Bank of America Cuts Grocery Outlet (NASDAQ:GO) Price Target to $17.00

Grocery Outlet (NASDAQ:GO) had its target price trimmed by Bank of America from $20.00 to $17.00 in a research note published on Wednesday,Benzinga reports. The brokerage currently has a neutral rating on the stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company reduced their price objective on Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a research note on Wednesday, November 6th. Craig Hallum cut their target price on Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday, November 6th. The Goldman Sachs Group cut their target price on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research note on Friday, November 1st. TD Cowen downgraded Grocery Outlet from a “buy” rating to a “hold” rating and cut their target price for the stock from $25.00 to $16.00 in a research note on Wednesday, November 6th. Finally, Telsey Advisory Group reissued a “market perform” rating and set a $18.00 target price on shares of Grocery Outlet in a research note on Wednesday, January 22nd. Two investment analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus price target of $15.25.

Grocery Outlet Stock Up 0.3 %

GO opened at $11.87 on Wednesday. The business has a 50 day moving average price of $15.95 and a two-hundred day moving average price of $17.05. 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 company has a market cap of $1.15 billion, a PE ratio of 23.27, a P/E/G ratio of 9.08 and a beta of 0.32. Grocery Outlet has a 52 week low of $10.26 and a 52 week high of $29.13.

Insider Activity at Grocery Outlet

In related news, CFO Christopher M. Miller acquired 10,000 shares of Grocery Outlet stock in a transaction dated Thursday, February 27th. The shares were acquired at an average cost of $11.68 per share, for a total transaction of $116,800.00. Following the completion of the transaction, the chief financial officer now directly owns 10,000 shares of the company’s stock, valued at $116,800. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. 4.50% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in GO. Blue Trust Inc. boosted its position in 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 acquiring an additional 722 shares during the last quarter. Capital Performance Advisors LLP acquired a new stake in Grocery Outlet during the third quarter worth approximately $32,000. Decker Retirement Planning Inc. acquired a new stake in Grocery Outlet during the fourth quarter worth approximately $31,000. Aster Capital Management DIFC Ltd acquired a new stake in Grocery Outlet during the fourth quarter worth approximately $41,000. Finally, Quadrant Capital Group LLC boosted its position in Grocery Outlet by 276.3% during the fourth quarter. Quadrant Capital Group LLC now owns 2,773 shares of the company’s stock worth $43,000 after acquiring an additional 2,036 shares during the last quarter. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

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.