Grocery Outlet (NASDAQ:GO) Releases FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.77-0.80 for the period, compared to the consensus earnings per share estimate of $0.88. The company issued revenue guidance of slightly above $4.35 billion, compared to the consensus revenue estimate of $4.36 billion.

Grocery Outlet Stock Performance

NASDAQ:GO traded up $0.15 during mid-day trading on Tuesday, hitting $14.56. The stock had a trading volume of 2,333,925 shares, compared to its average volume of 1,803,306. Grocery Outlet has a 52 week low of $13.60 and a 52 week high of $29.98. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. The stock has a market capitalization of $1.43 billion, a price-to-earnings ratio of 26.96, a P/E/G ratio of 3.57 and a beta of 0.13. The company has a 50 day simple moving average of $16.74 and a 200-day simple moving average of $19.84.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings data on Tuesday, August 6th. The company reported $0.25 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.20 by $0.05. The business had revenue of $1.13 billion during the quarter, compared to analyst estimates of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The business’s revenue for the quarter was up 11.7% compared to the same quarter last year. During the same period in the prior year, the company posted $0.23 EPS. On average, research analysts expect that Grocery Outlet will post 0.66 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on GO shares. Wells Fargo & Company reduced their price objective on shares of Grocery Outlet from $28.00 to $26.00 and set an “overweight” rating for the company in a report on Wednesday, October 30th. Loop Capital initiated coverage on Grocery Outlet in a report on Thursday, October 17th. They set a “hold” rating and a $17.00 target price on the stock. Craig Hallum lowered Grocery Outlet from a “buy” rating to a “hold” rating and decreased their price target for the company from $32.00 to $20.00 in a research note on Wednesday, July 31st. Roth Mkm dropped their price objective on Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Finally, Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average price target of $19.73.

Insider Buying and Selling

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,340,728.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the company’s stock in a transaction on Thursday, September 19th. The stock was sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the completion of the transaction, the director now directly owns 70,938 shares in the company, valued at $1,155,580.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 500,095 shares of company stock valued at $8,876,548. 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.