Grocery Outlet (NASDAQ:GO) Sets New 52-Week Low After Analyst Downgrade

Grocery Outlet Holding Corp. (NASDAQ:GO) reached a new 52-week low during trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $23.00 to $18.00. Wells Fargo & Company currently has an overweight rating on the stock. Grocery Outlet traded as low as $11.28 and last traded at $10.64, with a volume of 416030 shares traded. The stock had previously closed at $15.74.

A number of other research analysts have also recently weighed in on GO. TD Cowen cut 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 report on Wednesday, November 6th. UBS Group dropped 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. Bank of America reduced their target price on shares of Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating on the stock in a research note on Wednesday. Deutsche Bank Aktiengesellschaft lowered Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 price target on the stock. in a research note on Wednesday. Finally, The Goldman Sachs Group cut their price target on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a research note on Friday, November 1st. One investment analyst has 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’s stock. According to MarketBeat, the stock has a consensus rating of “Hold” and a consensus target price of $16.09.

Institutional Trading of Grocery Outlet

Several institutional investors have recently modified their holdings of GO. Franklin Resources Inc. boosted its holdings in Grocery Outlet by 1.8% during the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock worth $526,000 after purchasing an additional 529 shares during the last quarter. Amundi increased its position in shares of Grocery Outlet by 0.6% during 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. boosted its stake in Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after buying an additional 722 shares in the last quarter. Cedar Wealth Management LLC lifted its stake in Grocery Outlet by 3.9% in the fourth quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company’s stock worth $318,000 after purchasing an additional 765 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC boosted its stake in shares of Grocery Outlet by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock valued at $732,000 after purchasing an additional 1,240 shares during the period. Institutional investors own 99.87% of the company’s stock.

Grocery Outlet Trading Down 31.6 %

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 stock has a market capitalization of $1.05 billion, a P/E ratio of 20.60, a P/E/G ratio of 9.08 and a beta of 0.32. The firm’s 50 day moving average price is $16.26 and its 200 day moving average price is $17.18.

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.