Grocery Outlet (NASDAQ:GO) Hits New 12-Month Low Following Analyst Downgrade

Grocery Outlet Holding Corp. (NASDAQ:GO)’s stock price reached a new 52-week low on Wednesday after Wells Fargo & Company lowered their price target on the stock from $23.00 to $18.00. Wells Fargo & Company currently has an overweight rating on the stock. Grocery Outlet traded as low as $11.28 and last traded at $10.64, with a volume of 416030 shares. The stock had previously closed at $15.74.

Several other brokerages also recently weighed in on GO. UBS Group cut their target price on shares of Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating on the stock in a research note on Wednesday, November 6th. Deutsche Bank Aktiengesellschaft cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research note on Wednesday. Telsey Advisory Group reduced their target price on shares of Grocery Outlet from $18.00 to $16.00 and set a “market perform” rating on the stock in a report on Wednesday. TD Cowen lowered shares of Grocery Outlet from a “buy” rating to a “hold” rating and lowered their target price for the company from $25.00 to $16.00 in a research note on Wednesday, November 6th. Finally, Roth Mkm reduced their price target on shares of Grocery Outlet from $20.00 to $16.00 and set a “neutral” rating for the company in a research note on Wednesday, November 6th. One equities research analyst has rated the stock with a sell rating, nine have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Hold” and an average target price of $16.09.

Institutional Trading of Grocery Outlet

Institutional investors and hedge funds have recently bought and sold shares of the company. Blue Trust Inc. grew its stake in Grocery Outlet by 76.6% in the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock worth $29,000 after purchasing an additional 722 shares during the period. Decker Retirement Planning Inc. bought a new stake in shares of Grocery Outlet in the fourth quarter worth $31,000. Capital Performance Advisors LLP purchased a new stake in shares of Grocery Outlet during the 3rd quarter valued at about $32,000. Aster Capital Management DIFC Ltd purchased a new position in shares of Grocery Outlet during the 4th quarter worth $41,000. Finally, Quadrant Capital Group LLC increased its position in Grocery Outlet by 276.3% in the fourth quarter. Quadrant Capital Group LLC now owns 2,773 shares of the company’s stock worth $43,000 after buying an additional 2,036 shares in the last quarter. 99.87% of the stock is currently owned by hedge funds and other institutional investors.

Grocery Outlet Trading Down 31.6 %

The company has a debt-to-equity ratio of 0.34, a current ratio of 1.46 and a quick ratio of 0.33. The stock’s 50-day simple moving average is $16.26 and its two-hundred day simple moving average is $17.18. The firm has a market capitalization of $1.05 billion, a P/E ratio of 20.60, a price-to-earnings-growth ratio of 9.08 and a beta of 0.32.

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.