Greggs (LON:GRG) Shares Cross Above 200 Day Moving Average - Here's What Happened

Key Points

• Greggs shares crossed above their 200-day moving average, reaching GBX 1,756 before last trading at GBX 1,743.81, compared with a 200-day average of GBX 1,671.77.
• Analyst sentiment is mixed: three analysts rate the stock a buy, four hold, and one sell. The consensus rating is “Hold”, with an average price target of GBX 1,900.
• Greggs reported quarterly earnings of GBX 55.10 per share, with a 5.93% net margin and 20.97% return on equity; insider Richard Hutton also sold 3,069 shares for approximately £59,109.

Shares of Greggs plc (LON:GRG - Get Free Report) crossed above its 200-day moving average during trading on Monday . The stock has a 200-day moving average of GBX 1,671.77 and traded as high as GBX 1,756. Greggs shares last traded at GBX 1,743.81, with a volume of 124,171 shares trading hands.

Wall Street Analyst Weigh In

Several brokerages have issued reports on GRG. Berenberg Bank lifted their target price on shares of Greggs from GBX 2,090 to GBX 2,200 and gave the stock a "buy" rating in a report on Thursday, July 30th. Royal Bank Of Canada increased their price target on shares of Greggs from GBX 1,830 to GBX 1,960 and gave the company a "sector perform" rating in a report on Friday, July 31st. Deutsche Bank Aktiengesellschaft reissued a "sell" rating and set a GBX 1,330 price target on shares of Greggs in a research report on Thursday, July 30th. Jefferies Financial Group upped their price objective on Greggs from GBX 1,610 to GBX 1,740 and gave the company a "hold" rating in a research report on Friday, August 28th. Finally, JPMorgan Chase & Co. increased their target price on Greggs from GBX 2,050 to GBX 2,210 and gave the company an "outperform" rating in a research note on Thursday, July 30th. Three research analysts have rated the stock with a Buy rating, four have assigned a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Hold" and an average target price of GBX 1,900.

Greggs Price Performance

The company has a debt-to-equity ratio of 74.16, a current ratio of 0.52 and a quick ratio of 0.88. The business's 50 day moving average price is GBX 1,767.88 and its 200 day moving average price is GBX 1,671.77. The stock has a market capitalization of £1.78 billion, a P/E ratio of 13.53, a price-to-earnings-growth ratio of 3.39 and a beta of 1.16.

Greggs (LON:GRG - Get Free Report) last issued its quarterly earnings data on Wednesday, July 29th. The company reported GBX 55.10 earnings per share for the quarter. Greggs had a net margin of 5.93% and a return on equity of 20.97%. Sell-side analysts forecast that Greggs plc will post 142.3763386 EPS for the current year.

Insider Activity at Greggs

In related news, insider Richard Hutton sold 3,069 shares of the company's stock in a transaction on Friday, August 7th. The stock was sold at an average price of GBX 1,926, for a total transaction of £59,108.94. 0.63% of the stock is owned by insiders.

About Greggs

Greggs is a leading UK food-on-the-go retailer with more than 2,700 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. Greggs also offers a healthier options range which includes a selection of gluten-free, vegan-friendly and lower calorie products.

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