Solel Partners LP Buys New Stake in Grocery Outlet Holding Corp. (NASDAQ:GO)

Solel Partners LP purchased a new stake in shares of Grocery Outlet Holding Corp. (NASDAQ:GO) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm purchased 1,626,573 shares of the company’s stock, valued at approximately $35,980,000. Grocery Outlet accounts for 5.9% of Solel Partners LP’s holdings, making the stock its 9th biggest position. Solel Partners LP owned approximately 1.63% of Grocery Outlet at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Allspring Global Investments Holdings LLC acquired a new position in shares of Grocery Outlet during the 1st quarter worth approximately $25,000. Innealta Capital LLC acquired a new position in Grocery Outlet during the second quarter worth $38,000. Canada Pension Plan Investment Board acquired a new position in Grocery Outlet during the second quarter worth $82,000. Daiwa Securities Group Inc. purchased a new position in Grocery Outlet during the first quarter valued at $127,000. Finally, Quest Partners LLC acquired a new stake in shares of Grocery Outlet in the fourth quarter valued at about $193,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Wall Street Analysts Forecast Growth

GO has been the subject of several research analyst reports. Craig Hallum downgraded shares of Grocery Outlet from a “buy” rating to a “hold” rating and reduced their price target for the stock from $32.00 to $20.00 in a research report on Wednesday, July 31st. Telsey Advisory Group reduced their target price on Grocery Outlet from $31.00 to $27.00 and set an “outperform” rating for the company in a report on Wednesday, August 7th. Wells Fargo & Company began coverage on Grocery Outlet in a research note on Thursday, July 18th. They issued an “overweight” rating and a $28.00 price target on the stock. Roth Capital raised Grocery Outlet from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, August 7th. Finally, Roth Mkm lowered their target price on shares of Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating on the stock in a research note on Wednesday, August 7th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating, three have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has an average rating of “Hold” and an average target price of $22.11.

Insider Activity

In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet stock in a transaction dated 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 directly owns 70,938 shares in the company, valued at $1,340,728.20. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following the sale, the director now directly owns 70,938 shares in the company, valued at $1,155,580.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed 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 transaction of $1,890,000.00. Following the completion of the transaction, the director now directly owns 70,938 shares of the company’s stock, valued at approximately $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.

Grocery Outlet Trading Up 1.9 %

Shares of GO opened at $16.28 on Tuesday. Grocery Outlet Holding Corp. has a 12-month low of $15.72 and a 12-month high of $29.98. The firm has a market capitalization of $1.63 billion, a P/E ratio of 25.44, a P/E/G ratio of 3.16 and a beta of 0.10. The firm has a 50-day moving average price of $18.60 and a 200 day moving average price of $22.15. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31.

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

Grocery Outlet 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.