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

Shares of Grocery Outlet Holding Corp. (NASDAQ:GO) gapped up prior to trading on Friday after an insider bought additional shares in the company. 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 traded.

Specifically, CFO Christopher M. Miller bought 10,000 shares of the company’s stock in a transaction dated Thursday, February 27th. The stock was bought at an average price of $11.68 per share, with a total value of $116,800.00. Following the completion of the acquisition, the chief financial officer now owns 10,000 shares of the company’s stock, valued at $116,800. This represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this link.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Wells Fargo & Company lowered their price target on shares of Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating on the stock in a research report on Wednesday. The Goldman Sachs Group lowered their target price on shares of Grocery Outlet from $14.00 to $11.00 and set a “sell” rating on the stock in a report on Thursday. Telsey Advisory Group cut their price target on Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating for the company in a research note on Wednesday. Bank of America lowered their price objective on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday. Finally, Deutsche Bank Aktiengesellschaft downgraded Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $15.25.

Grocery Outlet Stock Up 0.3 %

The company has a quick ratio of 0.33, a current ratio of 1.46 and a debt-to-equity ratio of 0.34. The firm has a 50 day moving average of $15.95 and a two-hundred day moving average of $17.03. The firm has a market capitalization of $1.16 billion, a price-to-earnings ratio of 23.27, a price-to-earnings-growth ratio of 9.08 and a beta of 0.32.

Institutional Investors Weigh In On Grocery Outlet

Hedge funds have recently made changes to their positions in the stock. Franklin Resources Inc. boosted its holdings in shares of Grocery Outlet by 1.8% during the 3rd quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock valued at $526,000 after acquiring an additional 529 shares in the last quarter. Amundi boosted its stake in shares of Grocery Outlet by 0.6% during the fourth quarter. Amundi now owns 116,139 shares of the company’s stock valued at $1,895,000 after purchasing an additional 719 shares in the last quarter. Blue Trust Inc. grew its holdings in shares of Grocery Outlet by 76.6% during the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares during the last quarter. Cedar Wealth Management LLC increased its stake in shares of Grocery Outlet by 3.9% in the fourth quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company’s stock valued at $318,000 after buying an additional 765 shares during the period. Finally, Wealth Enhancement Advisory Services LLC raised its holdings in Grocery Outlet by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock valued at $732,000 after buying an additional 1,240 shares during the last quarter. 99.87% of the stock is currently owned by institutional investors and hedge funds.

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.