Grocery Outlet Holding Corp. (NASDAQ:GO) Short Interest Down 5.3% in October

Grocery Outlet Holding Corp. (NASDAQ:GO) was the recipient of a significant drop in short interest during the month of October. As of October 31st, there was short interest totalling 7,270,000 shares, a drop of 5.3% from the October 15th total of 7,680,000 shares. Based on an average daily trading volume, of 1,050,000 shares, the days-to-cover ratio is currently 6.9 days. Approximately 8.0% of the company’s stock are short sold.

Grocery Outlet Stock Performance

NASDAQ GO opened at $28.01 on Friday. The company’s 50 day moving average is $28.25 and its 200-day moving average is $30.09. Grocery Outlet has a 12-month low of $25.71 and a 12-month high of $36.54. The company has a quick ratio of 0.54, a current ratio of 1.34 and a debt-to-equity ratio of 0.24. The firm has a market cap of $2.78 billion, a P/E ratio of 34.58, a price-to-earnings-growth ratio of 2.99 and a beta of 0.08.

Insider Activity

In related news, Director Thomas F. Herman sold 2,000 shares of the business’s stock in a transaction dated Monday, October 16th. The shares were sold at an average price of $27.69, for a total transaction of $55,380.00. Following the transaction, the director now directly owns 17,400 shares in the company, valued at $481,806. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Insiders sold 6,000 shares of company stock worth $175,000 over the last three months. 6.20% of the stock is currently owned by insiders.

Institutional Trading of Grocery Outlet

Several hedge funds and other institutional investors have recently modified their holdings of the business. Tudor Investment Corp Et Al increased its holdings in Grocery Outlet by 254.9% during the 3rd quarter. Tudor Investment Corp Et Al now owns 150,825 shares of the company’s stock worth $4,351,000 after acquiring an additional 108,329 shares during the period. Toroso Investments LLC bought a new stake in Grocery Outlet during the 3rd quarter worth approximately $205,000. iA Global Asset Management Inc. bought a new stake in Grocery Outlet during the 3rd quarter worth approximately $521,000. The Manufacturers Life Insurance Company increased its holdings in Grocery Outlet by 20.7% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 80,438 shares of the company’s stock worth $2,321,000 after acquiring an additional 13,774 shares during the period. Finally, GSA Capital Partners LLP increased its holdings in Grocery Outlet by 399.0% during the 3rd quarter. GSA Capital Partners LLP now owns 126,289 shares of the company’s stock worth $3,643,000 after acquiring an additional 100,982 shares during the period.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on GO shares. The Goldman Sachs Group cut their price target on shares of Grocery Outlet from $38.00 to $33.00 and set a “buy” rating on the stock in a report on Tuesday, October 10th. Telsey Advisory Group reiterated an “outperform” rating and issued a $40.00 target price on shares of Grocery Outlet in a research note on Friday, September 15th. Deutsche Bank Aktiengesellschaft boosted their target price on shares of Grocery Outlet from $38.00 to $39.00 and gave the company a “buy” rating in a research note on Wednesday, August 9th. UBS Group boosted their target price on shares of Grocery Outlet from $29.00 to $38.00 and gave the company a “neutral” rating in a research note on Wednesday, August 9th. Finally, TheStreet cut shares of Grocery Outlet from a “b-” rating to a “c+” rating in a research note on Wednesday, October 11th. One analyst has rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $33.38.

About Grocery Outlet

Grocery Outlet Holding Corp. engages in ownership and operation of 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.