Ocado’s (LON:OCDO) share price has been subdued in London this morning ahead of the online grocer’s third-quarter statement due out tomorrow. The results will follow the company’s interims in July when the blue-chip group revealed that its losses had widened in the first half of the year.
As of 10:45 BST, Ocado’s share price had given up 0.22 percent to 1,347.00p, largely in line with losses in the broader UK market, with the benchmark FTSE 100 index currently standing 0.19 percent lower at 7,353.49 points. The group’s shares have added more than 46 percent to their value over the past year, as compared with less than a one-percent gain in the Footsie.
Ocado to post Q3 results
Ocado is scheduled to update investors on its third-quarter performance tomorrow and investors will be looking out for information whether last month’s fire at its customer fulfilment centre in Erith has weighed on sales during the reported period. The market will also eye updates on the company’s joint venture with Marks & Spencer (LON:MKS) as the deal completed last month.
The results will come after Kantar Worldpanel said last month that Ocado had once again claimed the top spot as the UK’s fastest growing grocer in the 12 weeks to August 11, increasing sales by 12.6 percent. The company further increased its shopper base by seven percent and encouraged its customers to spend £1.93 more each delivery. The grocer’s total grocery market share meanwhile stood at 1.4 percent, while it commands 18 percent of all online supermarket sales.
Analyst ratings update
The 16 analysts offering 12-month targets for the Ocado share price for the Financial Times have a median target of 1,210.00p, with a high estimate of 1,700.00p and a low estimate of 600.00p. As of September 13, the consensus forecast amongst 17 polled investment analysts covering the online grocer advises investors to hold their position in the company.