Grocery Outlet (NASDAQ:GO) Shares Gap Up Following Insider Buying Activity

Grocery Outlet Holding Corp. (NASDAQ:GO) gapped up before the market opened on Friday following insider buying activity. The stock had previously closed at $11.83, but opened at $12.33. Grocery Outlet shares last traded at $12.02, with a volume of 535,930 shares changing hands.

Specifically, CFO Christopher M. Miller bought 10,000 shares of the company’s stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average price of $11.68 per share, for a total transaction of $116,800.00. Following the acquisition, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $116,800. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website.

Analyst Ratings Changes

Several equities research analysts have recently issued reports on the company. The Goldman Sachs Group lowered their price target on Grocery Outlet from $14.00 to $11.00 and set a “sell” rating on the stock in a research report on Thursday. TD Cowen lowered Grocery Outlet from a “buy” rating to a “hold” rating and lowered their target price for the company from $25.00 to $16.00 in a report on Wednesday, November 6th. Roth Mkm dropped their price target on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Bank of America reduced their price objective on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday. Finally, UBS Group dropped their target price on shares of Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, Grocery Outlet presently has an average rating of “Hold” and a consensus price target of $15.25.

Grocery Outlet Price Performance

The company’s fifty day simple moving average is $16.05 and its 200-day simple moving average is $17.10. The stock has a market cap of $1.18 billion, a P/E ratio of 23.58, a price-to-earnings-growth ratio of 9.08 and a beta of 0.32. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34.

Institutional Trading of Grocery Outlet

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. FPR Partners LLC grew its stake in shares of Grocery Outlet by 15.2% in the 4th quarter. FPR Partners LLC now owns 5,991,474 shares of the company’s stock valued at $93,527,000 after purchasing an additional 791,474 shares during the period. Dimensional Fund Advisors LP lifted its position in shares of Grocery Outlet by 0.9% during the 4th quarter. Dimensional Fund Advisors LP now owns 3,833,955 shares of the company’s stock worth $59,845,000 after buying an additional 35,938 shares during the period. State Street Corp lifted its position in shares of Grocery Outlet by 0.6% during the 3rd quarter. State Street Corp now owns 3,407,152 shares of the company’s stock worth $59,796,000 after buying an additional 21,237 shares during the period. Simcoe Capital Management LLC acquired a new stake in Grocery Outlet in the 4th quarter valued at $53,185,000. Finally, Clearbridge Investments LLC grew its position in Grocery Outlet by 9.4% in the fourth quarter. Clearbridge Investments LLC now owns 3,158,059 shares of the company’s stock valued at $49,297,000 after acquiring an additional 272,285 shares during the period. Institutional investors own 99.87% of the company’s stock.

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.