FY2024 EPS Estimate for Grocery Outlet Decreased by Analyst

Grocery Outlet Holding Corp. (NASDAQ:GO) – Equities researchers at DA Davidson decreased their FY2024 earnings per share (EPS) estimates for Grocery Outlet in a research note issued to investors on Wednesday, November 6th. DA Davidson analyst M. Baker now anticipates that the company will post earnings of $0.53 per share for the year, down from their previous forecast of $0.66. The consensus estimate for Grocery Outlet’s current full-year earnings is $0.66 per share.

Grocery Outlet (NASDAQ:GO) last released its earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The firm had revenue of $1.11 billion for the quarter, compared to the consensus estimate of $1.10 billion. During the same quarter in the previous year, the company posted $0.25 EPS. The company’s revenue for the quarter was up 10.4% compared to the same quarter last year.

A number of other equities analysts have also recently commented on GO. Craig Hallum dropped their price target on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday. The Goldman Sachs Group cut their target price on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a research note on Friday, November 1st. Loop Capital began coverage on Grocery Outlet in a report on Thursday, October 17th. They issued a “hold” rating and a $17.00 price target on the stock. Wells Fargo & Company cut their price objective on Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating on the stock in a research report on Wednesday. Finally, Telsey Advisory Group decreased their target price on Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating for the company in a research report on Wednesday. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $18.17.

Grocery Outlet Trading Up 6.7 %

GO stock opened at $17.19 on Thursday. Grocery Outlet has a twelve month low of $13.60 and a twelve month high of $29.98. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of 33.63, a price-to-earnings-growth ratio of 3.42 and a beta of 0.13. 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 firm’s fifty day simple moving average is $16.59 and its two-hundred day simple moving average is $19.72.

Insider Buying and Selling

In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction that occurred on 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 transaction, the director now directly 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 sale was disclosed in a filing with the SEC, which is available through this link. In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of Grocery Outlet 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 owns 70,938 shares of the company’s stock, valued at $1,340,728.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the firm’s stock in a transaction that occurred on 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 completion of the sale, the director now owns 70,938 shares of the company’s stock, valued at approximately $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 sold a total of 500,095 shares of company stock valued at $8,876,548 over the last three months. 4.50% of the stock is owned by company insiders.

Institutional Trading of Grocery Outlet

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Capital World Investors lifted its stake in shares of Grocery Outlet by 281.4% during the first quarter. Capital World Investors now owns 3,579,683 shares of the company’s stock worth $103,023,000 after buying an additional 2,641,016 shares during the period. Millennium Management LLC lifted its position in Grocery Outlet by 677.6% during the 2nd quarter. Millennium Management LLC now owns 1,981,558 shares of the company’s stock worth $43,832,000 after acquiring an additional 1,726,741 shares during the period. CWM LLC grew its stake in Grocery Outlet by 505.6% during the 3rd quarter. CWM LLC now owns 51,933 shares of the company’s stock valued at $911,000 after purchasing an additional 43,358 shares during the last quarter. Bleakley Financial Group LLC acquired a new position in shares of Grocery Outlet in the first quarter valued at about $217,000. Finally, Thrivent Financial for Lutherans lifted its holdings in shares of Grocery Outlet by 137.5% during the second quarter. Thrivent Financial for Lutherans now owns 197,916 shares of the company’s stock worth $4,378,000 after purchasing an additional 114,576 shares during the period. Hedge funds and other institutional investors own 99.87% of the company’s stock.

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.