Grocery Outlet (NASDAQ:GO) Updates FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO - Get Free Report) issued an update on its FY24 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.89-$0.95 for the period, compared to the consensus earnings per share estimate of $1.17. The company issued revenue guidance of $4.3-$4.35 billion, compared to the consensus revenue estimate of $4.34 billion.

Grocery Outlet Stock Up 0.3 %

Shares of GO traded up $0.09 during trading hours on Tuesday, hitting $25.90. The stock had a trading volume of 2,284,706 shares, compared to its average volume of 1,236,648. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.35 and a quick ratio of 0.43. The firm has a 50 day simple moving average of $26.95 and a 200-day simple moving average of $27.09. The firm has a market capitalization of $2.59 billion, a P/E ratio of 32.78, a price-to-earnings-growth ratio of 2.47 and a beta of 0.13. Grocery Outlet has a 1-year low of $23.41 and a 1-year high of $36.54.

Grocery Outlet (NASDAQ:GO - Get Free Report) last announced its quarterly earnings results on Tuesday, February 27th. The company reported $0.13 earnings per share for the quarter, beating the consensus estimate of $0.11 by $0.02. Grocery Outlet had a net margin of 2.00% and a return on equity of 7.17%. The business had revenue of $989.82 million for the quarter, compared to analysts' expectations of $982.44 million. Sell-side analysts predict that Grocery Outlet will post 0.95 EPS for the current fiscal year.

Analyst Ratings Changes

A number of equities research analysts recently commented on the stock. UBS Group lowered their price target on shares of Grocery Outlet from $32.00 to $30.00 and set a neutral rating on the stock in a report on Wednesday, February 28th. Telsey Advisory Group lowered their price target on shares of Grocery Outlet from $40.00 to $37.00 and set an outperform rating on the stock in a report on Wednesday, February 28th. Finally, Craig Hallum raised shares of Grocery Outlet from a hold rating to a buy rating and set a $36.00 price target on the stock in a report on Wednesday, February 28th. Two research analysts have rated the stock with a sell rating, four have issued a hold rating and three have given a buy rating to the company's stock. According to MarketBeat.com, the company has a consensus rating of Hold and a consensus price target of $31.44.

Insiders Place Their Bets

In other Grocery Outlet news, Director Thomas F. Herman sold 2,000 shares of the business's stock in a transaction on Wednesday, February 28th. The shares were sold at an average price of $29.00, for a total value of $58,000.00. Following the completion of the sale, the director now directly owns 11,400 shares of the company's stock, valued at $330,600. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, Director Thomas F. Herman sold 2,000 shares of the company's stock in a transaction dated Wednesday, February 28th. The shares were sold at an average price of $29.00, for a total transaction of $58,000.00. Following the completion of the transaction, the director now directly owns 11,400 shares of the company's stock, valued at $330,600. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Robert Joseph Jr. Sheedy sold 10,456 shares of the company's stock in a transaction dated Monday, March 4th. The shares were sold at an average price of $26.33, for a total transaction of $275,306.48. Following the transaction, the chief executive officer now directly owns 198,992 shares of the company's stock, valued at $5,239,459.36. The disclosure for this sale can be found here. Insiders sold 506,588 shares of company stock valued at $13,367,577 over the last three months. Insiders own 4.50% of the company's stock.

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.