Grocery Outlet (NASDAQ:GO) Price Target Raised to $14.00

Grocery Outlet (NASDAQ:GO) had its target price increased by DA Davidson from $12.00 to $14.00 in a research report released on Thursday morning, Marketbeat reports. The brokerage currently has a neutral rating on the stock.

Several other research firms have also recently commented on GO. Deutsche Bank restated a “hold” rating and set a $9.00 price target on shares of Grocery Outlet in a report on Thursday, August 13th. The Goldman Sachs Group raised their price target on Grocery Outlet from $6.00 to $8.00 and gave the stock a “sell” rating in a research note on Thursday. Roth Capital reiterated a “neutral” rating and set a $10.00 price target on shares of Grocery Outlet in a report on Thursday, August 13th. TD Cowen boosted their price target on Grocery Outlet from $12.00 to $14.00 and gave the company a “hold” rating in a research note on Wednesday. Finally, Morgan Stanley increased their price objective on Grocery Outlet from $7.00 to $11.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Reduce” and a consensus target price of $11.50.

Grocery Outlet Stock Down 1.6%

NASDAQ:GO traded down $0.20 on Thursday, hitting $12.65. 1,725,461 shares of the company’s stock traded hands, compared to its average volume of 2,564,084. The company has a market cap of $1.25 billion, a PE ratio of -3.28, a price-to-earnings-growth ratio of 8.93 and a beta of 0.64. Grocery Outlet has a 1 year low of $5.66 and a 1 year high of $14.32. The company has a current ratio of 1.30, a quick ratio of 0.30 and a debt-to-equity ratio of 0.58. The firm has a 50-day moving average price of $12.25 and a 200-day moving average price of $9.75.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings results on Tuesday, November 10th. The company reported $0.16 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.16. Grocery Outlet had a negative net margin of 7.99% and a positive return on equity of 5.54%. The business had revenue of $1.18 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same period in the prior year, the firm earned $0.21 earnings per share. The firm’s revenue was up .9% compared to the same quarter last year. Equities analysts anticipate that Grocery Outlet will post 0.42 EPS for the current fiscal year.

Insider Activity

In related news, Director Carey Jaros acquired 15,000 shares of the stock in a transaction dated Thursday, August 27th. The shares were acquired at an average price of $11.70 per share, with a total value of $175,500.00. Following the acquisition, the director owned 60,000 shares in the company, valued at approximately $702,000. The trade was a 33.33% increase in their position. The purchase was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Paul Miller acquired 8,000 shares of the stock in a transaction dated Thursday, August 20th. The shares were bought at an average cost of $10.90 per share, for a total transaction of $87,200.00. Following the acquisition, the insider owned 72,171 shares in the company, valued at $786,663.90. The trade was a 12.47% increase in their position. The disclosure for this purchase is available in the SEC filing. Corporate insiders own 5.60% of the company’s stock.

Hedge Funds Weigh In On Grocery Outlet

Institutional investors have recently modified their holdings of the company. Marshall Wace LLP boosted its holdings in Grocery Outlet by 8.8% during the third quarter. Marshall Wace LLP now owns 4,527,074 shares of the company’s stock valued at $50,930,000 after acquiring an additional 364,647 shares during the period. Empowered Funds LLC increased its stake in shares of Grocery Outlet by 57.7% in the third quarter. Empowered Funds LLC now owns 615,287 shares of the company’s stock worth $6,922,000 after purchasing an additional 225,091 shares during the period. Heartland Advisors Inc. boosted its stake in Grocery Outlet by 6.2% during the 3rd quarter. Heartland Advisors Inc. now owns 703,050 shares of the company’s stock valued at $7,909,000 after purchasing an additional 41,150 shares during the period. Ieq Capital LLC grew its holdings in Grocery Outlet by 29.8% in the 3rd quarter. Ieq Capital LLC now owns 34,765 shares of the company’s stock valued at $391,000 after buying an additional 7,973 shares during the last quarter. Finally, Focus Advisor Solutions LLC grew its holdings in Grocery Outlet by 84.2% in the 3rd quarter. Focus Advisor Solutions LLC now owns 22,249 shares of the company’s stock valued at $250,000 after buying an additional 10,173 shares during the last quarter. Institutional investors own 99.87% of the company’s stock.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates Grocery Outlet Bargain Market, a discount grocery chain offering brand-name products and private-label items at value-oriented prices. Its stores carry a range of goods, including groceries, fresh produce, meat, dairy, frozen foods and household products. The company uses opportunistic buying to source products, which can result in changing assortments and limited-time deals. Founded in 1946 by Jim Read, Grocery Outlet has grown from a California-based business into a retailer serving communities across the western United States and parts of the East Coast.