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Grocery Outlet (NASDAQ:GO) Updates FY 2022 Earnings Guidance

Financial News Live · Sep 13, 2022 11:11

Grocery Outlet (NASDAQ:GO – Get Rating) updated its FY 2022 earnings guidance on Tuesday. The company provided EPS guidance of $0.97-$1.00 for the period, compared to the consensus EPS 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 Price Performance

NASDAQ:GO traded down $0.49 during mid-day trading on Tuesday, hitting $37.99. The company's stock had a trading volume of 7,165 shares, compared to its average volume of 1,144,650. Grocery Outlet has a fifty-two week low of $21.01 and a fifty-two week high of $46.37. The company has a market capitalization of $3.68 billion, a price-to-earnings ratio of 68.71, a P/E/G ratio of 4.16 and a beta of -0.23. The stock has a fifty day moving average of $42.19 and a 200-day moving average of $37.61. The company has a current ratio of 1.65, a quick ratio of 0.42 and a debt-to-equity ratio of 0.36.

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Grocery Outlet (NASDAQ:GO – Get Rating) last posted its quarterly earnings data on Tuesday, August 9th. The company reported $0.23 earnings per share for the quarter, topping the consensus estimate of $0.18 by $0.05. The firm had revenue of $897.70 million during the quarter, compared to analysts' expectations of $859.80 million. Grocery Outlet had a net margin of 1.69% and a return on equity of 8.57%. Grocery Outlet's revenue was up 15.8% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.22 EPS. As a group, equities analysts forecast that Grocery Outlet will post 0.78 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

A number of equities analysts have issued reports on GO shares. Cowen raised their target price on Grocery Outlet from $45.00 to $53.00 in a report on Wednesday, August 10th. Morgan Stanley downgraded shares of Grocery Outlet from an equal weight rating to an underweight rating and upped their target price for the company from $29.00 to $33.00 in a research note on Tuesday, August 23rd. The Goldman Sachs Group upped their price objective on shares of Grocery Outlet from $43.00 to $49.00 and gave the company a buy rating in a research report on Wednesday, August 10th. TheStreet raised Grocery Outlet from a c rating to a b rating in a research note on Tuesday, June 21st. Finally, Telsey Advisory Group increased their price target on Grocery Outlet from $48.00 to $50.00 and gave the stock an outperform rating in a report on Wednesday, August 10th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of Moderate Buy and a consensus target price of $43.80.

Insider Activity at Grocery Outlet

In related news, President Robert Joseph Jr. Sheedy sold 6,667 shares of Grocery Outlet stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $38.32, for a total value of $255,479.44. Following the sale, the president now owns 63,992 shares of the company's stock, valued at $2,452,173.44. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Grocery Outlet news, President Robert Joseph Jr. Sheedy sold 6,667 shares of the business's stock in a transaction that occurred on Thursday, September 8th. The stock was sold at an average price of $38.32, for a total transaction of $255,479.44. Following the transaction, the president now owns 63,992 shares of the company's stock, valued at $2,452,173.44. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Thomas F. Herman sold 2,000 shares of the business's stock in a transaction that occurred on Wednesday, June 15th. The stock was sold at an average price of $38.29, for a total value of $76,580.00. Following the transaction, the director now directly owns 39,517 shares in the company, valued at approximately $1,513,105.93. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 321,322 shares of company stock valued at $13,383,168. 11.20% of the stock is owned by insiders.

Hedge Funds Weigh In On Grocery Outlet

A number of institutional investors have recently bought and sold shares of the business. BlackRock Inc. grew its position in shares of Grocery Outlet by 7.7% in the first quarter. BlackRock Inc. now owns 8,852,693 shares of the company's stock valued at $290,192,000 after purchasing an additional 631,964 shares during the last quarter. Capital Research Global Investors boosted its stake in shares of Grocery Outlet by 6.7% in 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. Millennium Management LLC boosted its stake in shares of Grocery Outlet by 62.8% in the second quarter. Millennium Management LLC now owns 567,011 shares of the company's stock valued at $24,172,000 after buying an additional 218,708 shares during the period. Clearbridge Investments LLC boosted its stake in shares of Grocery Outlet by 9.9% in the first quarter. Clearbridge Investments LLC now owns 2,164,943 shares of the company's stock valued at $70,967,000 after buying an additional 194,822 shares during the period. Finally, Citigroup Inc. boosted its stake in shares of Grocery Outlet by 120.4% in the first quarter. Citigroup Inc. now owns 22,823 shares of the company's stock valued at $748,000 after buying an additional 134,572 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.