Grocery Outlet (NASDAQ:GO) Insider Frank Michael Kerr Sells 1,432 Shares

Grocery Outlet Holding Corp. (NASDAQ:GO) insider Frank Michael Kerr sold 1,432 shares of the business’s stock in a transaction on Friday, August 21st. The shares were sold at an average price of $11.30, for a total transaction of $16,181.60. Following the transaction, the insider owned 54,342 shares in the company, valued at $614,064.60. The trade was a 2.57% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The sale was made to cover tax withholding obligations related to the vesting of equity awards.

Grocery Outlet Price Performance

GO stock opened at $12.04 on Tuesday. The company’s 50-day moving average is $9.95 and its 200-day moving average is $8.73. The stock has a market capitalization of $1.19 billion, a PE ratio of -3.11, a price-to-earnings-growth ratio of 8.87 and a beta of 0.65. The company has a debt-to-equity ratio of 0.60, a current ratio of 1.29 and a quick ratio of 0.30. Grocery Outlet Holding Corp. has a 1 year low of $5.66 and a 1 year high of $19.23.

Grocery Outlet (NASDAQ:GO) last posted its earnings results on Wednesday, August 12th. The company reported $0.20 EPS for the quarter, topping the consensus estimate 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 company had revenue of $1.19 billion during the quarter, compared to the consensus estimate of $1.17 billion. During the same period in the previous year, the firm posted $0.23 earnings per share. The firm’s revenue for the quarter was up 1.1% on a year-over-year basis. Equities research analysts expect that Grocery Outlet Holding Corp. will post 0.39 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

GO has been the subject of several research analyst reports. Deutsche Bank Aktiengesellschaft reaffirmed a “hold” rating and set a $9.00 target price on shares of Grocery Outlet in a research report on Thursday, August 13th. Weiss Ratings upgraded shares of Grocery Outlet from a “sell (d-)” rating to a “sell (d)” rating in a research report on Thursday, August 13th. Wells Fargo & Company raised their price objective on shares of Grocery Outlet from $9.00 to $11.00 and gave the stock an “equal weight” rating in a report on Thursday, August 13th. TD Cowen reaffirmed a “hold” rating on shares of Grocery Outlet in a research report on Tuesday, August 18th. Finally, Morgan Stanley boosted their target price on shares of Grocery Outlet from $7.00 to $11.00 and gave the company 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 company’s stock. According to data from MarketBeat, Grocery Outlet presently has an average rating of “Reduce” and an average target price of $10.59.

Institutional Inflows and Outflows

Institutional investors have recently made changes to their positions in the company. 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 worth $1,713,000 after acquiring an additional 6,736 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its holdings in Grocery Outlet by 14.1% during the first quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 357,856 shares of the company’s stock valued at $5,003,000 after purchasing an additional 44,214 shares during the last quarter. Creative Planning boosted its position in Grocery Outlet by 25.4% during the second quarter. Creative Planning now owns 16,104 shares of the company’s stock worth $200,000 after purchasing an additional 3,263 shares during the period. JPMorgan Chase & Co. boosted its position in Grocery Outlet by 13.8% during the second quarter. JPMorgan Chase & Co. now owns 220,432 shares of the company’s stock worth $2,738,000 after purchasing an additional 26,725 shares during the period. Finally, Franklin Resources Inc. purchased a new position in shares of Grocery Outlet in the second quarter worth about $149,000. Hedge funds and other institutional investors own 99.87% of the company’s stock.

Grocery Outlet Company Profile

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.