Grocery Outlet (NASDAQ:GO) Stock Price Down 6.5% After Insider Selling

Grocery Outlet Holding Corp. (NASDAQ:GO)’s stock price dropped 6.5% during mid-day trading on Wednesday after an insider sold shares in the company. The company traded as low as $12.09 and last traded at $12.05. Approximately 303,531 shares were traded during trading, a decline of 85% from the average daily volume of 2,022,198 shares. The stock had previously closed at $12.88.

Specifically, EVP Steven K. Wilson sold 6,682 shares of the stock in a transaction that occurred on Monday, March 10th. The shares were sold at an average price of $13.16, for a total value of $87,935.12. Following the transaction, the executive vice president now directly owns 166,923 shares in the company, valued at $2,196,706.68. This represents a 3.85 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, SVP Lindsay E. Gray sold 2,741 shares of the stock in a transaction on Tuesday, March 4th. The stock was sold at an average price of $11.34, for a total transaction of $31,082.94. Following the sale, the senior vice president now directly owns 41,448 shares of the company’s stock, valued at $470,020.32. This represents a 6.20 % decrease in their position. The disclosure for this sale can be found here. In other Grocery Outlet news, EVP Steven K. Wilson sold 6,477 shares of the stock in a transaction on Tuesday, March 4th. The shares were sold at an average price of $11.34, for a total value of $73,449.18. Following the completion of the sale, the executive vice president now owns 173,605 shares in the company, valued at $1,968,680.70. This trade represents a 3.60 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on GO shares. Telsey Advisory Group dropped their price objective on shares of Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating for the company in a research note on Wednesday, February 26th. Wells Fargo & Company decreased their target price on shares of Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Bank of America cut their price target on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a report on Wednesday, February 26th. The Goldman Sachs Group dropped their price objective on Grocery Outlet from $14.00 to $11.00 and set a “sell” rating on the stock in a research note on Thursday, February 27th. Finally, Deutsche Bank Aktiengesellschaft lowered 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, February 26th. 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 stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $15.25.

Grocery Outlet Stock Down 4.8 %

The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The company has a market cap of $1.19 billion, a P/E ratio of 24.04, a P/E/G ratio of 9.08 and a beta of 0.36. The stock has a 50-day moving average of $15.40 and a two-hundred day moving average of $16.68.

Hedge Funds Weigh In On Grocery Outlet

A number of hedge funds and other institutional investors have recently made changes to their positions in the business. Simcoe Capital Management LLC bought a new position in Grocery Outlet in the fourth quarter worth $53,185,000. Junto Capital Management LP bought a new position in shares of Grocery Outlet during the fourth quarter valued at $39,128,000. Freestone Grove Partners LP bought a new position in shares of Grocery Outlet during the fourth quarter valued at $13,602,000. FPR Partners LLC boosted its position in shares of Grocery Outlet by 15.2% during the fourth quarter. FPR Partners LLC now owns 5,991,474 shares of the company’s stock valued at $93,527,000 after buying an additional 791,474 shares during the last quarter. Finally, Point72 Asset Management L.P. boosted its position in Grocery Outlet by 159.8% in the third quarter. Point72 Asset Management L.P. now owns 1,235,078 shares of the company’s stock worth $21,676,000 after purchasing an additional 759,697 shares during the last quarter. 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.