Sweetgreen (NYSE:SG) Shares Down 4.2% – What’s Next?

Shares of Sweetgreen, Inc. (NYSE:SG) fell 4.2% during mid-day trading on Monday . The company traded as low as $6.48 and last traded at $6.4550. 2,083,588 shares changed hands during trading, a decline of 60% from the average session volume of 5,272,097 shares. The stock had previously closed at $6.74.

Analysts Set New Price Targets

SG has been the subject of several recent analyst reports. Wells Fargo & Company cut their price objective on Sweetgreen from $13.00 to $10.00 and set an “overweight” rating for the company in a report on Friday, November 7th. William Blair reaffirmed a “market perform” rating on shares of Sweetgreen in a research report on Friday, November 7th. Oppenheimer set a $10.00 price target on shares of Sweetgreen in a report on Friday, November 7th. Weiss Ratings reaffirmed a “sell (d-)” rating on shares of Sweetgreen in a report on Wednesday, October 8th. Finally, Bank of America reaffirmed a “neutral” rating and issued a $9.50 target price (down from $18.00) on shares of Sweetgreen in a research report on Monday, October 6th. Five investment analysts have rated the stock with a Buy rating, ten have assigned a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus target price of $11.82.

Sweetgreen Price Performance

The stock’s fifty day moving average price is $7.27 and its two-hundred day moving average price is $10.60.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Friday, November 7th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.18) by ($0.13). The firm had revenue of $172.39 million for the quarter, compared to analysts’ expectations of $179.29 million. Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.The company’s quarterly revenue was down .6% compared to the same quarter last year. During the same quarter in the prior year, the business earned ($0.18) EPS. Sell-side analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman purchased 179,800 shares of the firm’s stock in a transaction on Wednesday, November 12th. The shares were purchased at an average cost of $5.56 per share, with a total value of $999,688.00. Following the purchase, the chief executive officer owned 179,800 shares in the company, valued at approximately $999,688. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, insider Nicolas Jammet acquired 18,115 shares of Sweetgreen stock in a transaction dated Wednesday, November 12th. The stock was purchased at an average cost of $5.51 per share, for a total transaction of $99,813.65. Following the completion of the purchase, the insider directly owned 18,115 shares in the company, valued at approximately $99,813.65. This represents a ∞ increase in their ownership of the stock. Additional details regarding this purchase are available in the official SEC disclosure. 19.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Sweetgreen

A number of hedge funds have recently bought and sold shares of SG. Glass Jacobson Investment Advisors llc acquired a new position in Sweetgreen in the second quarter valued at approximately $30,000. Nisa Investment Advisors LLC increased its stake in shares of Sweetgreen by 98.2% in the second quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock worth $32,000 after acquiring an additional 1,055 shares during the last quarter. Skandinaviska Enskilda Banken AB publ boosted its position in Sweetgreen by 312.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock worth $42,000 after purchasing an additional 2,127 shares during the period. Larson Financial Group LLC increased its stake in shares of Sweetgreen by 165.8% in the third quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock worth $30,000 after purchasing an additional 2,349 shares during the period. Finally, Generali Investments Towarzystwo Funduszy Inwestycyjnych raised its holdings in Sweetgreen by 70.8% in the 1st quarter. Generali Investments Towarzystwo Funduszy Inwestycyjnych now owns 4,100 shares of the company’s stock valued at $103,000 after acquiring an additional 1,700 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Company Profile

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.