Grocery Outlet Holding Corp. (NASDAQ:GO) Stock Has Average Price Target of $10.59

Shares of Grocery Outlet Holding Corp. (NASDAQ:GO) have earned a consensus rating of “Reduce” from the fourteen ratings firms that are presently covering the stock, MarketBeat.com reports. Two equities research analysts have rated the stock with a sell recommendation, eleven have given a hold recommendation and one has issued a buy recommendation on the company. The average 1-year price target among brokerages that have issued a report on the stock in the last year is $10.50.

A number of research firms have commented on GO. DA Davidson upped their price target on Grocery Outlet from $9.00 to $12.00 and gave the company a “neutral” rating in a research report on Thursday, August 13th. UBS Group raised their price objective on Grocery Outlet from $10.00 to $11.50 and gave the stock a “neutral” rating in a research report on Monday, August 17th. TD Cowen reaffirmed a “hold” rating on shares of Grocery Outlet in a research note on Tuesday, August 18th. Roth Capital reiterated a “neutral” rating and issued a $10.00 target price on shares of Grocery Outlet in a report on Thursday, August 13th. Finally, Morgan Stanley increased their target price on shares of Grocery Outlet from $7.00 to $11.00 and gave the company an “equal weight” rating in a research report on Thursday, August 13th.

Grocery Outlet Price Performance

GO stock opened at $11.77 on Friday. The company has a market capitalization of $1.17 billion, a P/E ratio of -3.04, a PEG ratio of 7.82 and a beta of 0.66. The company has a fifty day moving average price of $11.00 and a 200-day moving average price of $9.25. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.30 and a current ratio of 1.29. Grocery Outlet has a 52-week low of $5.66 and a 52-week high of $16.99.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.20 earnings per share for the quarter, topping the consensus estimate of $0.13 by $0.07. The company had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Grocery Outlet had a negative net margin of 8.04% and a positive return on equity of 5.84%. Grocery Outlet’s revenue for the quarter was up 1.1% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.23 earnings per share. As a group, equities analysts expect that Grocery Outlet will post 0.42 EPS for the current year.

Insiders Place Their Bets

In other news, Director Carey F. Jaros bought 15,000 shares of the company’s stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average price of $11.70 per share, for a total transaction of $175,500.00. Following the completion of the acquisition, the director directly owned 60,000 shares in the company, valued at approximately $702,000. This represents a 33.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, insider Paul Miller purchased 8,000 shares of the business’s stock in a transaction on Thursday, August 20th. The shares were purchased at an average cost of $10.90 per share, for a total transaction of $87,200.00. Following the transaction, the insider directly owned 72,171 shares of the company’s stock, valued at approximately $786,663.90. The trade was a 12.47% increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. Corporate insiders own 5.60% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently made changes to their positions in GO. Allworth Financial LP acquired a new stake in Grocery Outlet during the second quarter worth approximately $40,000. Quantbot Technologies LP acquired a new position in Grocery Outlet in the second quarter valued at approximately $46,000. Public Employees Retirement System of Ohio bought a new position in shares of Grocery Outlet during the 2nd quarter worth approximately $58,000. Chicago Partners Investment Group LLC bought a new position in shares of Grocery Outlet during the 1st quarter worth approximately $71,000. Finally, GAMMA Investing LLC boosted its holdings in shares of Grocery Outlet by 165.9% during the 2nd quarter. GAMMA Investing LLC now owns 8,599 shares of the company’s stock worth $86,000 after buying an additional 5,365 shares in the last quarter. 99.87% of the stock is owned by institutional investors and hedge funds.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates a network of independently operated, extreme-value grocery stores in the United States. The company offers a rotating selection of branded and private-label products at discounted prices, including groceries, fresh produce, meat, dairy, frozen foods, beverages, snacks, household goods and health and beauty products.

Its merchandising model is based on opportunistic buying, allowing Grocery Outlet to purchase surplus inventory, packaging changes, discontinued products and other bargains from manufacturers and distributors.