Greggs (LON:GRG) Shares Down 14.5% - Here's Why

Greggs plc (LON:GRG - Get Free Report) shares were down 14.5% on Wednesday . The stock traded as low as GBX 1,646 ($22.48) and last traded at GBX 1,687.96 ($23.05). Approximately 9,321,542 shares were traded during trading, an increase of 624% from the average daily volume of 1,287,004 shares. The stock had previously closed at GBX 1,975 ($26.97).

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the company. Shore Capital restated a "buy" rating on shares of Greggs in a research report on Tuesday, May 20th. Berenberg Bank reiterated a "buy" rating and issued a GBX 3,250 ($44.38) target price on shares of Greggs in a research note on Wednesday, May 21st.

Greggs Stock Performance

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 stock has a market capitalization of £1.69 billion, a PE ratio of 12.42, a P/E/G ratio of 3.39 and a beta of 1.43. The stock has a 50 day moving average of GBX 1,951.10 and a two-hundred day moving average of GBX 2,060.45.

Insider Buying and Selling

In related news, insider Roisin Currie purchased 64 shares of the stock in a transaction dated Saturday, June 14th. The shares were acquired at an average cost of GBX 2,791 ($38.11) per share, with a total value of £1,786.24 ($2,439.22). Company insiders own 5.89% of the company's stock.

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.