Grocery Outlet (NASDAQ:GO) Releases FY 2024 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY 2024 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of 0.890-0.950 for the period, compared to the consensus estimate of 0.920. The company issued revenue guidance of $4.3 billion-$4.4 billion, compared to the consensus revenue estimate of $4.4 billion. Grocery Outlet also updated its FY24 guidance to $0.89 to $0.95 EPS.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on GO. The Goldman Sachs Group cut their target price on Grocery Outlet from $24.00 to $21.00 and set a sell rating on the stock in a research report on Thursday, May 9th. Roth Mkm dropped their price objective on Grocery Outlet from $27.00 to $22.00 and set a neutral rating for the company in a report on Thursday, May 9th. UBS Group dropped their price objective on Grocery Outlet from $30.00 to $27.00 and set a neutral rating for the company in a report on Wednesday, May 8th. Wells Fargo & Company initiated coverage on Grocery Outlet in a report on Thursday, July 18th. They issued an overweight rating and a $28.00 target price for the company. Finally, Craig Hallum cut Grocery Outlet from a buy rating to a hold rating and lowered their target price for the stock from $32.00 to $20.00 in a report on Wednesday, July 31st. Two investment analysts have rated the stock with a sell rating, four have given a hold rating and four have issued a buy rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of Hold and an average price target of $26.60.

Grocery Outlet Stock Performance

Shares of GO stock traded up $0.26 during mid-day trading on Tuesday, reaching $18.54. The stock had a trading volume of 2,619,896 shares, compared to its average volume of 1,717,226. Grocery Outlet has a 1-year low of $18.16 and a 1-year high of $36.54. The company has a current ratio of 1.25, a quick ratio of 0.30 and a debt-to-equity ratio of 0.23. The firm has a market cap of $1.85 billion, a price-to-earnings ratio of 28.97, a PEG ratio of 3.55 and a beta of 0.09. The business’s fifty day moving average is $20.95 and its 200-day moving average is $24.00.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings results on Tuesday, May 7th. The company reported $0.03 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.13 by ($0.10). The business had revenue of $1.04 billion for the quarter, compared to analysts’ expectations of $1.02 billion. Grocery Outlet had a return on equity of 5.46% and a net margin of 1.60%. On average, research analysts forecast that Grocery Outlet will post 0.69 earnings per share for the current year.

Insider Activity

In other news, EVP Luke D. Thompson sold 1,332 shares of the firm’s stock in a transaction that occurred on Tuesday, May 21st. The stock was sold at an average price of $22.43, for a total value of $29,876.76. Following the transaction, the executive vice president now owns 32,306 shares in the company, valued at $724,623.58. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. In related news, Director John E. Bachman purchased 10,000 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The stock was purchased at an average price of $20.09 per share, with a total value of $200,900.00. Following the completion of the acquisition, the director now owns 25,872 shares in the company, valued at $519,768.48. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, EVP Luke D. Thompson sold 1,332 shares of the stock in a transaction that occurred on Tuesday, May 21st. The shares were sold at an average price of $22.43, for a total value of $29,876.76. Following the completion of the sale, the executive vice president now directly owns 32,306 shares of the company’s stock, valued at approximately $724,623.58. The disclosure for this sale can be found here. Company insiders own 4.50% 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.