Bank of America Cuts Grocery Outlet (NASDAQ:GO) Price Target to $17.00

Grocery Outlet (NASDAQ:GO) had its price target reduced by Bank of America from $20.00 to $17.00 in a report published on Wednesday,Benzinga reports. Bank of America currently has a neutral rating on the stock.

Other equities analysts have also issued research reports about the stock. Telsey Advisory Group reiterated a “market perform” rating and issued a $18.00 price target on shares of Grocery Outlet in a report on Wednesday, January 22nd. Roth Mkm decreased their price target on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday, November 6th. Craig Hallum decreased their price target on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating on the stock in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 target price on the stock. in a report on Wednesday. Finally, Wells Fargo & Company reduced their target price on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating on the stock in a report on Wednesday, November 6th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, Grocery Outlet has a consensus rating of “Hold” and an average target price of $15.25.

Grocery Outlet Stock Up 0.3 %

Shares of GO opened at $11.87 on Wednesday. The firm has a market cap of $1.15 billion, a PE ratio of 23.27, a price-to-earnings-growth ratio of 9.08 and a beta of 0.32. The company’s fifty day moving average is $15.95 and its two-hundred day moving average is $17.05. Grocery Outlet has a fifty-two week low of $10.26 and a fifty-two week high of $29.13. The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34.

Insider Buying and Selling

In related news, CFO Christopher M. Miller bought 10,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $11.68 per share, with a total value of $116,800.00. Following the transaction, the chief financial officer now owns 10,000 shares of the company’s stock, valued at approximately $116,800. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, which can be accessed through this link. 4.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Grocery Outlet

Several hedge funds and other institutional investors have recently modified their holdings of the stock. FPR Partners LLC increased its position in shares of Grocery Outlet by 15.2% in the 4th quarter. FPR Partners LLC now owns 5,991,474 shares of the company’s stock worth $93,527,000 after purchasing an additional 791,474 shares during the last quarter. Dimensional Fund Advisors LP increased its position in shares of Grocery Outlet by 0.9% in the 4th quarter. Dimensional Fund Advisors LP now owns 3,833,955 shares of the company’s stock worth $59,845,000 after purchasing an additional 35,938 shares during the last quarter. State Street Corp grew its position in shares of Grocery Outlet by 0.6% during the 3rd quarter. State Street Corp now owns 3,407,152 shares of the company’s stock valued at $59,796,000 after buying an additional 21,237 shares during the last quarter. Simcoe Capital Management LLC bought a new stake in shares of Grocery Outlet during the 4th quarter valued at about $53,185,000. Finally, Clearbridge Investments LLC grew its position in shares of Grocery Outlet by 9.4% during the 4th quarter. Clearbridge Investments LLC now owns 3,158,059 shares of the company’s stock valued at $49,297,000 after buying an additional 272,285 shares during the last quarter. Institutional investors own 99.87% of the company’s stock.

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.