Shares of Greggs plc (LON:GRG - Get Free Report) dropped 13.9% on Wednesday . The stock traded as low as GBX 1,646 ($22.47) and last traded at GBX 1,700 ($23.21). Approximately 10,345,973 shares changed hands during trading, an increase of 699% from the average daily volume of 1,295,134 shares. The stock had previously closed at GBX 1,975 ($26.96).
Wall Street Analyst Weigh In
A number of brokerages have weighed in on GRG. Shore Capital reiterated a "buy" rating on shares of Greggs in a research report on Tuesday, May 20th. Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating and set a GBX 1,330 ($18.16) price objective on shares of Greggs in a research report on Thursday. Finally, Berenberg Bank cut their target price on Greggs from GBX 3,250 ($44.37) to GBX 3,040 ($41.50) and set a "buy" rating on the stock in a research report on Wednesday.
Read Our Latest Stock Analysis on GRG
Greggs Price Performance
The company's 50-day moving average price is GBX 1,944.89 and its 200-day moving average price is GBX 2,050.10. The company has a quick ratio of 0.88, a current ratio of 0.80 and a debt-to-equity ratio of 66.19. The firm has a market cap of £1.71 billion, a price-to-earnings ratio of 12.61, a PEG ratio of 3.39 and a beta of 1.43.
Insider Transactions at Greggs
In other Greggs news, insider Roisin Currie purchased 64 shares of the company's stock in a transaction on Saturday, June 14th. The stock was acquired at an average price of GBX 2,791 ($38.10) per share, for a total transaction of £1,786.24 ($2,438.55). 5.89% of the stock is currently owned by company insiders.
About Greggs
(
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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.
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