Grocery Outlet (NASDAQ:GO) Releases FY 2024 Earnings Guidance

Grocery Outlet (NASDAQ:GO - Get Free Report) updated its FY 2024 earnings guidance on Wednesday. The company provided EPS guidance of 0.890-0.950 for the period, compared to the consensus EPS estimate of 1.170. The company issued revenue guidance of $4.3 billion-$4.4 billion, compared to the consensus revenue estimate of $4.3 billion.

Analysts Set New Price Targets

A number of brokerages recently issued reports on GO. UBS Group lowered their price target on shares of Grocery Outlet from $30.00 to $27.00 and set a neutral rating on the stock in a report on Wednesday. Telsey Advisory Group dropped their target price on Grocery Outlet from $37.00 to $31.00 and set an outperform rating on the stock in a research report on Wednesday. Finally, Craig Hallum raised Grocery Outlet from a hold rating to a buy rating and set a $36.00 price target for the company in a report on Wednesday, February 28th. Two investment analysts have rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, Grocery Outlet currently has an average rating of Hold and an average price target of $30.44.

Grocery Outlet Trading Down 19.4 %

NASDAQ:GO traded down $5.02 during trading hours on Wednesday, reaching $20.88. 10,716,829 shares of the stock were exchanged, compared to its average volume of 1,343,403. Grocery Outlet has a twelve month low of $19.73 and a twelve month high of $36.54. The company has a quick ratio of 0.43, a current ratio of 1.35 and a debt-to-equity ratio of 0.24. The business has a 50-day moving average of $26.94 and a two-hundred day moving average of $27.07. The company has a market capitalization of $2.09 billion, a price-to-earnings ratio of 26.59, a PEG ratio of 2.47 and a beta of 0.13.

Grocery Outlet (NASDAQ:GO - Get Free Report) last issued its quarterly earnings results on Tuesday, February 27th. The company reported $0.13 earnings per share (EPS) for the quarter, topping 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. On average, equities analysts predict that Grocery Outlet will post 0.95 EPS for the current year.

Insider Buying and Selling

In other news, Director Thomas F. Herman sold 1,000 shares of the firm's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $29.00, for a total value of $29,000.00. Following the sale, the director now directly owns 10,400 shares in the company, valued at approximately $301,600. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. In related news, Director Eric J. Jr. Lindberg sold 300,000 shares of Grocery Outlet stock in a transaction on Friday, March 1st. The shares were sold at an average price of $26.16, for a total transaction of $7,848,000.00. Following the sale, the director now directly owns 107,123 shares in the company, valued at approximately $2,802,337.68. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Thomas F. Herman sold 1,000 shares of the company's stock in a transaction on Wednesday, March 27th. The shares were sold at an average price of $29.00, for a total transaction of $29,000.00. Following the completion of the transaction, the director now owns 10,400 shares of the company's stock, valued at approximately $301,600. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 506,588 shares of company stock worth $13,367,577. Company insiders own 4.50% of the company's stock.

Grocery Outlet Company 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.