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Grocery Outlet (NASDAQ:GO) Sets New 12-Month High at $45.27

Defense World · Jul 17, 2022 03:31

Grocery Outlet Holding Corp. (NASDAQ:GO – Get Rating) shares reached a new 52-week high on Friday . The stock traded as high as $45.27 and last traded at $45.01, with a volume of 4711 shares trading hands. The stock had previously closed at $44.89.

Analysts Set New Price Targets

Several research firms have recently weighed in on GO. Deutsche Bank Aktiengesellschaft increased their price objective on Grocery Outlet from $40.00 to $48.00 and gave the company a "buy" rating in a research report on Wednesday, June 29th. Bank of America raised Grocery Outlet from an "underperform" rating to a "buy" rating and increased their price objective for the company from $23.00 to $37.00 in a research report on Friday, April 29th. They noted that the move was a valuation call. Craig Hallum raised Grocery Outlet from a "hold" rating to a "buy" rating and set a $43.00 price objective for the company in a research report on Wednesday, May 11th. DA Davidson cut Grocery Outlet from a "buy" rating to a "neutral" rating and raised their target price for the stock from $36.00 to $43.00 in a research report on Wednesday, July 6th. They noted that the move was a valuation call. Finally, Cowen raised their target price on Grocery Outlet from $42.00 to $45.00 and gave the stock an "outperform" rating in a research report on Friday, June 10th. Three research analysts have rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $38.33.

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Grocery Outlet Stock Up 1.4 %

The company has a debt-to-equity ratio of 0.44, a current ratio of 1.90 and a quick ratio of 0.68. The firm has a 50 day simple moving average of $39.62 and a 200-day simple moving average of $33.10. The stock has a market capitalization of $4.39 billion, a price-to-earnings ratio of 81.29, a price-to-earnings-growth ratio of 5.54 and a beta of -0.28.

Grocery Outlet (NASDAQ:GO – Get Rating) last issued its quarterly earnings results on Tuesday, May 10th. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.20 by $0.02. Grocery Outlet had a return on equity of 8.65% and a net margin of 1.74%. The company had revenue of $831.40 million during the quarter, compared to analysts' expectations of $810.39 million. During the same quarter in the prior year, the firm posted $0.23 earnings per share. The business's quarterly revenue was up 10.5% on a year-over-year basis. On average, sell-side analysts forecast that Grocery Outlet Holding Corp. will post 0.78 EPS for the current fiscal year.

Insider Activity

In related news, CEO Eric J. Jr. Lindberg sold 25,000 shares of the company's stock in a transaction dated Monday, May 16th. The shares were sold at an average price of $36.05, for a total transaction of $901,250.00. Following the completion of the sale, the chief executive officer now owns 76,114 shares of the company's stock, valued at approximately $2,743,909.70. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, Director S. Macgregor Jr. Read sold 250,000 shares of the company's stock in a transaction on Thursday, June 2nd. The stock was sold at an average price of $38.03, for a total transaction of $9,507,500.00. Following the completion of the sale, the director now directly owns 2,182,975 shares in the company, valued at approximately $83,018,539.25. The sale was disclosed in a filing with the SEC, which is available through this link. Also, CEO Eric J. Jr. Lindberg sold 25,000 shares of Grocery Outlet stock in a transaction on Monday, May 16th. The shares were sold at an average price of $36.05, for a total value of $901,250.00. Following the completion of the transaction, the chief executive officer now owns 76,114 shares of the company's stock, valued at $2,743,909.70. The disclosure for this sale can be found here. Insiders sold a total of 656,594 shares of company stock worth $25,386,331 over the last 90 days. Corporate insiders own 11.20% of the company's stock.

Hedge Funds Weigh In On Grocery Outlet

Several institutional investors and hedge funds have recently bought and sold shares of GO. FNY Investment Advisers LLC acquired a new stake in shares of Grocery Outlet during the second quarter worth $74,000. Bank of America Corp DE raised its holdings in shares of Grocery Outlet by 19.1% during the first quarter. Bank of America Corp DE now owns 199,319 shares of the company's stock worth $6,533,000 after acquiring an additional 32,024 shares during the period. Advisory Services Network LLC acquired a new stake in Grocery Outlet in the 1st quarter worth about $259,000. Sawtooth Solutions LLC bought a new stake in shares of Grocery Outlet in the 1st quarter valued at $206,000. Finally, Capital Research Global Investors grew its position in Grocery Outlet by 6.7% during the first quarter. Capital Research Global Investors now owns 7,339,446 shares of the company's stock valued at $240,587,000 after buying an additional 463,415 shares during the period. 96.41% of the stock is owned by hedge funds and other institutional investors.

About Grocery Outlet

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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.