Grocery Outlet (NASDAQ:GO) Releases FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.77-0.80 for the period, compared to the consensus estimate of $0.88. The company issued revenue guidance of slightly above $4.35 billion, compared to the consensus revenue estimate of $4.36 billion.

Analyst Ratings Changes

Several equities analysts have weighed in on the company. TD Cowen downgraded Grocery Outlet from a “buy” rating to a “hold” rating and dropped their price target for the stock from $25.00 to $16.00 in a research report on Wednesday. Wells Fargo & Company dropped their price objective on Grocery Outlet from $26.00 to $23.00 and set an “overweight” rating for the company in a research report on Wednesday. Roth Capital upgraded shares of Grocery Outlet from a “hold” rating to a “strong-buy” rating in a report on Wednesday, August 7th. The Goldman Sachs Group lowered their price target on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating for the company in a report on Friday, November 1st. Finally, Craig Hallum reduced their price objective on shares of Grocery Outlet from $20.00 to $17.00 and set a “hold” rating on the stock in a research note on Wednesday. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus price target of $18.17.

Grocery Outlet Trading Up 6.7 %

Shares of GO traded up $1.08 during mid-day trading on Thursday, reaching $17.19. The company had a trading volume of 4,255,923 shares, compared to its average volume of 1,832,124. The stock has a market cap of $1.68 billion, a price-to-earnings ratio of 33.63, a price-to-earnings-growth ratio of 3.42 and a beta of 0.13. The company has a current ratio of 1.29, a quick ratio of 0.29 and a debt-to-equity ratio of 0.31. The firm has a fifty day simple moving average of $16.59 and a 200-day simple moving average of $19.72. Grocery Outlet has a fifty-two week low of $13.60 and a fifty-two week high of $29.98.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings results on Tuesday, November 5th. The company reported $0.28 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.27 by $0.01. 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 quarterly revenue was up 10.4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.25 earnings per share. On average, sell-side analysts anticipate that Grocery Outlet will post 0.66 EPS for the current fiscal year.

Insider Activity at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 200,095 shares of Grocery Outlet stock in a transaction on Thursday, September 19th. The shares were sold at an average price of $16.29, for a total transaction of $3,259,547.55. Following 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Eric J. Jr. Lindberg sold 100,000 shares of the firm’s stock in a transaction dated Wednesday, August 21st. The stock was sold at an average price of $18.44, for a total transaction of $1,844,000.00. Following the sale, the director now directly owns 70,938 shares in the company, valued at approximately $1,308,096.72. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Eric J. Jr. Lindberg sold 200,095 shares of the business’s stock in a transaction that occurred 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 transaction, the director now directly owns 70,938 shares in the company, valued at $1,155,580.02. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 500,095 shares of company stock worth $8,876,548. Company insiders own 4.50% of the company’s stock.

About Grocery Outlet

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.