Grocery Outlet (NASDAQ:GO) Posts Earnings Results, Hits Expectations

Grocery Outlet (NASDAQ:GO) issued its quarterly earnings results on Tuesday. The company reported $0.16 EPS for the quarter, meeting the consensus estimate of $0.16, FiscalAI reports. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $1.17 billion. Grocery Outlet had a negative net margin of 8.04% and a positive return on equity of 5.84%.

Grocery Outlet Price Performance

Shares of NASDAQ GO traded up $0.15 during mid-day trading on Tuesday, hitting $14.02. 3,736,702 shares of the stock were exchanged, compared to its average volume of 2,936,887. The company has a market cap of $1.39 billion, a P/E ratio of -3.62, a PEG ratio of 9.52 and a beta of 0.64. The stock’s fifty day simple moving average is $12.17 and its two-hundred day simple moving average is $9.68. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.30 and a current ratio of 1.29. Grocery Outlet has a twelve month low of $5.66 and a twelve month high of $14.33.

Insiders Place Their Bets

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

Analyst Ratings Changes

GO has been the subject of several recent research reports. Weiss Ratings raised Grocery Outlet from a “sell (d-)” rating to a “sell (d)” rating in a research note on Thursday, August 13th. TD Cowen assumed coverage on Grocery Outlet in a research note on Friday, October 30th. They set a “hold” rating for the company. Telsey Advisory Group reissued a “market perform” rating on shares of Grocery Outlet in a research report on Thursday, August 13th. Roth Capital restated a “neutral” rating and issued a $10.00 price objective on shares of Grocery Outlet in a research note on Thursday, August 13th. Finally, UBS Group raised their price objective on shares of Grocery Outlet from $10.00 to $11.50 and gave the stock a “neutral” rating in a research note on Monday, August 17th. One investment analyst has rated the stock with a Buy rating, eleven have assigned a Hold rating and two have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and an average target price of $10.50.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. operates Grocery Outlet Bargain Market, a discount grocery chain offering brand-name products and private-label items at value-oriented prices. Its stores carry a range of goods, including groceries, fresh produce, meat, dairy, frozen foods and household products. The company uses opportunistic buying to source products, which can result in changing assortments and limited-time deals. Founded in 1946 by Jim Read, Grocery Outlet has grown from a California-based business into a retailer serving communities across the western United States and parts of the East Coast.