Greggs Share Price Struggles as it Remains London’s Most Shorted Stock

Greggs (LON: GRG) is the most shorted stock on the London Stock Exchange, with approximately 12.9% of its shares currently held by short-sellers.

While the bakery giant has held a prominent position on the “most shorted” list for a number of months, the latest data from Short Tracker confirms it has maintained this top position ahead of other heavily targeted firms, including Ibstock (9.5%) and Wizz Air (8.6%).

The high level of short interest in GRG reflects persistent bearish sentiment among institutional investors, with 14 major funds, including JPMorgan Asset Management and Citadel Advisors, disclosing significant short positions in the company.

A recent driver of this pressure on Greggs shares is the perceived “material threat” from GLP-1 weight-loss drugs such as Wegovy and Ozempic.

Analysts at Jefferies recently underscored this concern, noting that the jabs reduce cravings for the savory, high-calorie treats that are central to the Greggs menu, creating potential structural headwinds for the business.

Despite management's efforts to diversify into healthier categories, the Greggs share price has struggled to regain momentum, trading at approximately 1,637p, a substantial decline from its late-2024 highs of 3,200p.

The stock is currently down over 22% over the last 12 months and has slipped approximately 3% year-to-date.

The stock has attempted to break higher on several occasions in the last few months, but has failed, with the overall market remaining unconvinced.