Greggs (LON:GRG) Hits New 12-Month High – Here’s Why

Greggs plc (LON:GRG) shares hit a new 52-week high during mid-day trading on Monday. The stock traded as high as GBX 2,388 and last traded at GBX 2,388, with a volume of 199,031 shares trading hands. The stock had previously closed at GBX 2,294.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the company. Berenberg Bank boosted their price target on Greggs from GBX 2,200 to GBX 2,300 and gave the stock a “buy” rating in a report on Thursday, October 1st. Shore Capital Group reaffirmed a “hold” rating and set a GBX 1,910 price objective on shares of Greggs in a report on Wednesday, September 30th. JPMorgan Chase & Co. lifted their price objective on shares of Greggs from GBX 2,050 to GBX 2,210 and gave the company an “outperform” rating in a research report on Thursday, July 30th. Deutsche Bank Aktiengesellschaft lifted their price objective on shares of Greggs from GBX 1,330 to GBX 1,420 and gave the company a “sell” rating in a research report on Wednesday, September 30th. Finally, Royal Bank Of Canada boosted their target price on shares of Greggs from GBX 1,830 to GBX 1,960 and gave the stock a “sector perform” rating in a report on Friday, July 31st. Three research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of GBX 1,962.86.

Greggs Trading Up 1.7%

The company has a current ratio of 0.52, a quick ratio of 0.88 and a debt-to-equity ratio of 74.16. The stock has a 50 day simple moving average of GBX 2,010.63 and a 200-day simple moving average of GBX 1,740.67. The firm has a market cap of £2.41 billion, a P/E ratio of 18.37, a P/E/G ratio of 3.39 and a beta of 1.16.

Insider Activity

In other Greggs 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 value of £59,108.94. Corporate insiders own 0.63% of the company’s stock.

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.