Greggs (LON:GRG) Stock Price Passes Above 200-Day Moving Average Following Analyst Downgrade

Greggs plc (LON:GRG)’s stock price crossed above its 200-day moving average during trading on Thursday after Berenberg Bank raised their price target on the stock from GBX 3,040 to GBX 3,060. The stock has a 200-day moving average of GBX 1,645.74 and traded as high as GBX 1,758. Berenberg Bank currently has a buy rating on the stock. Greggs shares last traded at GBX 1,702.50, with a volume of 2,642,784 shares traded.

Several other research analysts also recently issued reports on the company. Peel Hunt reissued a “hold” rating and set a GBX 1,660 price objective on shares of Greggs in a report on Tuesday, July 29th. Shore Capital reaffirmed a “hold” rating on shares of Greggs in a research note on Tuesday, July 29th. Finally, Deutsche Bank Aktiengesellschaft reiterated a “sell” rating and issued a GBX 1,330 price objective on shares of Greggs in a report on Thursday, July 3rd. Four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of GBX 1,993.33.

Insider Buying and Selling at Greggs

In other news, insider Richard Hutton sold 7,438 shares of the company’s stock in a transaction dated Tuesday, November 4th. The stock was sold at an average price of GBX 1,571, for a total transaction of £116,850.98. 0.57% of the stock is owned by company insiders.

Greggs Stock Down 0.7%

The company has a current ratio of 0.80, a quick ratio of 0.88 and a debt-to-equity ratio of 66.19. The stock has a market cap of £1.68 billion, a P/E ratio of 11.67, a PEG ratio of 3.39 and a beta of 1.43. The firm has a 50-day simple moving average of GBX 1,618.35 and a two-hundred day simple moving average of GBX 1,641.78.

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. Greggs also offers a healthier options range which includes a selection of gluten-free, vegan-friendly and lower calorie products.