Grocery Outlet (NASDAQ:GO) Issues FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.89-$0.95 for the period, compared to the consensus estimate of $1.17. The company issued revenue guidance of $4.3-$4.35 billion, compared to the consensus revenue estimate of $4.34 billion.

Grocery Outlet Price Performance

NASDAQ GO traded up $0.09 on Tuesday, reaching $25.90. The company had a trading volume of 2,286,448 shares, compared to its average volume of 1,236,478. The firm’s 50 day moving average price is $26.95 and its 200 day moving average price is $27.10. Grocery Outlet has a 12 month low of $23.41 and a 12 month high of $36.54. The stock has a market capitalization of $2.59 billion, a PE ratio of 32.78, a price-to-earnings-growth ratio of 2.47 and a beta of 0.13. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 0.24.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Tuesday, February 27th. The company reported $0.13 EPS for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $989.82 million for the quarter, compared to the consensus estimate of $982.44 million. Grocery Outlet had a return on equity of 7.17% and a net margin of 2.00%. As a group, equities analysts predict that Grocery Outlet will post 0.95 earnings per share for the current year.

Analysts Set New Price Targets

Several equities analysts recently commented on the stock. Craig Hallum upgraded shares of Grocery Outlet from a hold rating to a buy rating and set a $36.00 price target on the stock in a report on Wednesday, February 28th. UBS Group cut their target price on shares of Grocery Outlet from $32.00 to $30.00 and set a neutral rating on the stock in a research report on Wednesday, February 28th. Finally, Telsey Advisory Group decreased their price objective on Grocery Outlet from $40.00 to $37.00 and set an outperform rating for the company in a research note on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Grocery Outlet currently has a consensus rating of Hold and a consensus target price of $31.44.

Insider Buying and Selling

In related news, insider Andrea Renee Bortner sold 4,112 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $26.33, for a total transaction of $108,268.96. Following the sale, the insider now directly owns 49,308 shares in the company, valued at $1,298,279.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In other Grocery Outlet news, insider Andrea Renee Bortner sold 4,112 shares of Grocery Outlet stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $26.33, for a total value of $108,268.96. Following the sale, the insider now owns 49,308 shares of the company’s stock, valued at approximately $1,298,279.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Eric J. Jr. Lindberg sold 300,000 shares of Grocery Outlet stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $26.16, for a total value of $7,848,000.00. Following the completion of the sale, the director now owns 107,123 shares in the company, valued at $2,802,337.68. The disclosure for this sale can be found here. In the last quarter, insiders sold 506,588 shares of company stock valued at $13,367,577. Company insiders own 4.50% of the company’s stock.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates as a retailer of consumables and fresh products sold through independently operated stores in the United States. Its stores offer products in various categories, such as dairy and deli, produce, floral, fresh meat, seafood products, grocery, general merchandise, health and beauty care, frozen food, beer and wine, and ethnic products.