Morgan Stanley Lowers Grocery Outlet (NASDAQ:GO) Price Target to $10.00

Grocery Outlet (NASDAQ:GO) had its price target lowered by investment analysts at Morgan Stanley from $13.00 to $10.00 in a research note issued to investors on Wednesday,Benzinga reports. The brokerage presently has an “underperform” rating on the stock. Morgan Stanley’s price target indicates a potential downside of 10.63% from the stock’s previous close.

Other equities analysts also recently issued reports about the stock. The Goldman Sachs Group decreased their price objective on shares of Grocery Outlet from $17.00 to $15.00 and set a “sell” rating on the stock in a report on Friday, November 1st. Bank of America reduced their target price on shares of Grocery Outlet from $20.00 to $17.00 and set a “neutral” rating for the company in a research report on Wednesday. Wells Fargo & Company reduced their target price on shares of Grocery Outlet from $23.00 to $18.00 and set an “overweight” rating for the company in a research report on Wednesday. Deutsche Bank Aktiengesellschaft cut shares of Grocery Outlet from a “buy” rating to a “hold” rating and set a $12.00 target price for the company. in a research report on Wednesday. Finally, UBS Group reduced their target price on shares of Grocery Outlet from $21.00 to $16.00 and set a “neutral” rating for the company in a research report on Wednesday, November 6th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $15.58.

Grocery Outlet Price Performance

GO traded down $4.55 during midday trading on Wednesday, hitting $11.19. 6,006,936 shares of the company traded hands, compared to its average volume of 2,065,956. The company has a current ratio of 1.46, a quick ratio of 0.33 and a debt-to-equity ratio of 0.34. The company has a market capitalization of $1.09 billion, a price-to-earnings ratio of 21.77, a PEG ratio of 9.08 and a beta of 0.32. Grocery Outlet has a 52-week low of $10.26 and a 52-week high of $29.19. The business has a 50 day simple moving average of $16.26 and a two-hundred day simple moving average of $17.18.

Institutional Investors Weigh In On Grocery Outlet

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Franklin Resources Inc. increased its position in Grocery Outlet by 1.8% during the third quarter. Franklin Resources Inc. now owns 29,987 shares of the company’s stock worth $526,000 after purchasing an additional 529 shares during the last quarter. Amundi increased its position in shares of Grocery Outlet by 0.6% during the fourth quarter. Amundi now owns 116,139 shares of the company’s stock valued at $1,895,000 after acquiring an additional 719 shares during the last quarter. Blue Trust Inc. increased its position in shares of Grocery Outlet by 76.6% during the third quarter. Blue Trust Inc. now owns 1,665 shares of the company’s stock valued at $29,000 after acquiring an additional 722 shares during the last quarter. Cedar Wealth Management LLC increased its position in shares of Grocery Outlet by 3.9% during the fourth quarter. Cedar Wealth Management LLC now owns 20,370 shares of the company’s stock valued at $318,000 after acquiring an additional 765 shares during the last quarter. Finally, Wealth Enhancement Advisory Services LLC increased its position in shares of Grocery Outlet by 2.7% during the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 46,875 shares of the company’s stock valued at $732,000 after acquiring an additional 1,240 shares during the last quarter. 99.87% of the stock is currently owned by institutional investors and hedge funds.

About Grocery Outlet

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.