Wall Street analysts expect Grocery Outlet Holding Corp. (NASDAQ:GO) to post $774.22 million in sales for the current fiscal quarter, Zacks reports. Three analysts have issued estimates for Grocery Outlet's earnings. The highest sales estimate is $775.15 million and the lowest is $773.00 million. Grocery Outlet reported sales of $806.82 million during the same quarter last year, which would suggest a negative year-over-year growth rate of 4%. The company is expected to issue its next quarterly earnings results on Tuesday, March 1st.
According to Zacks, analysts expect that Grocery Outlet will report full year sales of $3.07 billion for the current financial year. For the next financial year, analysts anticipate that the firm will post sales of $3.40 billion, with estimates ranging from $3.36 billion to $3.45 billion. Zacks' sales averages are a mean average based on a survey of research analysts that cover Grocery Outlet.
Grocery Outlet (NASDAQ:GO) last announced its quarterly earnings results on Monday, November 8th. The company reported $0.24 earnings per share for the quarter, beating analysts' consensus estimates of $0.22 by $0.02. Grocery Outlet had a net margin of 2.58% and a return on equity of 9.62%. The firm had revenue of $768.88 million for the quarter, compared to analysts' expectations of $781.21 million. During the same period in the previous year, the company posted $0.50 earnings per share.
Several analysts have weighed in on the stock. Deutsche Bank Aktiengesellschaft lowered their target price on shares of Grocery Outlet from $32.00 to $29.00 and set a "hold" rating for the company in a research note on Tuesday, November 2nd. Morgan Stanley cut their price target on shares of Grocery Outlet from $35.00 to $28.00 and set an "equal weight" rating for the company in a report on Thursday, November 11th. Telsey Advisory Group cut their price objective on Grocery Outlet from $38.00 to $30.00 and set an "outperform" rating on the stock in a report on Wednesday, November 3rd. TheStreet downgraded Grocery Outlet from a "c-" rating to a "d+" rating in a report on Thursday, September 23rd. Finally, MKM Partners dropped their price objective on Grocery Outlet from $29.00 to $26.00 and set a "neutral" rating on the stock in a report on Wednesday, November 10th. One investment analyst has rated the stock with a sell rating, five have issued a hold rating and two have given a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of "Hold" and an average price target of $29.88.
In related news, Director Thomas F. Herman sold 2,000 shares of Grocery Outlet stock in a transaction on Wednesday, December 15th. The stock was sold at an average price of $28.24, for a total transaction of $56,480.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 11.80% of the stock is owned by company insiders.
Several institutional investors and hedge funds have recently added to or reduced their stakes in the company. Spire Wealth Management increased its holdings in Grocery Outlet by 25.4% during the 4th quarter. Spire Wealth Management now owns 15,341 shares of the company's stock valued at $434,000 after purchasing an additional 3,103 shares during the period. Crossmark Global Holdings Inc. purchased a new position in Grocery Outlet during the 4th quarter valued at about $229,000. UBS Asset Management Americas Inc. increased its holdings in Grocery Outlet by 1.0% during the 3rd quarter. UBS Asset Management Americas Inc. now owns 117,440 shares of the company's stock valued at $2,533,000 after purchasing an additional 1,128 shares during the period. Balyasny Asset Management LLC increased its holdings in Grocery Outlet by 11.9% during the 3rd quarter. Balyasny Asset Management LLC now owns 233,953 shares of the company's stock valued at $5,046,000 after purchasing an additional 24,954 shares during the period. Finally, Schonfeld Strategic Advisors LLC grew its holdings in shares of Grocery Outlet by 617.8% during the 3rd quarter. Schonfeld Strategic Advisors LLC now owns 66,038 shares of the company's stock worth $1,425,000 after acquiring an additional 56,838 shares during the period. Hedge funds and other institutional investors own 96.32% of the company's stock.
NASDAQ GO opened at $26.43 on Friday. The company's fifty day simple moving average is $27.76 and its 200-day simple moving average is $27.93. Grocery Outlet has a 52 week low of $21.01 and a 52 week high of $46.58. The company has a current ratio of 1.88, a quick ratio of 0.81 and a debt-to-equity ratio of 0.45. The stock has a market cap of $2.54 billion, a P/E ratio of 33.04, a PEG ratio of 5.61 and a beta of -0.29.
Grocery Outlet Company Profile
Grocery Outlet Holding Corp. engages in the operation of retail stores in the United States. It offers name-brand consumables and fresh products through a network of independently operated stores. The company was founded by Jim Read in 1946 and is headquartered in Emeryville, CA.
Featured Story: NASDAQ
Get a free copy of the Zacks research report on Grocery Outlet (GO)
For more information about research offerings from Zacks Investment Research, visit Zacks.com
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to [email protected]
Before you consider Grocery Outlet, you'll want to hear this.
MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and Grocery Outlet wasn't on the list.
While Grocery Outlet currently has a "Hold" rating among analysts, top-rated analysts believe these five stocks are better buys.
View The 5 Stocks Here