Grocery Outlet (NASDAQ:GO) Now Covered by TD Cowen

TD Cowen began coverage on shares of Grocery Outlet (NASDAQ:GO) in a research note released on Friday,Zacks reports. The firm issued a hold rating on the stock.

GO has been the topic of a number of other research reports. Wells Fargo & Company lifted their price target on 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 reissued a “neutral” rating and set a $10.00 price target on shares of Grocery Outlet in a research report on Thursday, August 13th. Morgan Stanley increased their price objective on Grocery Outlet from $7.00 to $11.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 13th. Bank of America upgraded Grocery Outlet from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $12.50 to $15.00 in a research report on Wednesday, September 30th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and set a $9.00 price objective on shares of Grocery Outlet in a research report on Thursday, August 13th. One equities research analyst has rated the stock with a Buy rating, eleven have issued a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, Grocery Outlet has a consensus rating of “Reduce” and a consensus price target of $10.50.

Grocery Outlet Stock Up 0.4%

GO opened at $12.93 on Friday. Grocery Outlet has a one year low of $5.66 and a one year high of $14.49. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.30 and a current ratio of 1.29. The stock’s fifty day moving average is $12.01 and its 200-day moving average is $9.57. The company has a market capitalization of $1.28 billion, a PE ratio of -3.34, a P/E/G ratio of 8.95 and a beta of 0.66.

Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $1.19 billion during the quarter, compared to analyst estimates of $1.17 billion. Grocery Outlet had a positive return on equity of 5.84% and a negative net margin of 8.04%. The company’s revenue was up 1.1% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.23 earnings per share. On average, equities analysts predict that Grocery Outlet will post 0.42 EPS for the current fiscal year.

Insider Buying and Selling

In other news, insider Paul Miller acquired 8,000 shares of Grocery Outlet stock in a transaction on Thursday, August 20th. The stock was bought at an average price of $10.90 per share, for a total transaction of $87,200.00. Following the transaction, the insider owned 72,171 shares of the company’s stock, valued at $786,663.90. The trade was a 12.47% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Carey F. Jaros bought 15,000 shares of Grocery Outlet stock in a transaction that occurred on Thursday, August 27th. The stock was purchased at an average cost of $11.70 per share, with a total value of $175,500.00. Following the completion of the transaction, the director owned 60,000 shares of the company’s stock, valued at $702,000. This trade represents a 33.33% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 5.60% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of GO. Pinnacle Wealth Planning Services Inc. lifted its position in Grocery Outlet by 103.3% during the 3rd quarter. Pinnacle Wealth Planning Services Inc. now owns 2,511 shares of the company’s stock worth $28,000 after buying an additional 1,276 shares in the last quarter. Abel Hall LLC boosted its stake in shares of Grocery Outlet by 7.1% during the 3rd quarter. Abel Hall LLC now owns 19,607 shares of the company’s stock worth $221,000 after buying an additional 1,298 shares during the last quarter. NorthCrest Asset Manangement LLC boosted its stake in shares of Grocery Outlet by 13.5% during the 3rd quarter. NorthCrest Asset Manangement LLC now owns 15,282 shares of the company’s stock worth $182,000 after buying an additional 1,821 shares during the last quarter. GAMMA Investing LLC boosted its stake in shares of Grocery Outlet by 23.4% during the 3rd quarter. GAMMA Investing LLC now owns 10,615 shares of the company’s stock worth $119,000 after buying an additional 2,016 shares during the last quarter. Finally, Tidal Investments LLC bought a new position in shares of Grocery Outlet in the 2nd quarter valued at about $784,000. 99.87% of the stock is currently owned by institutional investors and hedge funds.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates a network of independently operated, extreme-value grocery stores under the Grocery Outlet banner. The company offers a broad assortment of products, including fresh produce, meat, dairy, deli items, frozen foods, packaged groceries, beverages, health and beauty products, household essentials and seasonal merchandise.

Its business model is based on opportunistic purchasing, allowing Grocery Outlet to source branded and private-label products from manufacturers, distributors and other suppliers when they are available through closeouts, surplus inventory, packaging changes, production overruns or other special buying opportunities.