Sweetgreen (NYSE:SG) Trading Down 7.2%

Sweetgreen, Inc. (NYSE:SG)’s share price dropped 7.2% on Tuesday . The stock traded as low as $22.56 and last traded at $22.76. Approximately 1,246,801 shares were traded during mid-day trading, a decline of 43% from the average daily volume of 2,185,747 shares. The stock had previously closed at $24.53.

Wall Street Analyst Weigh In

SG has been the subject of a number of recent analyst reports. JPMorgan Chase & Co. upped their price target on shares of Sweetgreen from $20.00 to $28.00 and gave the company an “overweight” rating in a report on Tuesday, March 19th. TD Cowen reaffirmed a “hold” rating and set a $17.00 price objective on shares of Sweetgreen in a research report on Wednesday, April 10th. Royal Bank of Canada lifted their price target on Sweetgreen from $13.00 to $20.00 and gave the company an “outperform” rating in a research report on Monday, March 4th. Piper Sandler raised their price objective on Sweetgreen from $16.00 to $19.00 and gave the company an “overweight” rating in a research report on Friday, March 1st. Finally, Morgan Stanley increased their price target on shares of Sweetgreen from $11.00 to $16.00 and gave the stock an “underweight” rating in a research note on Friday, April 12th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $22.00.

Sweetgreen Stock Down 8.4 %

The stock has a market cap of $2.54 billion, a PE ratio of -22.83 and a beta of 2.19. The stock’s fifty day moving average price is $20.65 and its 200 day moving average price is $14.16.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Thursday, February 29th. The company reported ($0.24) earnings per share for the quarter, missing the consensus estimate of ($0.23) by ($0.01). Sweetgreen had a negative return on equity of 21.58% and a negative net margin of 19.41%. The business had revenue of $153.00 million during the quarter, compared to analysts’ expectations of $152.04 million. During the same quarter in the prior year, the firm earned ($0.44) EPS. The firm’s revenue for the quarter was up 29.0% compared to the same quarter last year. On average, equities research analysts expect that Sweetgreen, Inc. will post -0.71 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In related news, CEO Jonathan Neman sold 5,000 shares of the company’s stock in a transaction on Tuesday, February 20th. The stock was sold at an average price of $11.55, for a total transaction of $57,750.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares in the company, valued at $24,255,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Sweetgreen news, CEO Jonathan Neman sold 5,000 shares of the stock in a transaction that occurred on Tuesday, February 20th. The shares were sold at an average price of $11.55, for a total value of $57,750.00. Following the transaction, the chief executive officer now directly owns 2,100,000 shares in the company, valued at $24,255,000. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Adrienne Gemperle sold 4,286 shares of the business’s stock in a transaction on Friday, February 16th. The shares were sold at an average price of $12.32, for a total transaction of $52,803.52. Following the sale, the insider now directly owns 139,693 shares of the company’s stock, valued at approximately $1,721,017.76. The disclosure for this sale can be found here. Insiders have sold a total of 140,555 shares of company stock worth $2,214,389 over the last quarter. Company insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SG. SG Americas Securities LLC purchased a new stake in Sweetgreen in the 3rd quarter worth $241,000. Compagnie Lombard Odier SCmA raised its stake in Sweetgreen by 300.0% during the 3rd quarter. Compagnie Lombard Odier SCmA now owns 8,000 shares of the company’s stock valued at $94,000 after purchasing an additional 6,000 shares during the period. Curated Wealth Partners LLC purchased a new position in Sweetgreen in the 3rd quarter worth approximately $848,000. Bank of New York Mellon Corp boosted its stake in Sweetgreen by 6.0% in the 3rd quarter. Bank of New York Mellon Corp now owns 343,549 shares of the company’s stock worth $4,037,000 after purchasing an additional 19,538 shares during the period. Finally, Mirae Asset Global Investments Co. Ltd. grew its holdings in Sweetgreen by 31.1% during the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 48,505 shares of the company’s stock valued at $570,000 after buying an additional 11,500 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors.

About Sweetgreen

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.