Grocery Outlet (NASDAQ:GO) Trading Down 4.6% – Here’s What Happened

Shares of Grocery Outlet Holding Corp. (NASDAQ:GO) fell 4.6% during trading on Wednesday . The company traded as low as $15.18 and last traded at $15.22. Approximately 984,858 shares traded hands during mid-day trading, a decline of 37% from the average session volume of 1,555,644 shares. The stock had previously closed at $15.95.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on the stock. Deutsche Bank Aktiengesellschaft decreased their price target on shares of Grocery Outlet from $29.00 to $26.00 and set a “buy” rating for the company in a research note 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. UBS Group decreased their price objective on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Telsey Advisory Group reiterated a “market perform” rating and issued a $18.00 price target on shares of Grocery Outlet in a report on Thursday, December 19th. Finally, Bank of America lowered shares of Grocery Outlet from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $29.00 to $17.00 in a research note on Wednesday, October 30th. One research analyst has rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus price target of $18.00.

Grocery Outlet Trading Down 4.6 %

The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The company has a fifty day moving average price of $17.66 and a two-hundred day moving average price of $17.85. The firm has a market capitalization of $1.48 billion, a price-to-earnings ratio of 29.82, a PEG ratio of 16.92 and a beta of 0.31.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. The business had revenue of $1.11 billion during the quarter, compared to analysts’ expectations of $1.10 billion. Grocery Outlet had a net margin of 1.20% and a return on equity of 5.25%. The business’s revenue for the quarter was up 10.4% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.25 EPS. As a group, research analysts forecast that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Insider Transactions at Grocery Outlet

In other Grocery Outlet news, Director Erik D. Ragatz purchased 110,000 shares of the business’s stock in a transaction on Friday, November 15th. The shares were bought at an average cost of $18.25 per share, for a total transaction of $2,007,500.00. Following the completion of the purchase, the director now directly owns 539,785 shares of the company’s stock, valued at approximately $9,851,076.25. This trade represents a 25.59 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Company insiders own 4.50% of the company’s stock.

Institutional Trading of Grocery Outlet

Several hedge funds have recently modified their holdings of GO. Barclays PLC increased its position in shares of Grocery Outlet by 1,224.1% in the 3rd quarter. Barclays PLC now owns 300,393 shares of the company’s stock valued at $5,271,000 after purchasing an additional 277,706 shares during the last quarter. Jane Street Group LLC increased its holdings in Grocery Outlet by 357.7% in the third quarter. Jane Street Group LLC now owns 519,542 shares of the company’s stock valued at $9,118,000 after buying an additional 406,039 shares during the last quarter. Cerity Partners LLC raised its stake in Grocery Outlet by 887.1% in the third quarter. Cerity Partners LLC now owns 105,675 shares of the company’s stock valued at $1,855,000 after buying an additional 94,969 shares in the last quarter. Y Intercept Hong Kong Ltd purchased a new stake in Grocery Outlet during the 3rd quarter worth about $511,000. Finally, GSA Capital Partners LLP purchased a new stake in Grocery Outlet during the 3rd quarter worth about $2,507,000. 99.87% of the stock is currently owned by institutional investors and hedge funds.

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.