Grocery Outlet Holding Corp. (NASDAQ:GO) Stock Has Consensus Price Target of $10.50 According to Analysts

Grocery Outlet Holding Corp. (NASDAQ:GO) has been given a consensus rating of “Reduce” by the fourteen analysts that are presently covering the firm, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, eleven have given a hold rating and one has issued a buy rating on the company. The average 12-month price objective among brokers that have issued ratings on the stock in the last year is $10.50.

Several research analysts recently weighed in on the stock. Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $9.00 price target on shares of Grocery Outlet in a research report on Thursday, August 13th. Wells Fargo & Company lifted their price objective on Grocery Outlet from $9.00 to $11.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. UBS Group boosted their price objective on Grocery Outlet from $10.00 to $11.50 and gave the stock a “neutral” rating in a research note on Monday, August 17th. Bank of America upgraded Grocery Outlet from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $12.50 to $15.00 in a research note on Wednesday, September 30th. Finally, Morgan Stanley increased their target price on Grocery Outlet from $7.00 to $11.00 and gave the company an “equal weight” rating in a report on Thursday, August 13th.

Insider Buying and Selling

In other news, insider Paul Miller purchased 8,000 shares of the company’s stock in a transaction that occurred on Thursday, August 20th. The stock was purchased at an average cost of $10.90 per share, for a total transaction of $87,200.00. Following the completion of the transaction, the insider owned 72,171 shares of the company’s stock, valued at $786,663.90. This trade represents a 12.47% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Carey Jaros acquired 15,000 shares of Grocery Outlet stock in a transaction that occurred on Thursday, August 27th. The stock was purchased at an average cost of $11.70 per share, with a total value of $175,500.00. Following the completion of the purchase, the director owned 60,000 shares in the company, valued at $702,000. The trade was a 33.33% increase in their position. The SEC filing for this purchase provides additional information. Insiders own 5.60% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

A number of large investors have recently modified their holdings of GO. BlackRock Inc. acquired a new stake in shares of Grocery Outlet in the second quarter valued at about $152,440,000. Heartland Advisors Inc. purchased a new position in shares of Grocery Outlet in the second quarter worth about $6,606,000. Bank of America Corp DE acquired a new position in Grocery Outlet during the second quarter worth about $6,138,000. Bank of New York Mellon Corp acquired a new position in Grocery Outlet during the second quarter worth about $5,500,000. Finally, Empowered Funds LLC acquired a new position in Grocery Outlet during the second quarter worth about $3,894,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Grocery Outlet Stock Performance

GO opened at $13.06 on Tuesday. The company has a quick ratio of 0.30, a current ratio of 1.29 and a debt-to-equity ratio of 0.60. The company has a market cap of $1.29 billion, a price-to-earnings ratio of -3.37, a PEG ratio of 9.25 and a beta of 0.66. Grocery Outlet has a 52-week low of $5.66 and a 52-week high of $15.15. The firm’s fifty day simple moving average is $11.88 and its two-hundred day simple moving average is $9.51.

Grocery Outlet (NASDAQ:GO) last announced its earnings results on Wednesday, August 12th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $1.19 billion for the quarter, compared to analyst estimates of $1.17 billion. Grocery Outlet had a negative net margin of 8.04% and a positive return on equity of 5.84%. The company’s revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter last year, the business earned $0.23 earnings per share. Equities analysts anticipate that Grocery Outlet will post 0.42 earnings per share for the current fiscal year.

About Grocery Outlet

Grocery Outlet Holding Corp. operates a network of independently operated, extreme-value grocery stores under the Grocery Outlet banner. The company offers a broad assortment of products, including fresh produce, meat, dairy, deli items, frozen foods, packaged groceries, beverages, health and beauty products, household essentials and seasonal merchandise.

Its business model is based on opportunistic purchasing, allowing Grocery Outlet to source branded and private-label products from manufacturers, distributors and other suppliers when they are available through closeouts, surplus inventory, packaging changes, production overruns or other special buying opportunities.