Grocery Outlet (NASDAQ:GO) Sets New 12-Month Low After Insider Selling

Grocery Outlet Holding Corp. (NASDAQ:GO)’s stock price reached a new 52-week low during trading on Thursday after an insider sold shares in the company. The company traded as low as $24.20 and last traded at $24.62, with a volume of 1292456 shares. The stock had previously closed at $24.66.

Specifically, Director Thomas F. Herman sold 2,000 shares of the firm’s stock in a transaction that occurred on Wednesday, September 15th. The stock was sold at an average price of $24.50, for a total transaction of $49,000.00. Following the completion of the sale, the director now owns 14,883 shares of the company’s stock, valued at $364,633.50. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Eric J. Jr. Lindberg sold 25,000 shares of the firm’s stock in a transaction that occurred on Wednesday, July 7th. The stock was sold at an average price of $34.45, for a total value of $861,250.00. Following the sale, the chief executive officer now directly owns 72,960 shares of the company’s stock, valued at approximately $2,513,472. The disclosure for this sale can be found here. Insiders have sold 56,000 shares of company stock valued at $1,930,120 in the last ninety days. 11.80% of the stock is currently owned by insiders.

A number of equities research analysts have commented on GO shares. Craig Hallum reduced their price objective on Grocery Outlet from $42.00 to $35.00 and set a “hold” rating for the company in a research note on Wednesday, August 11th. Jefferies Financial Group cut Grocery Outlet from a “buy” rating to a “hold” rating and reduced their price objective for the company from $45.00 to $32.00 in a research note on Friday, June 4th. MKM Partners cut Grocery Outlet from a “buy” rating to a “neutral” rating and set a $29.00 price objective for the company. in a research note on Wednesday, August 11th. DA Davidson dropped their target price on Grocery Outlet from $43.00 to $35.00 and set a “buy” rating on the stock in a report on Wednesday, August 11th. Finally, Telsey Advisory Group dropped their target price on Grocery Outlet from $45.00 to $38.00 and set an “outperform” rating on the stock in a report on Wednesday, August 11th. One analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $33.50.

The company has a debt-to-equity ratio of 0.46, a current ratio of 1.88 and a quick ratio of 0.72. The stock has a fifty day moving average price of $29.19 and a two-hundred day moving average price of $33.85. The company has a market cap of $2.29 billion, a P/E ratio of 22.91, a price-to-earnings-growth ratio of 5.21 and a beta of -0.39.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings results on Monday, August 9th. The company reported $0.23 EPS for the quarter, missing the Zacks’ consensus estimate of $0.24 by ($0.01). The business had revenue of $775.54 million for the quarter, compared to the consensus estimate of $774.31 million. Grocery Outlet had a return on equity of 12.73% and a net margin of 3.33%. The business’s revenue was down 3.5% compared to the same quarter last year. During the same quarter last year, the business posted $0.42 earnings per share. Equities analysts predict that Grocery Outlet Holding Corp. will post 0.81 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of GO. Parnassus Investments CA lifted its holdings in Grocery Outlet by 19.7% during the second quarter. Parnassus Investments CA now owns 6,231,231 shares of the company’s stock worth $215,974,000 after acquiring an additional 1,026,383 shares during the period. Jackson Square Partners LLC lifted its holdings in Grocery Outlet by 9.5% during the first quarter. Jackson Square Partners LLC now owns 9,633,303 shares of the company’s stock worth $355,372,000 after acquiring an additional 839,071 shares during the period. WCM Investment Management LLC bought a new stake in Grocery Outlet during the second quarter worth $22,992,000. Bank of New York Mellon Corp lifted its holdings in Grocery Outlet by 23.8% during the second quarter. Bank of New York Mellon Corp now owns 2,711,565 shares of the company’s stock worth $93,984,000 after acquiring an additional 521,358 shares during the period. Finally, Morgan Stanley lifted its holdings in Grocery Outlet by 189.9% during the second quarter. Morgan Stanley now owns 786,403 shares of the company’s stock worth $27,257,000 after acquiring an additional 515,159 shares during the period. Institutional investors and hedge funds own 99.57% of the company’s stock.

About Grocery Outlet (NASDAQ:GO)

Grocery Outlet Holding Corp. engages in the operation of retail stores in the United States. It offers name-brand consumables and fresh products through a network of independently operated stores. The company was founded by Jim Read in 1946 and is headquartered in Emeryville, CA.

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