Sweetgreen (NYSE:SG) Stock Price Down 5.8% – What’s Next?

Sweetgreen, Inc. (NYSE:SG) shares traded down 5.8% on Monday . The stock traded as low as $33.05 and last traded at $33.05. 429,963 shares changed hands during trading, a decline of 85% from the average session volume of 2,844,566 shares. The stock had previously closed at $35.10.

Wall Street Analysts Forecast Growth

A number of analysts have recently commented on the stock. TD Cowen reissued a “buy” rating and issued a $45.00 price objective on shares of Sweetgreen in a research report on Monday, November 18th. KeyCorp began coverage on Sweetgreen in a research report on Wednesday, December 11th. They issued a “sector weight” rating on the stock. The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 target price on shares of Sweetgreen in a report on Friday, November 8th. UBS Group boosted their price target on Sweetgreen from $37.00 to $45.00 and gave the stock a “buy” rating in a research report on Friday, November 8th. Finally, Oppenheimer increased their price objective on Sweetgreen from $40.00 to $45.00 and gave the company an “outperform” rating in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $39.80.

Sweetgreen Price Performance

The company has a market capitalization of $3.85 billion, a P/E ratio of -42.70 and a beta of 2.32. The company’s 50-day moving average price is $37.94 and its two-hundred day moving average price is $33.54.

Insiders Place Their Bets

In related news, insider Nathaniel Ru sold 1,263 shares of the firm’s stock in a transaction dated Monday, October 28th. The shares were sold at an average price of $40.01, for a total transaction of $50,532.63. Following the transaction, the insider now directly owns 1,952,129 shares of the company’s stock, valued at approximately $78,104,681.29. This trade represents a 0.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Jonathan Neman sold 1,010 shares of Sweetgreen stock in a transaction dated Monday, October 28th. The stock was sold at an average price of $40.01, for a total transaction of $40,410.10. Following the completion of the sale, the chief executive officer now owns 1,930,228 shares of the company’s stock, valued at $77,228,422.28. This trade represents a 0.05 % decrease in their position. The disclosure for this sale can be found here. Insiders sold 640,838 shares of company stock worth $24,800,733 over the last three months. Insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in the business. Hollencrest Capital Management bought a new position in shares of Sweetgreen in the third quarter worth $35,000. Quest Partners LLC acquired a new position in shares of Sweetgreen in the 2nd quarter valued at approximately $76,000. KBC Group NV lifted its holdings in shares of Sweetgreen by 29.1% during the 3rd quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after acquiring an additional 704 shares during the period. Daiwa Securities Group Inc. acquired a new stake in shares of Sweetgreen during the 3rd quarter worth approximately $155,000. Finally, Canton Hathaway LLC bought a new position in Sweetgreen in the third quarter valued at approximately $177,000. 95.75% of the stock is 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.