Grocery Outlet (NASDAQ:GO) Posts Earnings Results, Beats Estimates By $0.01 EPS

Grocery Outlet (NASDAQ:GO) announced its earnings results on Tuesday. The company reported $0.28 earnings per share for the quarter, beating the consensus estimate of $0.27 by $0.01, Briefing.com reports. The firm had revenue of $1.11 billion during the quarter, compared to the consensus estimate of $1.10 billion. Grocery Outlet had a return on equity of 5.18% and a net margin of 1.30%. The firm’s revenue for the quarter was up 10.4% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.25 EPS. Grocery Outlet updated its FY24 guidance to $0.77-0.80 EPS.

Grocery Outlet Price Performance

Shares of Grocery Outlet stock traded up $1.03 during midday trading on Thursday, hitting $17.14. 1,282,503 shares of the company were exchanged, compared to its average volume of 1,818,361. The firm has a 50 day simple moving average of $16.66 and a 200-day simple moving average of $19.75. Grocery Outlet has a 52 week low of $13.60 and a 52 week high of $29.98. The firm has a market cap of $1.68 billion, a P/E ratio of 31.59, a PEG ratio of 3.42 and a beta of 0.13. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.29 and a quick ratio of 0.29.

Insider Buying and Selling at Grocery Outlet

In other news, Director Eric J. Jr. Lindberg sold 100,000 shares of the business’s stock in a transaction on Friday, August 16th. The shares were sold at an average price of $18.90, for a total value of $1,890,000.00. Following the sale, the director now owns 70,938 shares in the company, valued at approximately $1,340,728.20. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction on 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 transaction, the director now owns 70,938 shares in the company, valued at approximately $1,155,580.02. The trade was a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Eric J. Jr. Lindberg sold 100,000 shares of the stock in a transaction on Friday, August 16th. The stock was sold at an average price of $18.90, for a total value of $1,890,000.00. Following the sale, the director now owns 70,938 shares in the company, valued at $1,340,728.20. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold 500,095 shares of company stock worth $8,876,548 over the last three months. Company insiders own 4.50% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts have recently weighed in on GO shares. UBS Group reduced their price objective on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday. Craig Hallum reduced their price target on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating for the company in a report on Wednesday. Roth Mkm dropped their price objective on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating on the stock in a report on Wednesday. TD Cowen lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and cut their price objective for the company from $25.00 to $16.00 in a research report on Wednesday. Finally, Telsey Advisory Group decreased their target price on Grocery Outlet from $19.00 to $18.00 and set a “market perform” rating on the stock in a research report on Wednesday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $18.17.

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.