Greggs (LON:GRG) Stock Price Crosses Above 200-Day Moving Average After Analyst Downgrade
by Michael Walen · The Markets DailyGreggs plc (LON:GRG – Get Free Report) shares passed above its 200-day moving average during trading on Thursday after Berenberg Bank raised their price target on the stock from GBX 3,040 to GBX 3,060. The stock has a 200-day moving average of GBX 1,645.74 and traded as high as GBX 1,758. Berenberg Bank currently has a buy rating on the stock. Greggs shares last traded at GBX 1,702.50, with a volume of 2,642,784 shares trading hands.
Several other equities analysts have also recently commented on the stock. Shore Capital restated a “hold” rating on shares of Greggs in a research report on Tuesday, July 29th. Deutsche Bank Aktiengesellschaft reissued a “sell” rating and issued a GBX 1,330 price objective on shares of Greggs in a research note on Thursday, July 3rd. Finally, Peel Hunt restated a “hold” rating and set a GBX 1,660 target price on shares of Greggs in a research note on Tuesday, July 29th. Four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, Greggs presently has a consensus rating of “Hold” and a consensus price target of GBX 1,993.33.
Check Out Our Latest Report on Greggs
Insiders Place Their Bets
In other Greggs news, insider Richard Hutton sold 7,438 shares of the firm’s stock in a transaction that occurred on Tuesday, November 4th. The shares were sold at an average price of GBX 1,571, for a total value of £116,850.98. 0.57% of the stock is owned by corporate insiders.
Greggs Price Performance
The firm has a market cap of £1.68 billion, a P/E ratio of 11.67, a price-to-earnings-growth ratio of 3.39 and a beta of 1.43. The company has a current ratio of 0.80, a quick ratio of 0.88 and a debt-to-equity ratio of 66.19. The business has a 50-day moving average of GBX 1,618.35 and a two-hundred day moving average of GBX 1,641.78.
About Greggs
Greggs is a leading UK food-on-the-go retailer with more than 2,600 shops nationwide and approximately 33,000 employees across the business.
As a food-on-the-go retailer, Greggs specialises in daily fresh shop-made sandwiches, and savouries baked fresh in the shop ovens throughout the day. These are further complemented by popular products and ranges including freshly ground coffee, breakfast, confectionery and evening menu items. Greggs also offers a healthier options range which includes a selection of gluten-free, vegan-friendly and lower calorie products.