Carey Jaros Purchases 15,000 Shares of Grocery Outlet (NASDAQ:GO) Stock

Key Points

• Director Carey Jaros bought 15,000 Grocery Outlet shares at an average price of $11.70, investing $175,500 and increasing direct ownership by 33.33% to 60,000 shares.
• Grocery Outlet’s latest quarterly results exceeded expectations, with adjusted EPS of $0.20 versus the $0.13 consensus and revenue of $1.19 billion, up 1.1% year over year.
• Analyst sentiment remains cautious: the stock carries a consensus “Reduce” rating and a $10.59 target price, below its recent trading price near $11.95.

Grocery Outlet Holding Corp. (NASDAQ:GO - Get Free Report) Director Carey Jaros purchased 15,000 shares of the company's stock in a transaction that occurred on Thursday, August 27th. The shares were purchased at an average cost of $11.70 per share, for a total transaction of $175,500.00. Following the purchase, the director directly owned 60,000 shares in the company, valued at $702,000. This trade represents a 33.33% increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink.

Grocery Outlet Stock Down 1.8%

NASDAQ GO traded down $0.22 during mid-day trading on Monday, reaching $11.95. 2,245,574 shares of the company's stock traded hands, compared to its average volume of 2,938,262. The company has a current ratio of 1.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.60. Grocery Outlet Holding Corp. has a 1-year low of $5.66 and a 1-year high of $18.79. The company has a fifty day simple moving average of $10.21 and a 200-day simple moving average of $8.80. The company has a market cap of $1.18 billion, a price-to-earnings ratio of -3.09, a P/E/G ratio of 8.46 and a beta of 0.65.

Grocery Outlet (NASDAQ:GO - Get Free Report) last announced its quarterly earnings data on Wednesday, August 12th. The company reported $0.20 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.13 by $0.07. The firm had revenue of $1.19 billion for the quarter, compared to analysts' expectations of $1.17 billion. Grocery Outlet had a positive return on equity of 5.84% and a negative net margin of 8.04%.Grocery Outlet's revenue for the quarter was up 1.1% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.23 earnings per share. As a group, equities research analysts expect that Grocery Outlet Holding Corp. will post 0.42 EPS for the current year.

Analyst Ratings Changes

Several research firms have weighed in on GO. UBS Group boosted their target price on shares of Grocery Outlet from $10.00 to $11.50 and gave the company a "neutral" rating in a research note on Monday, August 17th. Telsey Advisory Group reaffirmed a "market perform" rating on shares of Grocery Outlet in a report on Thursday, August 13th. Roth Capital reaffirmed a "neutral" rating and set a $10.00 price objective on shares of Grocery Outlet in a research report on Thursday, August 13th. TD Cowen reiterated a "hold" rating on shares of Grocery Outlet in a research note on Tuesday, August 18th. Finally, Weiss Ratings raised shares of Grocery Outlet from a "sell (d-)" rating to a "sell (d)" rating in a report on Thursday, August 13th. Twelve analysts have rated the stock with a Hold rating and two have issued a Sell rating to the company's stock. According to data from MarketBeat.com, the company presently has a consensus rating of "Reduce" and a consensus target price of $10.59.

Hedge Funds Weigh In On Grocery Outlet

Several hedge funds and other institutional investors have recently modified their holdings of the company. Aster Capital Management DIFC Ltd lifted its position in Grocery Outlet by 1,030.4% in the 4th quarter. Aster Capital Management DIFC Ltd now owns 2,532 shares of the company's stock valued at $26,000 after purchasing an additional 2,308 shares during the last quarter. Kestra Advisory Services LLC bought a new position in Grocery Outlet in the 4th quarter worth about $35,000. Allworth Financial LP acquired a new stake in shares of Grocery Outlet in the second quarter valued at approximately $40,000. Quantbot Technologies LP acquired a new stake in shares of Grocery Outlet in the second quarter valued at approximately $46,000. Finally, Public Employees Retirement System of Ohio bought a new stake in shares of Grocery Outlet during the second quarter valued at approximately $58,000. Institutional investors and hedge funds own 99.87% of the company's stock.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. NASDAQ: GO is a specialty discount retailer that offers consumers deeply discounted groceries by purchasing excess inventory, closeouts, and overstocks from manufacturers and distributors. Headquartered in Emeryville, California, the company operates two primary banners—Grocery Outlet and Fresh2Go—with a combined footprint of more than 400 stores. Its product assortment spans fresh produce, meat, dairy, bakery items, household staples, natural and organic offerings, and select specialty products, all sold at significant markdowns compared to conventional supermarkets.

The company's unique buying model enables it to source inventory through opportunistic purchases of surplus freight, discontinued items, and closeout deals, which it then passes on as savings to its customers.

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