Envestnet Asset Management Inc. Sells 18,153 Shares of Grocery Outlet Holding Corp. (NASDAQ:GO)

Envestnet Asset Management Inc. lessened its position in shares of Grocery Outlet Holding Corp. (NASDAQ:GO - Free Report) by 39.9% in the first quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 27,355 shares of the company's stock after selling 18,153 shares during the period. Envestnet Asset Management Inc.'s holdings in Grocery Outlet were worth $382,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. D.A. Davidson & CO. purchased a new stake in shares of Grocery Outlet in the first quarter worth about $165,000. Principal Financial Group Inc. lifted its position in Grocery Outlet by 2.4% during the 1st quarter. Principal Financial Group Inc. now owns 482,178 shares of the company's stock worth $6,741,000 after acquiring an additional 11,080 shares in the last quarter. Teacher Retirement System of Texas purchased a new position in Grocery Outlet in the 1st quarter worth approximately $199,000. GAMMA Investing LLC grew its position in Grocery Outlet by 236.0% in the first quarter. GAMMA Investing LLC now owns 5,188 shares of the company's stock valued at $73,000 after acquiring an additional 3,644 shares in the last quarter. Finally, Red Spruce Capital LLC raised its stake in shares of Grocery Outlet by 1.6% during the first quarter. Red Spruce Capital LLC now owns 132,968 shares of the company's stock valued at $1,859,000 after purchasing an additional 2,044 shares during the period. 99.87% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have weighed in on GO. Craig Hallum raised shares of Grocery Outlet from a "hold" rating to a "buy" rating and set a $17.00 price objective for the company in a report on Wednesday. UBS Group raised their price target on Grocery Outlet from $14.50 to $17.00 and gave the stock a "neutral" rating in a report on Wednesday, May 7th. Telsey Advisory Group reissued a "market perform" rating and set a $16.00 target price on shares of Grocery Outlet in a research note on Wednesday. Morgan Stanley upgraded Grocery Outlet from an "underweight" rating to an "equal weight" rating and raised their target price for the company from $13.00 to $16.00 in a research report on Wednesday. Finally, Jefferies Financial Group raised shares of Grocery Outlet from a "hold" rating to a "buy" rating and upped their price target for the stock from $13.00 to $18.00 in a research note on Wednesday, April 16th. One analyst has rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and an average target price of $16.08.

Grocery Outlet Stock Performance

Shares of NASDAQ:GO traded up $0.11 during trading on Friday, reaching $18.54. The stock had a trading volume of 5,619,094 shares, compared to its average volume of 3,287,235. The firm has a market capitalization of $1.82 billion, a price-to-earnings ratio of 264.89, a P/E/G ratio of 5.97 and a beta of 0.27. The company has a quick ratio of 0.25, a current ratio of 1.21 and a debt-to-equity ratio of 0.38. Grocery Outlet Holding Corp. has a 52 week low of $10.26 and a 52 week high of $21.67. The stock has a fifty day simple moving average of $13.57 and a two-hundred day simple moving average of $14.22.

Grocery Outlet (NASDAQ:GO - Get Free Report) last released its earnings results on Tuesday, August 5th. The company reported $0.23 earnings per share for the quarter, beating the consensus estimate of $0.17 by $0.06. The business had revenue of $1.18 billion during the quarter, compared to analysts' expectations of $1.20 billion. Grocery Outlet had a net margin of 0.18% and a return on equity of 6.34%. The firm's revenue was up 4.5% on a year-over-year basis. During the same quarter last year, the company earned $0.25 earnings per share. As a group, analysts anticipate that Grocery Outlet Holding Corp. will post 0.63 earnings per share for the current fiscal year.

Grocery Outlet 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.