390,196 Shares in Grocery Outlet Holding Corp. $GO Acquired by Empowered Funds LLC

Empowered Funds LLC purchased a new position in Grocery Outlet Holding Corp. (NASDAQ:GO) during the 2nd quarter, HoldingsChannel reports. The institutional investor purchased 390,196 shares of the company’s stock, valued at approximately $3,894,000.

Other hedge funds have also recently added to or reduced their stakes in the company. Aster Capital Management DIFC Ltd increased its holdings in shares of Grocery Outlet by 1,030.4% during the fourth quarter. Aster Capital Management DIFC Ltd now owns 2,532 shares of the company’s stock valued at $26,000 after acquiring an additional 2,308 shares in the last quarter. Kestra Advisory Services LLC acquired a new position in shares of Grocery Outlet during the fourth quarter worth approximately $35,000. Allworth Financial LP bought a new position in shares of Grocery Outlet in the 2nd quarter worth $40,000. Quantbot Technologies LP bought a new position in shares of Grocery Outlet in the 2nd quarter worth $46,000. Finally, Public Employees Retirement System of Ohio acquired a new stake in Grocery Outlet in the 2nd quarter valued at $58,000. Institutional investors and hedge funds own 99.87% of the company’s stock.

Insider Activity

In other news, Director Carey F. Jaros purchased 15,000 shares of the business’s stock in a transaction that occurred on Thursday, August 27th. The shares were acquired at an average cost of $11.70 per share, for a total transaction of $175,500.00. Following the completion of the acquisition, the director owned 60,000 shares in the company, valued at $702,000. This trade represents a 33.33% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Paul Blaine Miller acquired 8,000 shares of Grocery Outlet stock in a transaction on Thursday, August 20th. The stock was purchased at an average cost of $10.90 per share, with a total value of $87,200.00. Following the completion of the transaction, the insider directly owned 72,171 shares in the company, valued at $786,663.90. This represents a 12.47% increase in their position. The disclosure for this purchase is available in the SEC filing. In the last quarter, insiders bought 38,000 shares of company stock valued at $403,900. 5.60% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on GO. Morgan Stanley boosted their price target on shares of Grocery Outlet from $7.00 to $11.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. Wells Fargo & Company raised their price objective on shares of Grocery Outlet from $9.00 to $11.00 and gave the company an “equal weight” rating in a research note on Thursday, August 13th. Telsey Advisory Group reiterated a “market perform” rating on shares of Grocery Outlet in a report on Thursday, August 13th. DA Davidson boosted their target price on shares of Grocery Outlet from $9.00 to $12.00 and gave the stock a “neutral” rating in a research report on Thursday, August 13th. Finally, Deutsche Bank Aktiengesellschaft restated a “hold” rating and issued a $9.00 target price on shares of Grocery Outlet in a report on Thursday, August 13th. Twelve analysts have rated the stock with a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, the company currently has a consensus rating of “Reduce” and a consensus target price of $10.59.

Grocery Outlet Trading Up 1.3%

NASDAQ GO opened at $12.11 on Wednesday. The firm has a market capitalization of $1.20 billion, a P/E ratio of -3.13, a PEG ratio of 8.31 and a beta of 0.72. The business has a fifty day simple moving average of $10.26 and a 200 day simple moving average of $8.82. Grocery Outlet Holding Corp. has a 12 month low of $5.66 and a 12 month high of $18.79. The company has a current ratio of 1.29, a quick ratio of 0.30 and a debt-to-equity ratio of 0.60.

Grocery Outlet (NASDAQ:GO) last issued its quarterly earnings data on Wednesday, August 12th. The company reported $0.20 earnings per share for the quarter, beating the consensus estimate of $0.13 by $0.07. The business had revenue of $1.19 billion for the quarter, compared to analysts’ expectations of $1.17 billion. Grocery Outlet had a positive return on equity of 5.84% and a negative net margin of 8.04%.The business’s revenue was up 1.1% on a year-over-year basis. During the same period last year, the business earned $0.23 EPS. On average, analysts predict that Grocery Outlet Holding Corp. will post 0.42 EPS for the current fiscal year.

Grocery Outlet Profile

Grocery Outlet Holding Corp. (NASDAQ: GO) is a specialty discount retailer that offers consumers deeply discounted groceries by purchasing excess inventory, closeouts, and overstocks from manufacturers and distributors. Headquartered in Emeryville, California, the company operates two primary banners—Grocery Outlet and Fresh2Go—with a combined footprint of more than 400 stores. Its product assortment spans fresh produce, meat, dairy, bakery items, household staples, natural and organic offerings, and select specialty products, all sold at significant markdowns compared to conventional supermarkets.

The company’s unique buying model enables it to source inventory through opportunistic purchases of surplus freight, discontinued items, and closeout deals, which it then passes on as savings to its customers.