Melius Research Begins Coverage on Grocery Outlet (NASDAQ:GO)

Melius Research assumed coverage on shares of Grocery Outlet (NASDAQ:GO) in a research report report published on Monday morning, MarketBeat.com reports. The firm issued a hold rating and a $17.00 target price on the stock.

Several other equities research analysts also recently commented on the company. Roth Mkm dropped their target price on Grocery Outlet from $22.00 to $20.00 and set a neutral rating on the stock in a report on Wednesday, August 7th. Telsey Advisory Group decreased their target price on shares of Grocery Outlet from $31.00 to $27.00 and set an outperform rating for the company in a research note on Wednesday, August 7th. Roth Capital raised shares of Grocery Outlet from a hold rating to a strong-buy rating in a research note on Wednesday, August 7th. Wells Fargo & Company assumed coverage on shares of Grocery Outlet in a research report on Thursday, July 18th. They issued an overweight rating and a $28.00 price objective for the company. Finally, UBS Group dropped their target price on Grocery Outlet from $27.00 to $21.00 and set a neutral rating on the stock in a research report on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, four have issued a hold rating, three have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Hold and a consensus target price of $22.11.

Grocery Outlet Trading Down 0.2 %

Shares of GO stock opened at $16.25 on Monday. Grocery Outlet has a 1-year low of $15.72 and a 1-year high of $29.98. The firm’s 50-day simple moving average is $18.51 and its 200-day simple moving average is $22.09. The firm has a market cap of $1.59 billion, a P/E ratio of 25.39, a PEG ratio of 3.12 and a beta of 0.10. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings results on Tuesday, August 6th. The company reported $0.25 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.05. The company had revenue of $1.13 billion for the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. Grocery Outlet’s revenue for the quarter was up 11.7% on a year-over-year basis. During the same quarter last year, the business earned $0.23 EPS. As a group, equities analysts forecast that Grocery Outlet will post 0.68 EPS for the current year.

Insiders Place Their Bets

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. The transaction was disclosed in a legal filing with the SEC, which is available at this link. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the transaction, the director now owns 70,938 shares in the company, valued at approximately $1,155,580.02. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the completion of the sale, the director now owns 70,938 shares in the company, valued at $1,340,728.20. The disclosure for this sale can be found here. Insiders have sold a total of 500,095 shares of company stock valued at $8,876,548 in the last quarter. Insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Allspring Global Investments Holdings LLC bought a new stake in shares of Grocery Outlet during the 1st quarter worth about $25,000. Innealta Capital LLC acquired a new position in shares of Grocery Outlet during the second quarter valued at approximately $38,000. Canada Pension Plan Investment Board bought a new stake in Grocery Outlet during the second quarter worth approximately $82,000. Daiwa Securities Group Inc. acquired a new position in shares of Grocery Outlet during the 1st quarter valued at $127,000. Finally, Quest Partners LLC acquired a new position in shares of Grocery Outlet during the 4th quarter valued at $193,000. 99.87% of the stock is currently owned by institutional investors.

Grocery Outlet Company Profile

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.