Greggs (LON:GRG) Hits New 12-Month High – Time to Buy?

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

Analyst Ratings Changes

Several research firms have weighed in on GRG. JPMorgan Chase & Co. boosted their price target on shares of Greggs from GBX 2,050 to GBX 2,210 and gave the stock an “outperform” rating in a research note on Thursday, July 30th. Shore Capital Group reiterated a “hold” rating and issued a GBX 1,910 price objective on shares of Greggs in a report on Wednesday, September 30th. Jefferies Financial Group boosted their target price on Greggs from GBX 1,610 to GBX 1,740 and gave the company a “hold” rating in a research note on Friday, August 28th. Royal Bank Of Canada increased their target price on Greggs from GBX 1,830 to GBX 1,960 and gave the company a “sector perform” rating in a report on Friday, July 31st. Finally, Berenberg Bank raised their price target on Greggs from GBX 2,200 to GBX 2,300 and gave the stock a “buy” rating in a research report on Thursday, October 1st. Three equities research analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of GBX 1,962.86.

Greggs Stock Up 3.5%

The firm has a market cap of £2.42 billion, a PE ratio of 18.42, a PEG ratio of 3.39 and a beta of 1.16. The company has a debt-to-equity ratio of 74.16, a quick ratio of 0.88 and a current ratio of 0.52. The company’s 50-day simple moving average is GBX 1,990.87 and its two-hundred day simple moving average is GBX 1,733.46.

Insider Activity

In related news, insider Richard Hutton sold 3,069 shares of the business’s stock in a transaction dated 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.