Grocery Outlet (NASDAQ:GO) Price Target Raised to $11.00

Grocery Outlet (NASDAQ:GO) had its target price upped by Wells Fargo & Company from $9.00 to $11.00 in a report released on Thursday morning, Marketbeat reports. Wells Fargo & Company currently has an equal weight rating on the stock.

Other equities research analysts also recently issued reports about the company. TD Cowen increased their price objective on Grocery Outlet from $6.00 to $8.00 and gave the stock a “hold” rating in a research note on Thursday, May 14th. Weiss Ratings cut Grocery Outlet from a “sell (d)” rating to a “sell (d-)” rating in a research note on Thursday, July 30th. DA Davidson upped their target price on Grocery Outlet from $9.00 to $12.00 and gave the company a “neutral” rating in a report on Thursday. Finally, Telsey Advisory Group increased their price target on shares of Grocery Outlet from $9.00 to $12.00 and gave the stock a “market perform” rating in a research report on Thursday. Twelve research analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat, Grocery Outlet currently has an average rating of “Reduce” and an average price target of $10.59.

Grocery Outlet Price Performance

Shares of NASDAQ:GO opened at $11.13 on Thursday. The company’s fifty day moving average is $9.69 and its two-hundred day moving average is $8.65. The company has a market cap of $1.10 billion, a P/E ratio of -2.88, a price-to-earnings-growth ratio of 17.35 and a beta of 0.65. Grocery Outlet has a 12-month low of $5.66 and a 12-month high of $19.23. The company has a quick ratio of 0.27, a current ratio of 1.29 and a debt-to-equity ratio of 0.60.

Grocery Outlet (NASDAQ:GO) last issued its earnings results on Wednesday, August 12th. The company reported $0.20 EPS for the quarter, topping the consensus estimate of $0.13 by $0.07. Grocery Outlet had a positive return on equity of 5.84% and a negative net margin of 8.04%.The business had revenue of $1.19 billion during the quarter, compared to analysts’ expectations of $1.17 billion. During the same quarter last year, the firm posted $0.23 earnings per share. Grocery Outlet’s revenue was up 1.1% compared to the same quarter last year. Equities analysts expect that Grocery Outlet will post 0.37 earnings per share for the current fiscal year.

Insider Buying and Selling at Grocery Outlet

In other news, insider Paul Blaine Miller purchased 5,000 shares of the business’s stock in a transaction dated Thursday, June 25th. The stock was bought at an average cost of $9.50 per share, with a total value of $47,500.00. Following the purchase, the insider directly owned 64,171 shares of the company’s stock, valued at approximately $609,624.50. This trade represents a 8.45% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. 5.60% of the stock is owned by company insiders.

Hedge Funds Weigh In On Grocery Outlet

A number of hedge funds have recently added to or reduced their stakes in GO. Aster Capital Management DIFC Ltd lifted its stake in Grocery Outlet by 1,030.4% in the fourth quarter. Aster Capital Management DIFC Ltd now owns 2,532 shares of the company’s stock valued at $26,000 after acquiring an additional 2,308 shares during the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Grocery Outlet during the 4th quarter valued at about $35,000. Allworth Financial LP bought a new position in shares of Grocery Outlet in the 2nd quarter valued at approximately $40,000. Quantbot Technologies LP bought a new position in shares of Grocery Outlet in the 2nd quarter valued at approximately $46,000. Finally, Chicago Partners Investment Group LLC bought a new position in shares of Grocery Outlet in the 1st quarter valued at approximately $71,000. Institutional investors and hedge funds own 99.87% of the company’s stock.

Grocery Outlet Company Profile

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.