Wells Fargo & Company Lowers Grocery Outlet (NASDAQ:GO) Price Target to $23.00

Grocery Outlet (NASDAQ:GO) had its target price trimmed by Wells Fargo & Company from $26.00 to $23.00 in a research note published on Wednesday morning,Benzinga reports. The firm currently has an overweight rating on the stock.

Other analysts also recently issued reports about the stock. TD Cowen downgraded shares of Grocery Outlet from a “buy” rating to a “hold” rating and reduced their price target for the company from $25.00 to $16.00 in a report on Wednesday. Roth Mkm dropped their target price on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a research report on Wednesday, August 7th. Melius Research initiated coverage on shares of Grocery Outlet in a research report on Monday, September 23rd. They set a “hold” rating and a $17.00 target price for the company. The Goldman Sachs Group lowered their price objective on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research report on Friday, November 1st. Finally, Roth Capital raised shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. One equities 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 given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $18.00.

Grocery Outlet Stock Up 3.5 %

Grocery Outlet stock opened at $17.80 on Wednesday. The firm’s 50 day moving average price is $16.55 and its two-hundred day moving average price is $19.64. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.98. The firm has a market cap of $1.74 billion, a PE ratio of 34.90, a P/E/G ratio of 3.92 and a beta of 0.13. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.29 and a current ratio of 1.46.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, topping the consensus estimate of $0.27 by $0.01. The company had revenue of $1.11 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. Grocery Outlet’s quarterly revenue was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.25 EPS. On average, research analysts predict that Grocery Outlet will post 0.65 EPS for the current fiscal year.

Insider Buying and Selling at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the sale, the director now directly owns 70,938 shares in the company, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the transaction, the director now owns 70,938 shares in the company, valued at approximately $1,340,728.20. The trade was a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,095 shares of company stock valued at $8,876,548. 4.50% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Grocery Outlet

Institutional investors have recently added to or reduced their stakes in the company. Blue Trust Inc. increased its holdings in shares of Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after purchasing an additional 722 shares during the last quarter. Allspring Global Investments Holdings LLC acquired a new position in shares of Grocery Outlet in the first quarter valued at $25,000. Texas Permanent School Fund Corp increased its holdings in shares of Grocery Outlet by 1.3% in the first quarter. Texas Permanent School Fund Corp now owns 86,879 shares of the company’s stock valued at $2,500,000 after purchasing an additional 1,126 shares during the last quarter. Swiss National Bank increased its holdings in shares of Grocery Outlet by 0.6% in the first quarter. Swiss National Bank now owns 186,100 shares of the company’s stock valued at $5,356,000 after purchasing an additional 1,200 shares during the last quarter. Finally, Innealta Capital LLC acquired a new position in shares of Grocery Outlet in the second quarter valued at $38,000. 99.87% of the stock is currently owned by institutional investors and hedge funds.

About Grocery Outlet

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.