Greggs (LON:GRG) Price Target Raised to GBX 3,060

Key Points

• Berenberg Bank has raised its price target for Greggs from GBX 3,040 to GBX 3,060, maintaining a "buy" rating, indicating a potential upside of 93.06%.
• Greggs shares opened at GBX 1,585, with a 52-week range of GBX 1,499 to GBX 3,250.
• Insider Roisin Currie purchased 64 shares at an average cost of GBX 2,791 per share, reflecting interest from management in the company's future performance.

Greggs (LON:GRG - Free Report) had its price objective raised by Berenberg Bank from GBX 3,040 ($40.35) to GBX 3,060 ($40.62) in a report published on Wednesday morning, Marketbeat.com reports. Berenberg Bank currently has a buy rating on the stock.

Several other research analysts have also recently issued reports on GRG. Deutsche Bank Aktiengesellschaft restated a "sell" rating and issued a GBX 1,330 ($17.65) price objective on shares of Greggs in a research note on Thursday, July 3rd. Shore Capital restated a "hold" rating on shares of Greggs in a research note on Tuesday, July 29th. Finally, Peel Hunt restated a "hold" rating and issued a GBX 1,660 ($22.03) price objective on shares of Greggs in a research note on Tuesday, July 29th.

Greggs Stock Up 0.8%

LON GRG traded up GBX 12 ($0.16) during trading on Wednesday, hitting GBX 1,592 ($21.13). The company's stock had a trading volume of 591,831 shares, compared to its average volume of 1,163,534. Greggs has a fifty-two week low of GBX 1,499 ($19.90) and a fifty-two week high of GBX 3,250 ($43.14). The company has a market cap of £1.61 billion, a PE ratio of 11.81, a P/E/G ratio of 3.39 and a beta of 1.43. The company has a debt-to-equity ratio of 66.19, a current ratio of 0.80 and a quick ratio of 0.88. The business's 50 day simple moving average is GBX 1,848.64 and its 200-day simple moving average is GBX 1,909.67.

Insiders Place Their Bets

In related news, insider Roisin Currie purchased 64 shares of Greggs stock in a transaction that occurred on Saturday, June 14th. The stock was bought at an average cost of GBX 2,791 ($37.05) per share, for a total transaction of £1,786.24 ($2,370.91). Corporate insiders own 5.89% of the company's stock.

Greggs Company Profile

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.