Grocery Outlet (NASDAQ:GO) Shares Up 4.6% – Here’s What Happened

Grocery Outlet Holding Corp. (NASDAQ:GO) shares traded up 4.6% on Wednesday . The stock traded as high as $12.64 and last traded at $12.77. 163,141 shares changed hands during trading, a decline of 92% from the average session volume of 2,044,771 shares. The stock had previously closed at $12.21.

Wall Street Analysts Forecast Growth

Several equities research analysts have commented on GO shares. Deutsche Bank Aktiengesellschaft lowered Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 price objective on the stock. in a research report on Wednesday, February 26th. Morgan Stanley dropped their price target on shares of Grocery Outlet from $13.00 to $10.00 and set an “underperform” rating on the stock in a research report on Wednesday, February 26th. Wells Fargo & Company decreased their price objective on shares of Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday, February 26th. Telsey Advisory Group dropped their target price on Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating on the stock in a research report on Wednesday, February 26th. Finally, Bank of America reduced their price target on Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating for the company in a report on Wednesday, February 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, Grocery Outlet currently has an average rating of “Hold” and a consensus target price of $15.25.

Grocery Outlet Trading Up 4.3 %

The company has a 50 day moving average of $14.73 and a 200 day moving average of $16.31. The company has a debt-to-equity ratio of 0.34, a quick ratio of 0.33 and a current ratio of 1.46. The stock has a market capitalization of $1.24 billion, a price-to-earnings ratio of 25.02, a P/E/G ratio of 9.08 and a beta of 0.36.

Insider Activity

In related news, CFO Christopher M. Miller acquired 10,000 shares of Grocery Outlet stock in a transaction that occurred on Thursday, February 27th. The shares were purchased at an average price of $11.68 per share, for a total transaction of $116,800.00. Following the completion of the transaction, the chief financial officer now owns 10,000 shares in the company, valued at $116,800. This represents a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steven K. Wilson sold 6,682 shares of the company’s stock in a transaction on Monday, March 10th. The shares were sold at an average price of $13.16, for a total value of $87,935.12. Following the completion of the sale, the executive vice president now owns 166,923 shares of the company’s stock, valued at approximately $2,196,706.68. The trade was a 3.85 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders acquired 200,000 shares of company stock worth $2,435,050 and sold 17,756 shares worth $216,892. Company insiders own 4.50% of the company’s stock.

Hedge Funds Weigh In On Grocery Outlet

Several institutional investors and hedge funds have recently bought and sold shares of GO. Decker Retirement Planning Inc. purchased a new position in shares of Grocery Outlet during the 4th quarter worth $31,000. Aster Capital Management DIFC Ltd acquired a new stake in shares of Grocery Outlet during the fourth quarter valued at about $41,000. Quadrant Capital Group LLC raised its stake in shares of Grocery Outlet by 276.3% in the 4th quarter. Quadrant Capital Group LLC now owns 2,773 shares of the company’s stock valued at $43,000 after acquiring an additional 2,036 shares during the period. KBC Group NV boosted its position in shares of Grocery Outlet by 62.7% during the 4th quarter. KBC Group NV now owns 4,506 shares of the company’s stock worth $70,000 after purchasing an additional 1,736 shares during the period. Finally, True Wealth Design LLC acquired a new stake in Grocery Outlet in the 3rd quarter valued at approximately $75,000. 99.87% of the stock is currently owned by institutional investors and hedge funds.

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.