FY2024 EPS Estimates for Grocery Outlet Decreased by Analyst

Grocery Outlet Holding Corp. (NASDAQ:GO) – Research analysts at DA Davidson cut their FY2024 earnings per share (EPS) estimates for shares of Grocery Outlet in a research note issued on Wednesday, November 6th. DA Davidson analyst M. Baker now forecasts that the company will earn $0.53 per share for the year, down from their prior forecast of $0.66. The consensus estimate for Grocery Outlet’s current full-year earnings is $0.66 per share.

Several other research firms also recently commented on GO. Bank of America downgraded Grocery Outlet from a “buy” rating to a “neutral” rating and decreased their price objective for the stock from $29.00 to $17.00 in a report on Wednesday, October 30th. Loop Capital assumed coverage on Grocery Outlet in a research report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price objective for the company. Roth Capital upgraded shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. Melius Research initiated coverage on shares of Grocery Outlet in a report on Monday, September 23rd. They set a “hold” rating and a $17.00 price target for the company. Finally, Wells Fargo & Company dropped their price target on shares of Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $18.17.

Grocery Outlet Stock Up 6.7 %

GO opened at $17.19 on Thursday. The business’s fifty day simple moving average is $16.59 and its 200 day simple moving average is $19.72. Grocery Outlet has a 52 week low of $13.60 and a 52 week high of $29.98. The company has a quick ratio of 0.29, a current ratio of 1.29 and a debt-to-equity ratio of 0.31. The stock has a market cap of $1.68 billion, a PE ratio of 33.63, a P/E/G ratio of 3.42 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, November 5th. The company reported $0.28 EPS for the quarter, topping 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 return on equity of 5.18% and a net margin of 1.30%. The firm’s revenue was up 10.4% on a year-over-year basis. During the same period in the previous year, the business earned $0.25 earnings per share.

Institutional Investors Weigh In On Grocery Outlet

A number of institutional investors have recently bought and sold shares of the business. Allspring Global Investments Holdings LLC purchased a new position in shares of Grocery Outlet in the first quarter worth $25,000. Blue Trust Inc. lifted its stake in Grocery Outlet by 76.6% in the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares in the last quarter. Capital Performance Advisors LLP bought a new position in shares of Grocery Outlet during the 3rd quarter valued at about $32,000. Innealta Capital LLC purchased a new position in shares of Grocery Outlet during the second quarter valued at about $38,000. Finally, Canada Pension Plan Investment Board bought a new stake in shares of Grocery Outlet in the second quarter worth about $82,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Insider Activity

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction on 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 transaction, the director now directly owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction that occurred on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the transaction, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through 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 value of $3,259,547.55. Following the completion of the sale, the director now owns 70,938 shares of the company’s stock, 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. Insiders have sold a total of 500,095 shares of company stock valued at $8,876,548 in the last 90 days. 4.50% of the stock is currently owned by insiders.

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.