Wells Fargo & Company Cuts Grocery Outlet (NASDAQ:GO) Price Target to $23.00

Grocery Outlet (NASDAQ:GO) had its price target decreased by analysts at Wells Fargo & Company from $26.00 to $23.00 in a research report issued to clients and investors on Wednesday, Benzinga reports. The brokerage currently has an “overweight” rating on the stock. Wells Fargo & Company‘s price target indicates a potential upside of 39.65% from the company’s current price.

Several other brokerages have also recently issued reports on GO. Melius Research assumed coverage on shares of Grocery Outlet in a report on Monday, September 23rd. They issued a “hold” rating and a $17.00 target price on the stock. Roth Mkm dropped their price target on Grocery Outlet from $22.00 to $20.00 and set a “neutral” rating for the company in a research note on Wednesday, August 7th. Bank of America lowered Grocery Outlet from a “buy” rating to a “neutral” rating and dropped their price target for the stock from $29.00 to $17.00 in a research note on Wednesday, October 30th. The Goldman Sachs Group dropped their price target on Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a research note on Friday, November 1st. Finally, Craig Hallum dropped their price target on Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a research note on Wednesday. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock presently has an average rating of “Hold” and an average target price of $18.36.

Grocery Outlet Price Performance

NASDAQ GO traded up $1.91 on Wednesday, reaching $16.47. 694,912 shares of the company’s stock traded hands, compared to its average volume of 1,796,561. Grocery Outlet has a 12 month low of $13.60 and a 12 month high of $29.98. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29. The stock has a 50-day simple moving average of $16.74 and a 200 day simple moving average of $19.84. The stock has a market cap of $1.61 billion, a PE ratio of 29.93, a P/E/G ratio of 3.57 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO) last issued its earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.27 by $0.01. Grocery Outlet had a net margin of 1.30% and a return on equity of 5.18%. The firm had revenue of $1.11 billion for the quarter, compared to analysts’ expectations of $1.10 billion. During the same quarter last year, the business earned $0.25 earnings per share. The business’s revenue was up 10.4% on a year-over-year basis. As a group, research analysts predict that Grocery Outlet will post 0.66 earnings per share for the current year.

Insider Transactions at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction dated Thursday, September 19th. The stock was sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the sale, the director now directly owns 70,938 shares in the company, valued at $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction dated Thursday, September 19th. The shares were sold at an average price of $16.29, for a total value of $3,259,547.55. Following the completion of the transaction, the director now directly owns 70,938 shares in the company, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $18.90, for a total transaction of $1,890,000.00. Following the completion of the transaction, the director now owns 70,938 shares of the company’s stock, valued at $1,340,728.20. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 500,095 shares of company stock worth $8,876,548. 4.50% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Grocery Outlet

Large investors have recently bought and sold shares of the company. Allspring Global Investments Holdings LLC acquired a new position in Grocery Outlet in the first quarter valued at approximately $25,000. Blue Trust Inc. lifted its holdings in Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after acquiring an additional 722 shares during the period. Capital Performance Advisors LLP acquired a new position in Grocery Outlet in the third quarter valued at approximately $32,000. Innealta Capital LLC acquired a new position in shares of Grocery Outlet during the 2nd quarter worth approximately $38,000. Finally, Canada Pension Plan Investment Board acquired a new position in shares of Grocery Outlet during the 2nd quarter worth approximately $82,000. Hedge funds and other institutional investors own 99.87% 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.