.00 to $40.00 and gave the company a “neutral” rating in a research report on Wednesday, August 14th. Six investment analysts have rated the stock with a hold rating and four have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus price target of $39.89.

Shares of Grocery Outlet stock traded down $0.28 during trading on Tuesday, hitting $31.56. 773,367 shares of the stock were exchanged, compared to its average volume of 780,155. The business’s 50-day simple moving average is $32.56. Grocery Outlet has a 12-month low of $27.75 and a 12-month high of $47.57.

Grocery Outlet (NYSE:GO) last announced its quarterly earnings results on Monday, November 11th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.19 by $0.03. The company had revenue of $652.50 million during the quarter, compared to analysts’ expectations of $652.60 million. Grocery Outlet’s revenue was up 13.1% compared to the same quarter last year.

In other news, EVP Thomas H. Mcmahon sold 50,000 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $32.72, for a total value of $1,636,000.00. Also, Vice Chairman S. Macgregor Jr. Read sold 350,000 shares of the company’s stock in a transaction dated Tuesday, October 8th. The shares were sold at an average price of $32.72, for a total transaction of $11,452,000.00. Insiders sold 12,119,742 shares of company stock valued at $396,557,958 over the last ninety days.

Several large investors have recently made changes to their positions in the company. Ladenburg Thalmann Financial Services Inc. purchased a new stake in shares of Grocery Outlet in the second quarter valued at about $30,000. Tower Research Capital LLC TRC purchased a new stake in shares of Grocery Outlet in the second quarter valued at about $43,000. First Mercantile Trust Co. raised its holdings in shares of Grocery Outlet by 81.7% in the third quarter. First Mercantile Trust Co. now owns 2,946 shares of the company’s stock valued at $102,000 after buying an additional 1,325 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Grocery Outlet by 198.0% in the third quarter. Tower Research Capital LLC TRC now owns 3,943 shares of the company’s stock valued at $137,000 after buying an additional 2,620 shares during the last quarter. Finally, Victory Capital Management Inc. acquired a new position in shares of Grocery Outlet during the second quarter worth about $132,000.

Grocery Outlet Company Profile

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.

Further Reading: Investing in Growth Stocks

Get a free copy of the Zacks research report on Grocery Outlet (GO)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Analyst Recommendations for Grocery Outlet (NYSE:GO)

Receive News & Ratings for Grocery Outlet Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Grocery Outlet and related companies with MarketBeat.com's FREE daily email newsletter.