Grocery Outlet (NASDAQ:GO) Updates FY24 Earnings Guidance

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

GO has been the subject of a number of recent analyst reports. Telsey Advisory Group dropped their price target on shares of Grocery Outlet from $40.00 to $37.00 and set an outperform rating for the company in a research report on Wednesday, February 28th. Craig Hallum upgraded Grocery Outlet from a hold rating to a buy rating and set a $36.00 target price for the company in a research report on Wednesday, February 28th. Finally, UBS Group dropped their target price on Grocery Outlet from $32.00 to $30.00 and set a neutral rating for the company in a research 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. According to MarketBeat, the company presently has a consensus rating of Hold and a consensus target price of $31.44.

Grocery Outlet Stock Up 0.3 %

Shares of Grocery Outlet stock traded up $0.09 during trading on Tuesday, reaching $25.90. The company’s stock had a trading volume of 2,284,706 shares, compared to its average volume of 1,236,648. 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 company has a market cap of $2.59 billion, a price-to-earnings ratio of 32.78, a P/E/G 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. The company has a 50-day simple moving average of $26.95 and a two-hundred day simple moving average of $27.09.

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 firm 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%. As a group, equities analysts forecast that Grocery Outlet will post 0.95 earnings per share for the current year.

Insider Transactions at Grocery Outlet

In related news, Director Eric J. Jr. Lindberg sold 300,000 shares of the firm’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $26.16, for a total value of $7,848,000.00. Following the completion of the transaction, the director now 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 accessible through this hyperlink. In other Grocery Outlet news, Director Eric J. Jr. Lindberg sold 300,000 shares of Grocery Outlet stock in a transaction dated Friday, March 1st. The stock was sold at an average price of $26.16, for a total transaction of $7,848,000.00. Following the completion of the transaction, the director now owns 107,123 shares in the company, valued at approximately $2,802,337.68. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Eric J. Jr. Lindberg sold 64,000 shares of the firm’s stock in a transaction dated Tuesday, March 12th. The shares were sold at an average price of $26.75, for a total value of $1,712,000.00. Following the sale, the director now owns 64,135 shares in the company, valued at $1,715,611.25. The disclosure for this sale can be found here. Insiders sold 506,588 shares of company stock valued at $13,367,577 in the last quarter. 4.50% of the stock is currently owned by corporate insiders.

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.