Grocery Outlet Holding Corp. (GO) receives an Outperform rating from Telsey Advisory Group


Grocery Outlet Holding Corp.’s recent filing unveils that its Director Herman Thomas F unloaded Company’s shares for reported $67818.0 on Aug 15. In the deal valued at $33.91 per share,2,000 shares were sold. As a result of this transaction, Herman Thomas F now holds 21,400 shares worth roughly $ 0.65 million.

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Then, Lindberg Eric J. Jr. sold 255,951 shares, generating $8,793,094 in total proceeds. Upon selling the shares at $34.35, the Director now owns 37,616 shares.

Before that, Lindberg Eric J. Jr. sold 246,449 shares. Grocery Outlet Holding Corp. shares valued at $8,550,671 were divested by the Director at a price of $34.70 per share. As a result of the transaction, Lindberg Eric J. Jr. now holds 37,616 shares, worth roughly $1.15 million.

Telsey Advisory Group reiterated its Grocery Outlet Holding Corp. [GO] rating to an Outperform in a research note published on Friday, August 02, 2023; the price target was $40. PT values the company’s stock at a premium of 23.57 to its Friday closing price.

Price Performance Review of GO

On Friday, Grocery Outlet Holding Corp. [NASDAQ:GO] saw its stock fall -0.91% to $30.57. On the same session, the stock had its day’s lowest price of $30.38, but rose to a high of $30.85. Over the last five days, the stock has lost -5.82%. Grocery Outlet Holding Corp. shares have risen nearly 4.73% since the year began. Nevertheless, the stocks have fallen -23.80% over the past one year. While a 52-week high of $40.46 was reached on 08/09/23, a 52-week low of $25.71 was recorded on 03/01/23. SMA at 50 days reached $32.43, while 200 days put it at $29.96. A total of 0.81 million shares were traded, compared to the trading of 1.12 million shares in the previous session.

Levels Of Support And Resistance For GO Stock

The 24-hour chart illustrates a support level at 30.35, which if violated will result in even more drops to 30.13. On the upside, there is a resistance level at 30.82. A further resistance level may holdings at 31.07. The Relative Strength Index (RSI) on the 14-day chart is 31.71, which indicates neutral technical sentiment, while the Moving Average Convergence Divergence (MACD) stands at -1.43, which suggests price will go down in the next trading period. Percent R suggests that price movement has been bearish at 95.23%. Stochastics %K at 5.01% indicates the stock is a buying.

How much short interest is there in Grocery Outlet Holding Corp.?

A steep rise in short interest was recorded in Grocery Outlet Holding Corp. stocks on Aug 14, 2023, dropping by -2.61 million shares to a total of 7.35 million shares. Yahoo Finance data shows the prior-month short interest on Jul 13, 2023 was 9.96 million shares. There was a decline of -35.51%, which implies that there is a negative sentiment for the stock. In spite of short shares comprising just 7.73% of the overall stock float, the days-to-cover ratio (short ratio) fell to 5.97.

Grocery Outlet Holding Corp. [GO] – Who Are The Largest Shareholders?

In filings from Capital Research & Management Co, it is revealed that the company now owns 9,411,492 shares, or roughly 9.58% of the outstanding GO shares. In other words, the investor’s shares have risen by 412,498 from its previous 13-F filing of 8998994.0. Additionally, The Vanguard Group, Inc. decreased -0.05% of its stake after which the total value it holdings stand at $295,169,457, while BlackRock Fund Advisors reduced -0.73% of its stake to hold $239.16 million in the firm. Over the last quarter, Jackson Square Partners LLC sold -462,674 shares of Grocery Outlet Holding Corp., while AllianceBernstein LP sold -288,817 shares. At present, Mackenzie Financial Corp. is holding 4,737,380 shares valued at $158.47 million. Parnassus Investments LLC owned 4,479,668 shares of the company at the time of its most recent 13F filing, worth $149.84 million.

According to FactSet, Grocery Outlet Holding Corp.’s share price will average $36.08 in the next year, based on opinions of analysts polled by the firm. This is up nearly 19.94 percent from its previous closing price of $30.85. Analysts expect Grocery Outlet Holding Corp. stock to reach the higher price of $41.00, while the lowest price estimate is $27.00. However, 13 analysts have rated GO stock as an Overweight in their predictions for 2023.


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