Grocery Outlet (NASDAQ:GO – Get Rating) issued an update on its FY 2022 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.97-$1.00 for the period, compared to the consensus earnings per share estimate of $0.97. The company issued revenue guidance of $3.46 billion-$3.48 billion, compared to the consensus revenue estimate of $3.41 billion.
Grocery Outlet Stock Up 1.5 %
Shares of NASDAQ:GO traded up $0.58 during trading on Tuesday, reaching $39.71. 9,388 shares of the company traded hands, compared to its average volume of 1,307,662. The firm has a fifty day simple moving average of $42.86 and a 200 day simple moving average of $36.78. The firm has a market cap of $3.85 billion, a P/E ratio of 69.88, a price-to-earnings-growth ratio of 4.25 and a beta of -0.23. Grocery Outlet has a 1-year low of $21.01 and a 1-year high of $46.37. The company has a quick ratio of 0.42, a current ratio of 1.65 and a debt-to-equity ratio of 0.36.
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Grocery Outlet (NASDAQ:GO – Get Rating) last released its quarterly earnings data on Tuesday, August 9th. The company reported $0.29 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.24 by $0.05. The business had revenue of $897.70 million during the quarter, compared to analyst estimates of $859.80 million. Grocery Outlet had a net margin of 1.69% and a return on equity of 8.57%. Grocery Outlet's quarterly revenue was up 15.8% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.22 EPS. Analysts anticipate that Grocery Outlet will post 0.78 earnings per share for the current fiscal year.
Analyst Upgrades and Downgrades
GO has been the topic of a number of analyst reports. Craig Hallum raised shares of Grocery Outlet from a hold rating to a buy rating and set a $43.00 target price on the stock in a research note on Wednesday, May 11th. Cowen upped their target price on shares of Grocery Outlet from $45.00 to $53.00 in a research note on Thursday, August 11th. Telsey Advisory Group upped their target price on shares of Grocery Outlet from $48.00 to $50.00 and gave the company an outperform rating in a research note on Wednesday, August 10th. TheStreet raised shares of Grocery Outlet from a c rating to a b rating in a research note on Tuesday, June 21st. Finally, Cowen upped their target price on shares of Grocery Outlet from $45.00 to $53.00 in a research note on Wednesday, August 10th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock presently has a consensus rating of Moderate Buy and a consensus price target of $43.80.
Insider Activity at Grocery Outlet
In related news, Director Thomas F. Herman sold 5,000 shares of the firm's stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $45.00, for a total value of $225,000.00. Following the completion of the transaction, the director now owns 34,517 shares of the company's stock, valued at $1,553,265. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Grocery Outlet news, VP Lindsay E. Gray sold 2,500 shares of the stock in a transaction on Wednesday, June 8th. The shares were sold at an average price of $37.62, for a total value of $94,050.00. Following the completion of the sale, the vice president now owns 18,598 shares in the company, valued at $699,656.76. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, Director Thomas F. Herman sold 5,000 shares of the stock in a transaction on Thursday, July 14th. The shares were sold at an average price of $45.00, for a total transaction of $225,000.00. Following the completion of the sale, the director now owns 34,517 shares of the company's stock, valued at approximately $1,553,265. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 308,822 shares of company stock valued at $12,922,568. Corporate insiders own 11.20% of the company's stock.
Institutional Trading of Grocery Outlet
A number of hedge funds have recently modified their holdings of the stock. Captrust Financial Advisors increased its position in Grocery Outlet by 58.1% during the second quarter. Captrust Financial Advisors now owns 762 shares of the company's stock worth $32,000 after acquiring an additional 280 shares during the period. Goldman Sachs Group Inc. increased its position in Grocery Outlet by 3.7% during the second quarter. Goldman Sachs Group Inc. now owns 451,916 shares of the company's stock worth $19,265,000 after acquiring an additional 16,163 shares during the period. First Republic Investment Management Inc. increased its position in Grocery Outlet by 15.8% during the second quarter. First Republic Investment Management Inc. now owns 43,576 shares of the company's stock worth $1,858,000 after acquiring an additional 5,932 shares during the period. Prudential Financial Inc. increased its position in Grocery Outlet by 27.7% during the second quarter. Prudential Financial Inc. now owns 8,728 shares of the company's stock worth $372,000 after acquiring an additional 1,895 shares during the period. Finally, Macquarie Group Ltd. increased its position in Grocery Outlet by 66.7% during the second quarter. Macquarie Group Ltd. now owns 210,487 shares of the company's stock worth $8,973,000 after acquiring an additional 84,196 shares during the period. Institutional investors and hedge funds own 98.42% of the company's stock.
Grocery Outlet Company Profile
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Grocery Outlet Holding Corp. owns and operates a network of independently operated stores in the United States. The company's stores offer products in various categories, such as dairy and deli, produce, floral, and fresh meat and seafood products, as well as grocery, general merchandise, health and beauty care, frozen foods, and beer and wine.
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