Grocery Outlet (NASDAQ:GO) Updates FY22 Earnings Guidance

Grocery Outlet (NASDAQ:GO – Get Rating) issued an update on its FY22 earnings guidance on Tuesday morning. The company provided earnings per share guidance of $0.94-$0.99 for the period, compared to the consensus earnings per share estimate of $0.95. The company issued revenue guidance of $3.39-$3.42 billion, compared to the consensus revenue estimate of $3.36 billion.Grocery Outlet also updated its FY 2022 guidance to $0.94-$0.99 EPS.

Shares of NASDAQ:GO traded down $1.18 during midday trading on Tuesday, reaching $31.07. The company had a trading volume of 1,397,124 shares, compared to its average volume of 826,524. The company has a debt-to-equity ratio of 0.45, a quick ratio of 0.70 and a current ratio of 1.86. Grocery Outlet has a 1-year low of $21.01 and a 1-year high of $41.31. The company has a market capitalization of $2.99 billion, a price-to-earnings ratio of 49.86, a price-to-earnings-growth ratio of 3.36 and a beta of -0.19. The company has a fifty day simple moving average of $32.47.

Grocery Outlet (NASDAQ:GO – Get Rating) last released its quarterly earnings results on Tuesday, May 10th. The company reported $0.22 earnings per share for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. Grocery Outlet had a return on equity of 8.98% and a net margin of 2.02%. The business had revenue of $831.40 million during the quarter, compared to analyst estimates of $810.39 million. During the same quarter last year, the company posted $0.23 EPS. Grocery Outlet’s revenue for the quarter was up 10.5% on a year-over-year basis. As a group, sell-side analysts forecast that Grocery Outlet will post 0.95 earnings per share for the current fiscal year.

A number of brokerages have commented on GO. TheStreet upgraded Grocery Outlet from a d+ rating to a c- rating in a research report on Friday, February 25th. Cowen raised their price objective on Grocery Outlet from $30.00 to $32.00 in a research report on Thursday, March 3rd. Bank of America upgraded Grocery Outlet from an underperform rating to a buy rating and raised their price objective for the stock from $23.00 to $37.00 in a research report on Friday, April 29th. They noted that the move was a valuation call. Finally, Telsey Advisory Group restated an outperform rating on shares of Grocery Outlet in a research report on Thursday, February 24th. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have assigned a buy rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of Hold and an average target price of $30.80.

In related news, CFO Charles Bracher sold 2,848 shares of the firm’s stock in a transaction that occurred on Thursday, March 3rd. The stock was sold at an average price of $28.33, for a total value of $80,683.84. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, insider Brian Mcandrews sold 10,000 shares of Grocery Outlet stock in a transaction that occurred on Friday, March 4th. The stock was sold at an average price of $29.26, for a total value of $292,600.00. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 130,980 shares of company stock valued at $4,318,598. 11.80% of the stock is owned by corporate insiders.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Advisor Group Holdings Inc. grew its holdings in shares of Grocery Outlet by 51.3% during the 1st quarter. Advisor Group Holdings Inc. now owns 5,508 shares of the company’s stock worth $192,000 after purchasing an additional 1,868 shares in the last quarter. Lombard Odier Asset Management USA Corp acquired a new stake in shares of Grocery Outlet during the 4th quarter worth approximately $202,000. LPL Financial LLC acquired a new stake in shares of Grocery Outlet during the 4th quarter worth approximately $333,000. Metropolitan Life Insurance Co NY grew its holdings in shares of Grocery Outlet by 10.1% during the 4th quarter. Metropolitan Life Insurance Co NY now owns 15,633 shares of the company’s stock worth $442,000 after purchasing an additional 1,432 shares in the last quarter. Finally, Amalgamated Bank grew its holdings in shares of Grocery Outlet by 0.6% during the 4th quarter. Amalgamated Bank now owns 62,654 shares of the company’s stock worth $1,772,000 after purchasing an additional 371 shares in the last quarter. 96.41% of the stock is currently owned by institutional investors.

About Grocery Outlet (Get Rating)

Grocery Outlet Holding Corp. owns and operates a network of independently operated stores in the United States. The company's stores offer products in various categories, such as dairy and deli, produce, floral, and fresh meat and seafood products, as well as grocery, general merchandise, health and beauty care, frozen foods, and beer and wine.

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