1,139,058 Shares in Grocery Outlet Holding Corp. $GO Bought by Solas Capital Management LLC

Solas Capital Management LLC purchased a new position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) during the 2nd quarter, Holdings Channel.com reports. The fund purchased 1,139,058 shares of the company’s stock, valued at approximately $11,368,000. Grocery Outlet comprises approximately 6.1% of Solas Capital Management LLC’s holdings, making the stock its 7th biggest holding.

Other large investors have also recently added to or reduced their stakes in the company. BlackRock Inc. bought a new position in shares of Grocery Outlet in the 2nd quarter valued at about $152,440,000. T. Rowe Price Investment Management Inc. raised its holdings in shares of Grocery Outlet by 54.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 15,763,945 shares of the company’s stock valued at $159,216,000 after purchasing an additional 5,528,722 shares during the period. Millennium Management LLC raised its holdings in shares of Grocery Outlet by 3,558.0% in the 3rd quarter. Millennium Management LLC now owns 1,825,407 shares of the company’s stock valued at $29,298,000 after purchasing an additional 1,775,505 shares during the period. UBS Group AG lifted its stake in Grocery Outlet by 87.6% in the 4th quarter. UBS Group AG now owns 2,726,299 shares of the company’s stock valued at $27,536,000 after purchasing an additional 1,272,859 shares during the last quarter. Finally, Boston Partners lifted its stake in Grocery Outlet by 219.7% in the 3rd quarter. Boston Partners now owns 1,462,633 shares of the company’s stock valued at $23,475,000 after purchasing an additional 1,005,126 shares during the last quarter. Institutional investors and hedge funds own 99.87% of the company’s stock.

Grocery Outlet Stock Performance

Shares of GO stock opened at $12.04 on Tuesday. The company has a market capitalization of $1.19 billion, a price-to-earnings ratio of -3.11, a PEG ratio of 8.87 and a beta of 0.65. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.30 and a current ratio of 1.29. The company has a 50-day simple moving average of $9.95 and a 200 day simple moving average of $8.73. Grocery Outlet Holding Corp. has a 52 week low of $5.66 and a 52 week high of $19.23.

Grocery Outlet (NASDAQ:GO) last released its quarterly earnings results on Wednesday, August 12th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Grocery Outlet had a negative net margin of 8.04% and a positive return on equity of 5.84%. The business’s revenue was up 1.1% on a year-over-year basis. During the same period in the prior year, the firm earned $0.23 EPS. On average, sell-side analysts predict that Grocery Outlet Holding Corp. will post 0.39 earnings per share for the current year.

Insider Activity at Grocery Outlet

In other news, insider Paul Blaine Miller bought 10,000 shares of the firm’s stock in a transaction dated Thursday, June 18th. The shares were bought at an average price of $9.37 per share, with a total value of $93,700.00. Following the completion of the transaction, the insider owned 59,171 shares of the company’s stock, valued at $554,432.27. This trade represents a 20.34% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders purchased a total of 23,000 shares of company stock valued at $228,400 over the last 90 days. 5.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

GO has been the topic of a number of recent analyst reports. Wells Fargo & Company boosted their price target on Grocery Outlet from $9.00 to $11.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 13th. Roth Capital reaffirmed a “neutral” rating and issued a $10.00 price objective on shares of Grocery Outlet in a research report on Thursday, August 13th. DA Davidson lifted their target price on Grocery Outlet from $9.00 to $12.00 and gave the stock a “neutral” rating in a research note on Thursday, August 13th. Telsey Advisory Group reissued a “market perform” rating on shares of Grocery Outlet in a report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $9.00 price target on shares of Grocery Outlet in a research note on Thursday, August 13th. Twelve analysts have rated the stock with a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Reduce” and a consensus target price of $10.59.

About Grocery Outlet

Grocery Outlet Holding Corp. (NASDAQ: GO) is a specialty discount retailer that offers consumers deeply discounted groceries by purchasing excess inventory, closeouts, and overstocks from manufacturers and distributors. Headquartered in Emeryville, California, the company operates two primary banners—Grocery Outlet and Fresh2Go—with a combined footprint of more than 400 stores. Its product assortment spans fresh produce, meat, dairy, bakery items, household staples, natural and organic offerings, and select specialty products, all sold at significant markdowns compared to conventional supermarkets.

The company’s unique buying model enables it to source inventory through opportunistic purchases of surplus freight, discontinued items, and closeout deals, which it then passes on as savings to its customers.