Greggs (LON:GRG) Shares Down 15.5% After Analyst Downgrade

Greggs plc (LON:GRG - Get Free Report) dropped 15.5% during 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 1,656 ($22.60) and last traded at GBX 1,669 ($22.77). Approximately 7,342,039 shares were traded during trading, an increase of 478% from the average daily volume of 1,271,293 shares. The stock had previously closed at GBX 1,975 ($26.95).

Separately, Shore Capital reaffirmed a "buy" rating on shares of Greggs in a report on Tuesday, May 20th.

Insider Buying and Selling

In other Greggs news, insider Roisin Currie acquired 64 shares of the company's stock in a transaction on Saturday, June 14th. The shares were acquired at an average cost of GBX 2,791 ($38.08) per share, with a total value of £1,786.24 ($2,437.22). 5.89% of the stock is currently owned by company insiders.

Greggs Stock Performance

The firm has a market capitalization of £1.74 billion, a PE ratio of 12.77, 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 company's fifty day simple moving average is GBX 1,942.59 and its 200 day simple 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.