Grocery Outlet (NASDAQ:GO) Downgraded by Wells Fargo & Company to Equal Weight

Grocery Outlet (NASDAQ:GO) was downgraded by investment analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a note issued to investors on Wednesday, MarketBeat reports. They presently have a $10.50 price target on the stock, down from their prior price target of $16.00. Wells Fargo & Company‘s price target points to a potential upside of 4.06% from the company’s previous close.

Several other brokerages also recently commented on GO. Zacks Research downgraded shares of Grocery Outlet from a “strong-buy” rating to a “hold” rating in a report on Friday, November 14th. DA Davidson reiterated a “neutral” rating and issued a $15.00 price objective on shares of Grocery Outlet in a research note on Thursday, December 4th. Morgan Stanley decreased their target price on Grocery Outlet from $14.00 to $11.00 and set an “equal weight” rating for the company in a research note on Thursday, January 15th. Deutsche Bank Aktiengesellschaft set a $11.00 price target on Grocery Outlet in a research report on Thursday, January 8th. Finally, Bank of America lowered their price objective on shares of Grocery Outlet from $19.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 5th. Three investment analysts have rated the stock with a Buy rating, eight have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $13.64.

Grocery Outlet Stock Up 1.1%

Shares of Grocery Outlet stock opened at $10.09 on Wednesday. Grocery Outlet has a 12-month low of $8.96 and a 12-month high of $19.41. The company has a quick ratio of 0.25, a current ratio of 1.30 and a debt-to-equity ratio of 0.40. The stock has a 50 day moving average price of $9.87 and a two-hundred day moving average price of $13.08. The stock has a market capitalization of $990.20 million, a P/E ratio of -201.80, a PEG ratio of 2.03 and a beta of 0.49.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently bought and sold shares of GO. Royal Bank of Canada increased its holdings in Grocery Outlet by 5.8% in the 1st quarter. Royal Bank of Canada now owns 122,565 shares of the company’s stock valued at $1,713,000 after buying an additional 6,736 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Grocery Outlet by 14.1% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,856 shares of the company’s stock worth $5,003,000 after buying an additional 44,214 shares in the last quarter. CWM LLC boosted its position in Grocery Outlet by 883.6% in the 2nd quarter. CWM LLC now owns 14,872 shares of the company’s stock valued at $185,000 after buying an additional 13,360 shares during the last quarter. AlphaQuest LLC increased its stake in shares of Grocery Outlet by 327.7% in the 2nd quarter. AlphaQuest LLC now owns 5,761 shares of the company’s stock valued at $72,000 after buying an additional 4,414 shares during the period. Finally, Bank of Montreal Can increased its stake in shares of Grocery Outlet by 5.1% in the 2nd quarter. Bank of Montreal Can now owns 16,525 shares of the company’s stock valued at $205,000 after buying an additional 803 shares during the period. 99.87% of the stock is owned by institutional investors.

About Grocery Outlet

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.