Grocery Outlet (NASDAQ:GO) Releases FY24 Earnings Guidance

Grocery Outlet (NASDAQ:GO) issued an update on its FY24 earnings guidance on Tuesday morning. 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 Analysts Forecast Growth

Several analysts have recently commented on GO shares. UBS Group reduced their price target on Grocery Outlet from $32.00 to $30.00 and set a neutral rating for the company in a report on Wednesday, February 28th. Craig Hallum raised shares of Grocery Outlet from a hold rating to a buy rating and set a $36.00 price target on the stock in a research note on Wednesday, February 28th. Finally, Telsey Advisory Group cut their price target on shares of Grocery Outlet from $40.00 to $37.00 and set an outperform rating for the company in a report on Wednesday, February 28th. Two analysts have rated the stock with a sell rating, four have assigned a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat.com, the stock has a consensus rating of Hold and a consensus price target 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 had a trading volume of 2,284,706 shares, compared to its average volume of 1,236,648. Grocery Outlet has a fifty-two week low of $23.41 and a fifty-two week high of $36.54. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.43 and a current ratio of 1.35. The company has a market cap of $2.59 billion, a price-to-earnings ratio of 32.78, a price-to-earnings-growth ratio of 2.47 and a beta of 0.13. The firm’s fifty day moving average is $26.95 and its 200-day moving average is $27.09.

Grocery Outlet (NASDAQ:GO) last issued its earnings results 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 net margin of 2.00% and a return on equity of 7.17%. On average, analysts anticipate that Grocery Outlet will post 0.95 EPS for the current year.

Insider Transactions at Grocery Outlet

In other news, insider Andrea Renee Bortner sold 4,112 shares of the firm’s stock in a transaction dated 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 transaction, the insider now directly owns 49,308 shares of the company’s stock, valued at approximately $1,298,279.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Andrea Renee Bortner sold 4,112 shares of the stock in a transaction 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 transaction, the insider now owns 49,308 shares in the company, valued at $1,298,279.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Thomas F. Herman sold 1,000 shares of the stock in a transaction on Wednesday, March 27th. The stock was sold at an average price of $29.00, for a total transaction of $29,000.00. Following the transaction, the director now owns 10,400 shares of the company’s stock, valued at approximately $301,600. The disclosure for this sale can be found here. In the last three months, insiders sold 506,588 shares of company stock valued at $13,367,577. Company insiders own 4.50% of the company’s stock.

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.