Grocery Outlet (NASDAQ:GO) Updates FY 2022 Earnings Guidance

Posted by on Jun 7th, 2022

Grocery Outlet (NASDAQ:GO – Get Rating) issued an update on its FY 2022 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 billion-$3.42 billion, compared to the consensus revenue estimate of $3.36 billion.

Shares of Grocery Outlet stock opened at $37.52 on Tuesday. The firm has a market capitalization of $3.62 billion, a P/E ratio of 67.00, a price-to-earnings-growth ratio of 4.77 and a beta of -0.20. The company has a current ratio of 1.90, a quick ratio of 0.68 and a debt-to-equity ratio of 0.44. The business’s fifty day simple moving average is $35.04 and its 200 day simple moving average is $30.39. Grocery Outlet has a 12 month low of $21.01 and a 12 month high of $39.50.

Grocery Outlet (NASDAQ:GO – Get Rating) last announced its quarterly earnings data on Tuesday, May 10th. The company reported $0.22 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.20 by $0.02. The firm had revenue of $831.40 million during the quarter, compared to the consensus estimate of $810.39 million. Grocery Outlet had a return on equity of 8.65% and a net margin of 1.74%. The business’s revenue for the quarter was up 10.5% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.23 EPS. Analysts predict that Grocery Outlet will post 0.76 EPS for the current fiscal year.

Several research analysts have recently weighed in on GO shares. Telsey Advisory Group reiterated an outperform rating on shares of Grocery Outlet in a research note on Thursday, February 24th. Cowen raised their target price on Grocery Outlet from $30.00 to $32.00 in a research note on Thursday, March 3rd. Bank of America upgraded Grocery Outlet from an underperform rating to a buy rating and raised their target price for the stock from $23.00 to $37.00 in a research note on Friday, April 29th. They noted that the move was a valuation call. TheStreet upgraded Grocery Outlet from a d+ rating to a c- rating in a research note on Friday, February 25th. Finally, Craig Hallum upgraded Grocery Outlet from a hold rating to a buy rating and set a $43.00 target price for the company in a research note on Wednesday, May 11th. One equities research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the company. According to MarketBeat, the company currently has an average rating of Buy and a consensus price target of $32.78.

In related news, VP Lindsay E. Gray sold 2,500 shares of the firm’s stock in a transaction dated Wednesday, May 25th. The stock was sold at an average price of $38.41, for a total transaction of $96,025.00. Following the transaction, the vice president now directly owns 18,598 shares of the company’s stock, valued at approximately $714,349.18. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Thomas F. Herman sold 2,000 shares of the firm’s stock in a transaction dated Tuesday, March 15th. The shares were sold at an average price of $28.82, for a total value of $57,640.00. The disclosure for this sale can be found here. In the last ninety days, insiders sold 613,599 shares of company stock worth $22,897,650. Insiders own 11.20% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Advisory Services Network LLC bought a new position in Grocery Outlet during the 1st quarter worth approximately $259,000. Sawtooth Solutions LLC bought a new position in Grocery Outlet during the 1st quarter worth approximately $206,000. Capital Research Global Investors grew its position in Grocery Outlet by 6.7% during the 1st quarter. Capital Research Global Investors now owns 7,339,446 shares of the company’s stock worth $240,587,000 after acquiring an additional 463,415 shares during the last quarter. BNP Paribas Arbitrage SA grew its position in Grocery Outlet by 32.3% during the 1st quarter. BNP Paribas Arbitrage SA now owns 12,402 shares of the company’s stock worth $407,000 after acquiring an additional 3,026 shares during the last quarter. Finally, Point72 Hong Kong Ltd bought a new position in Grocery Outlet during the 1st quarter worth approximately $118,000. Institutional investors and hedge funds own 96.41% of the company’s stock.

Grocery Outlet Company Profile (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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