Telsey Advisory Group Reiterates Market Perform Rating for Grocery Outlet (NASDAQ:GO)

Grocery Outlet (NASDAQ:GO)‘s stock had its “market perform” rating restated by equities research analysts at Telsey Advisory Group in a research note issued to investors on Thursday,Benzinga reports. They currently have a $18.00 target price on the stock. Telsey Advisory Group’s price objective would suggest a potential upside of 8.83% from the company’s previous close.

GO has been the subject of several other reports. Bank of America lowered Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their target price for the company from $29.00 to $17.00 in a report on Wednesday, October 30th. Loop Capital started coverage on Grocery Outlet in a research note on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective for the company. UBS Group lowered their target price on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th. Craig Hallum reduced their price target on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research report on Wednesday, November 6th. Finally, Roth Mkm lowered their price objective on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. One research analyst has rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $18.00.

Grocery Outlet Trading Down 3.0 %

NASDAQ GO opened at $16.54 on Thursday. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The firm has a market capitalization of $1.61 billion, a P/E ratio of 32.43, a PEG ratio of 4.74 and a beta of 0.25. The business has a fifty day simple moving average of $17.84 and a 200 day simple moving average of $18.77. Grocery Outlet has a 12 month low of $13.60 and a 12 month high of $29.19.

Grocery Outlet (NASDAQ:GO) last announced its earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, beating the consensus estimate of $0.27 by $0.01. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The company had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the prior year, the company posted $0.25 earnings per share. The firm’s revenue for the quarter was up 10.4% on a year-over-year basis. On average, analysts predict that Grocery Outlet will post 0.63 EPS for the current fiscal year.

Insider Activity

In other Grocery Outlet news, Director Erik D. Ragatz acquired 110,000 shares of the business’s stock in a transaction dated Friday, November 15th. The stock was bought at an average price of $18.25 per share, with a total value of $2,007,500.00. Following the completion of the acquisition, the director now owns 539,785 shares of the company’s stock, valued at $9,851,076.25. This trade represents a 25.59 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink. 4.50% of the stock is owned by company insiders.

Hedge Funds Weigh In On Grocery Outlet

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Millennium Management LLC raised its holdings in shares of Grocery Outlet by 677.6% during the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock valued at $43,832,000 after buying an additional 1,726,741 shares in the last quarter. Solel Partners LP purchased a new position in shares of Grocery Outlet during the second quarter worth approximately $35,980,000. American Century Companies Inc. boosted its stake in shares of Grocery Outlet by 889.9% in the 2nd quarter. American Century Companies Inc. now owns 1,010,785 shares of the company’s stock valued at $22,359,000 after purchasing an additional 908,680 shares in the last quarter. Point72 Asset Management L.P. grew its holdings in shares of Grocery Outlet by 159.8% during the 3rd quarter. Point72 Asset Management L.P. now owns 1,235,078 shares of the company’s stock valued at $21,676,000 after purchasing an additional 759,697 shares during the last quarter. Finally, Victory Capital Management Inc. raised its position in Grocery Outlet by 1,891.8% in the 2nd quarter. Victory Capital Management Inc. now owns 743,069 shares of the company’s stock worth $16,437,000 after purchasing an additional 705,762 shares during the period. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Grocery Outlet Company Profile

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.