Grocery Outlet (NASDAQ:GO) Stock Price Up 5.2% – Here’s What Happened

Shares of Grocery Outlet Holding Corp. (NASDAQ:GO) were up 5.2% on Friday . The stock traded as high as $12.04 and last traded at $12.13. Approximately 168,786 shares changed hands during mid-day trading, a decline of 91% from the average daily volume of 1,984,188 shares. The stock had previously closed at $11.53.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on GO. Bank of America cut their target price on shares of Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group reduced their target price on shares of Grocery Outlet from $14.00 to $11.00 and set a “sell” rating for the company in a report on Thursday, February 27th. Morgan Stanley lowered their price target on Grocery Outlet from $13.00 to $10.00 and set an “underperform” rating on the stock in a report on Wednesday, February 26th. Wells Fargo & Company dropped their target price on Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating on the stock in a report on Wednesday, February 26th. Finally, Telsey Advisory Group decreased their price target on Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating for the company in a report on Wednesday, February 26th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Grocery Outlet presently has a consensus rating of “Hold” and an average target price of $15.25.

Grocery Outlet Stock Up 12.1 %

The firm’s 50-day simple moving average is $15.60 and its 200 day simple moving average is $16.84. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The company has a market capitalization of $1.26 billion, a PE ratio of 25.34, a price-to-earnings-growth ratio of 9.08 and a beta of 0.36.

Insider Buying and Selling

In other Grocery Outlet news, Director Kenneth W. Alterman bought 25,000 shares of the company’s stock in a transaction on Monday, March 3rd. The stock was purchased at an average cost of $11.88 per share, for a total transaction of $297,000.00. Following the acquisition, the director now owns 64,592 shares of the company’s stock, valued at $767,352.96. The trade was a 63.14 % increase in their position. The acquisition was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Erik D. Ragatz purchased 165,000 shares of Grocery Outlet stock in a transaction on Friday, February 28th. The stock was acquired at an average cost of $12.25 per share, for a total transaction of $2,021,250.00. Following the acquisition, the director now directly owns 201,500 shares of the company’s stock, valued at approximately $2,468,375. This represents a 452.05 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last 90 days, insiders have purchased 200,000 shares of company stock valued at $2,435,050. Corporate insiders own 4.50% of the company’s stock.

Institutional Investors Weigh In On Grocery Outlet

A number of institutional investors and hedge funds have recently bought and sold shares of GO. Creative Planning acquired a new stake in shares of Grocery Outlet during the third quarter valued at $198,000. Wealth Enhancement Advisory Services LLC acquired a new stake in shares of Grocery Outlet during the 3rd quarter worth about $801,000. Nisa Investment Advisors LLC purchased a new stake in shares of Grocery Outlet during the third quarter worth about $181,000. Capital Performance Advisors LLP purchased a new stake in shares of Grocery Outlet during the third quarter worth about $32,000. Finally, State of New Jersey Common Pension Fund D raised its position in shares of Grocery Outlet by 28.4% in the third quarter. State of New Jersey Common Pension Fund D now owns 111,500 shares of the company’s stock valued at $1,957,000 after buying an additional 24,672 shares during the last quarter. Hedge funds and other institutional investors own 99.87% 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.