Grocery Outlet (NASDAQ:GO) Updates FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $0.89-$0.95 for the period, compared to the consensus 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.

Wall Street Analyst Weigh In

GO has been the subject of a number of analyst reports. Telsey Advisory Group cut their price target on Grocery Outlet from $37.00 to $31.00 and set an outperform rating for the company in a research note on Wednesday. UBS Group dropped their price objective on shares of Grocery Outlet from $30.00 to $27.00 and set a neutral rating for the company in a research note on Wednesday. Finally, Craig Hallum raised Grocery Outlet from a hold rating to a buy rating and set a $36.00 target price on the stock in a research report on Wednesday, February 28th. Two equities research analysts have rated the stock with a sell rating, four have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat, the stock has a consensus rating of Hold and a consensus target price of $30.44.

Grocery Outlet Stock Down 19.4 %

NASDAQ:GO traded down $5.02 during midday trading on Wednesday, reaching $20.88. The company had a trading volume of 10,716,829 shares, compared to its average volume of 1,343,403. Grocery Outlet has a 12-month low of $19.73 and a 12-month high of $36.54. The stock’s fifty day simple moving average is $26.94 and its 200-day simple moving average is $27.07. The firm 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. The company has a current ratio of 1.35, a quick ratio of 0.43 and a debt-to-equity ratio of 0.24.

Grocery Outlet (NASDAQ:GO) last posted its quarterly earnings data on Tuesday, February 27th. The company reported $0.13 earnings per share for the quarter, topping analysts’ consensus estimates of $0.11 by $0.02. The company had revenue of $989.82 million during the quarter, compared to analysts’ expectations of $982.44 million. Grocery Outlet had a return on equity of 7.17% and a net margin of 2.00%. On average, sell-side analysts anticipate that Grocery Outlet will post 0.95 earnings per share for the current fiscal year.

Insider Activity

In related news, insider Andrea Renee Bortner sold 4,112 shares of the stock in a transaction that occurred on Monday, March 4th. The shares were sold at an average price of $26.33, for a total transaction of $108,268.96. Following the completion of the sale, the insider now owns 49,308 shares of the company’s stock, valued at approximately $1,298,279.64. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, Director Thomas F. Herman sold 1,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 27th. The stock was 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 transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Andrea Renee Bortner sold 4,112 shares of the company’s stock in a transaction that occurred on Monday, March 4th. The stock was sold at an average price of $26.33, for a total value of $108,268.96. Following the completion of the sale, the insider now owns 49,308 shares of the company’s stock, valued at $1,298,279.64. The disclosure for this sale can be found here. Insiders sold a total of 506,588 shares of company stock valued at $13,367,577 in the last 90 days. 4.50% of the stock is currently owned by insiders.

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.