Key Points
- Insider buying: Paul Blaine Miller purchased 8,000 Grocery Outlet shares at an average price of $10.90, investing $87,200 and increasing his position by 12.47% to 72,171 shares.
- Quarterly results: Grocery Outlet reported adjusted earnings of $0.20 per share, beating estimates of $0.13, while revenue rose 1.1% year over year to $1.19 billion.
- Analyst outlook remains cautious: The stock carries a consensus “Reduce” rating, with analysts’ average price target at $10.59; shares opened at $11.60, above that target.
Grocery Outlet Holding Corp. (NASDAQ:GO - Get Free Report) insider Paul Blaine Miller bought 8,000 shares of the stock in a transaction on Thursday, August 20th. The stock was purchased at an average cost of $10.90 per share, for a total transaction of $87,200.00. Following the acquisition, the insider owned 72,171 shares of the company's stock, valued at $786,663.90. This trade represents a 12.47% increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link.
Paul Blaine Miller also recently made the following trade(s):
- On Thursday, June 25th, Paul Blaine Miller purchased 5,000 shares of Grocery Outlet stock. The shares were acquired at an average cost of $9.50 per share, with a total value of $47,500.00.
- On Thursday, June 18th, Paul Blaine Miller acquired 10,000 shares of Grocery Outlet stock. The stock was acquired at an average price of $9.37 per share, for a total transaction of $93,700.00.
Grocery Outlet Stock Performance
GO opened at $11.60 on Friday. The company's 50 day moving average is $9.90 and its 200 day moving average is $8.71. The company has a current ratio of 1.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.60. The company has a market cap of $1.15 billion, a price-to-earnings ratio of -3.00, a PEG ratio of 8.56 and a beta of 0.65. Grocery Outlet Holding Corp. has a 12-month low of $5.66 and a 12-month high of $19.23.
Grocery Outlet (NASDAQ:GO - Get Free Report) last announced its earnings results on Wednesday, August 12th. The company reported $0.20 EPS for the quarter, beating analysts' consensus estimates of $0.13 by $0.07. Grocery Outlet had a negative net margin of 8.04% and a positive return on equity of 5.84%. The business had revenue of $1.19 billion during the quarter, compared to analysts' expectations of $1.17 billion. During the same period in the prior year, the company earned $0.23 earnings per share. The firm's revenue was up 1.1% on a year-over-year basis. On average, equities research analysts predict that Grocery Outlet Holding Corp. will post 0.38 EPS for the current year.
Hedge Funds Weigh In On Grocery Outlet
Several hedge funds have recently modified their holdings of GO. T. Rowe Price Investment Management Inc. boosted its position in shares of Grocery Outlet by 54.0% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 15,763,945 shares of the company's stock worth $159,216,000 after acquiring an additional 5,528,722 shares during the last quarter. BlackRock Inc. bought a new stake in Grocery Outlet in the 2nd quarter valued at $152,440,000. Vanguard Group Inc. increased its holdings in Grocery Outlet by 1.9% in the 4th quarter. Vanguard Group Inc. now owns 11,255,936 shares of the company's stock valued at $113,685,000 after acquiring an additional 213,325 shares during the last quarter. Mackenzie Financial Corp lifted its stake in Grocery Outlet by 0.5% in the 4th quarter. Mackenzie Financial Corp now owns 4,709,721 shares of the company's stock worth $47,757,000 after purchasing an additional 22,418 shares in the last quarter. Finally, Dimensional Fund Advisors LP lifted its stake in Grocery Outlet by 5.0% in the 3rd quarter. Dimensional Fund Advisors LP now owns 4,619,851 shares of the company's stock worth $74,149,000 after purchasing an additional 221,693 shares in the last quarter. Hedge funds and other institutional investors own 99.87% of the company's stock.
Analyst Upgrades and Downgrades
GO has been the topic of a number of recent research reports. Deutsche Bank Aktiengesellschaft reaffirmed a "hold" rating and issued a $9.00 target price on shares of Grocery Outlet in a report on Thursday, August 13th. Morgan Stanley boosted their price target on Grocery Outlet from $7.00 to $11.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. Weiss Ratings upgraded Grocery Outlet from a "sell (d-)" rating to a "sell (d)" rating in a research report on Thursday, August 13th. Telsey Advisory Group restated a "market perform" rating on shares of Grocery Outlet in a research report on Thursday, August 13th. Finally, Wells Fargo & Company raised their price objective on Grocery Outlet from $9.00 to $11.00 and gave the stock an "equal weight" rating in a research note on Thursday, August 13th. Twelve analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat.com, the stock presently has an average rating of "Reduce" and a consensus target price of $10.59.
View Our Latest Report on GO
About Grocery Outlet
(
Get Free Report)
Grocery Outlet Holding Corp. (NASDAQ: GO) is a specialty discount retailer that offers consumers deeply discounted groceries by purchasing excess inventory, closeouts, and overstocks from manufacturers and distributors. Headquartered in Emeryville, California, the company operates two primary banners—Grocery Outlet and Fresh2Go—with a combined footprint of more than 400 stores. Its product assortment spans fresh produce, meat, dairy, bakery items, household staples, natural and organic offerings, and select specialty products, all sold at significant markdowns compared to conventional supermarkets.
The company's unique buying model enables it to source inventory through opportunistic purchases of surplus freight, discontinued items, and closeout deals, which it then passes on as savings to its customers.
Featured Stories
This instant news alert was generated by narrative science technology and financial data from InsiderTrades.com in order to provide readers with the fastest and most accurate reporting. Please send any questions or comments about this story to [email protected].
