Greggs (LON:GRG) Stock Price Down 15.2% - Here's What Happened

Greggs plc (LON:GRG - Get Free Report)'s share price traded down 15.2% during trading on Wednesday . The company traded as low as GBX 1,646 ($22.48) and last traded at GBX 1,675 ($22.87). 5,472,417 shares changed hands during mid-day trading, an increase of 336% from the average session volume of 1,256,455 shares. The stock had previously closed at GBX 1,975 ($26.97).

Analyst Ratings Changes

GRG has been the subject of a number of analyst reports. Shore Capital restated a "buy" rating on shares of Greggs in a research report on Tuesday, May 20th. Berenberg Bank reduced their target price on shares of Greggs from GBX 3,250 ($44.38) to GBX 3,040 ($41.51) and set a "buy" rating for the company in a report on Wednesday. Finally, Deutsche Bank Aktiengesellschaft reaffirmed a "sell" rating and set a GBX 1,330 ($18.16) price target on shares of Greggs in a report on Thursday.

Greggs Stock Performance

The business's fifty day moving average is GBX 1,947.79 and its two-hundred day moving average is GBX 2,057.80. The stock has a market capitalization of £1.71 billion, a PE ratio of 12.61, a price-to-earnings-growth ratio of 3.39 and a beta of 1.43. The company has a quick ratio of 0.88, a current ratio of 0.80 and a debt-to-equity ratio of 66.19.

Insider Activity at Greggs

In related news, insider Roisin Currie acquired 64 shares of the firm's stock in a transaction on Saturday, June 14th. The shares were acquired at an average cost of GBX 2,791 ($38.11) per share, for a total transaction of £1,786.24 ($2,439.22). 5.89% of the stock is owned by insiders.

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.