Greggs (LON:GRG) Stock Price Down 13.8% on Analyst Downgrade

Greggs plc (LON:GRG - Get Free Report) traded down 13.8% during mid-day trading on Wednesday after Berenberg Bank lowered their price target on the stock from GBX 3,250 to GBX 3,040. Berenberg Bank currently has a buy rating on the stock. Greggs traded as low as GBX 1,682 ($22.95) and last traded at GBX 1,702 ($23.22). 6,613,790 shares changed hands during mid-day trading, an increase of 423% from the average session volume of 1,265,514 shares. The stock had previously closed at GBX 1,975 ($26.95).

Separately, Shore Capital reiterated a "buy" rating on shares of Greggs in a research note on Tuesday, May 20th.

Insider Buying and Selling

In other news, insider Roisin Currie acquired 64 shares of Greggs stock in a transaction that occurred on Saturday, June 14th. The stock was purchased at an average price of GBX 2,791 ($38.08) per share, for a total transaction of £1,786.24 ($2,437.22). 5.89% of the stock is currently owned by insiders.

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 cap of £1.74 billion, a price-to-earnings ratio of 12.77, a P/E/G ratio of 3.39 and a beta of 1.43. The stock's 50-day moving average is GBX 1,942.59 and its 200 day moving average is GBX 2,037.45.

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.