Grocery Outlet Holding Corp. (NASDAQ:GO - Get Free Report) Director Carey Jaros purchased 15,000 shares of the business's stock in a transaction on Thursday, August 27th. The stock was acquired at an average price of $11.70 per share, with a total value of $175,500.00. Following the purchase, the director directly owned 60,000 shares in the company, valued at $702,000. This represents a 33.33% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website.
Grocery Outlet Price Performance
NASDAQ:GO opened at $11.95 on Tuesday. The business's 50-day simple moving average is $10.21 and its two-hundred day simple moving average is $8.80. Grocery Outlet Holding Corp. has a 52 week low of $5.66 and a 52 week high of $18.79. The stock has a market cap of $1.18 billion, a PE ratio of -3.09, a P/E/G ratio of 8.46 and a beta of 0.65. The company has a quick ratio of 0.30, a current ratio of 1.29 and a debt-to-equity ratio of 0.60.
Grocery Outlet (NASDAQ:GO - Get Free Report) last released its quarterly earnings data on Wednesday, August 12th. The company reported $0.20 earnings per share for the quarter, topping analysts' consensus estimates of $0.13 by $0.07. Grocery Outlet had a positive return on equity of 5.84% and a negative net margin of 8.04%.The firm had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.17 billion. During the same quarter in the prior year, the company posted $0.23 earnings per share. The business's quarterly revenue was up 1.1% compared to the same quarter last year. As a group, analysts forecast that Grocery Outlet Holding Corp. will post 0.42 EPS for the current fiscal year.
Institutional Inflows and Outflows
A number of institutional investors and hedge funds have recently modified their holdings of the business. BlackRock Inc. bought a new stake in Grocery Outlet in the second quarter worth $152,440,000. T. Rowe Price Investment Management Inc. grew its stake in shares of Grocery Outlet by 54.0% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 15,763,945 shares of the company's stock worth $159,216,000 after buying an additional 5,528,722 shares in the last quarter. Millennium Management LLC grew its stake in shares of Grocery Outlet by 3,558.0% in the 3rd quarter. Millennium Management LLC now owns 1,825,407 shares of the company's stock worth $29,298,000 after buying an additional 1,775,505 shares in the last quarter. UBS Group AG grew its stake in shares of Grocery Outlet by 87.6% in the 4th quarter. UBS Group AG now owns 2,726,299 shares of the company's stock worth $27,536,000 after buying an additional 1,272,859 shares in the last quarter. Finally, Solas Capital Management LLC bought a new stake in shares of Grocery Outlet in the 2nd quarter worth about $11,368,000. 99.87% of the stock is owned by hedge funds and other institutional investors.
Wall Street Analyst Weigh In
Several equities analysts have recently commented on GO shares. Morgan Stanley boosted their target price on shares of Grocery Outlet from $7.00 to $11.00 and gave the stock an "equal weight" rating in a report on Thursday, August 13th. Telsey Advisory Group reaffirmed a "market perform" rating on shares of Grocery Outlet in a research note on Thursday, August 13th. Wells Fargo & Company lifted their price target on shares of Grocery Outlet from $9.00 to $11.00 and gave the company an "equal weight" rating in a report on Thursday, August 13th. Roth Capital reiterated a "neutral" rating and issued a $10.00 price target on shares of Grocery Outlet in a research note on Thursday, August 13th. Finally, DA Davidson increased their price objective on shares of Grocery Outlet from $9.00 to $12.00 and gave the company a "neutral" rating in a report on Thursday, August 13th. Twelve analysts have rated the stock with a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, Grocery Outlet presently has an average rating of "Reduce" and an average target price of $10.59.
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Grocery Outlet Company Profile
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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.
Further Reading
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