Wells Fargo & Company Cuts Grocery Outlet (NASDAQ:GO) Price Target to $18.00

Grocery Outlet (NASDAQ:GO) had its target price reduced by Wells Fargo & Company from $23.00 to $18.00 in a research report released on Wednesday,Benzinga reports. Wells Fargo & Company currently has an overweight rating on the stock.

A number of other equities research analysts also recently commented on the company. Roth Mkm reduced their target price on Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft downgraded Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a report on Wednesday. TD Cowen downgraded Grocery Outlet from a “buy” rating to a “hold” rating and reduced their target price for the company from $25.00 to $16.00 in a report on Wednesday, November 6th. Bank of America reduced their target price on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday. Finally, UBS Group reduced their target price on Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a report on Wednesday, November 6th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock presently has a consensus rating of “Hold” and an average price target of $15.25.

Grocery Outlet Stock Performance

NASDAQ:GO opened at $11.87 on Wednesday. Grocery Outlet has a 1-year low of $10.26 and a 1-year high of $29.13. The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33. The firm’s fifty day moving average price is $15.95 and its 200 day moving average price is $17.05. The firm has a market cap of $1.15 billion, a price-to-earnings ratio of 23.27, a price-to-earnings-growth ratio of 9.08 and a beta of 0.32.

Insider Transactions at Grocery Outlet

In other news, CFO Christopher M. Miller bought 10,000 shares of the business’s stock in a transaction that occurred on Thursday, February 27th. The stock was purchased at an average price of $11.68 per share, with a total value of $116,800.00. Following the purchase, the chief financial officer now owns 10,000 shares of the company’s stock, valued at $116,800. This trade represents a ∞ increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Corporate insiders own 4.50% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the company. Franklin Resources Inc. raised its stake in Grocery Outlet by 1.8% in the 3rd quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock valued at $526,000 after purchasing an additional 529 shares during the last quarter. Amundi raised its stake in Grocery Outlet by 0.6% in the 4th quarter. Amundi now owns 116,139 shares of the company’s stock valued at $1,895,000 after purchasing an additional 719 shares during the last quarter. Blue Trust Inc. grew its holdings in Grocery Outlet by 76.6% in the 3rd quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after buying an additional 722 shares during the period. Cedar Wealth Management LLC grew its holdings in Grocery Outlet by 3.9% in the 4th quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company’s stock valued at $318,000 after buying an additional 765 shares during the period. Finally, Wealth Enhancement Advisory Services LLC grew its holdings in Grocery Outlet by 2.7% in the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock valued at $732,000 after buying an additional 1,240 shares during the period. Institutional investors and hedge funds own 99.87% 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.