Grocery Outlet (NYSE:GO) Announces Quarterly Earnings Results, Beats Estimates By $0.03 EPS

Grocery Outlet (NYSE:GO) released its quarterly earnings data on Monday. The company reported $0.22 earnings per share for the quarter, beating the consensus estimate of $0.19 by $0.03, Briefing.com reports. The firm had revenue of $652.50 million during the quarter, compared to analysts’ expectations of $652.60 million. The firm’s quarterly revenue was up 13.1% on a year-over-year basis. Grocery Outlet updated its FY19 guidance to $0.73-$0.74 EPS.

Grocery Outlet stock traded up $2.27 during mid-day trading on Tuesday, hitting $33.27. 62,948 shares of the company were exchanged, compared to its average volume of 759,700. The firm has a 50 day moving average price of $33.04. Grocery Outlet has a 12-month low of $27.75 and a 12-month high of $47.57.

In other news, CEO Eric J. Jr. Lindberg sold 250,000 shares of Grocery Outlet stock in a transaction on Tuesday, October 8th. The stock was sold at an average price of $32.72, for a total value of $8,180,000.00. Also, CAO Pamela B. Burke sold 26,470 shares of Grocery Outlet stock in a transaction on Tuesday, October 8th. The shares were sold at an average price of $32.72, for a total value of $866,098.40. Insiders have sold 12,119,742 shares of company stock valued at $396,557,958 in the last three months.

Several research firms recently weighed in on GO. Deutsche Bank raised their price objective on Grocery Outlet from $40.00 to $43.00 and gave the company a “buy” rating in a research note on Wednesday, August 14th. Morgan Stanley began coverage on Grocery Outlet in a research note on Monday, July 15th. They issued an “equal weight” rating and a $30.00 price objective for the company. Barclays reaffirmed a “hold” rating and issued a $37.00 price objective on shares of Grocery Outlet in a research note on Thursday, August 15th. Zacks Investment Research downgraded Grocery Outlet from a “buy” rating to a “hold” rating in a research note on Tuesday. Finally, Jefferies Financial Group set a $51.00 price objective on Grocery Outlet and gave the company a “buy” rating in a research note on Tuesday, October 8th. Six analysts have rated the stock with a hold rating and four have given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average price target of $39.89.

Grocery Outlet Company Profile

Grocery Outlet Holding Corp. owns and operates a chain of grocery stores in the United States. The company offers products in various categories, such as grocery, dairy and deli, produce, refrigerated and frozen, floral, beer and wine, general merchandise, and health and beauty care, as well as fresh meat and seafood; and natural, organic, specialty, and healthy products.

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