Sweetgreen (NYSE:SG) Shares Down 9.4%

Sweetgreen, Inc. (NYSE:SG)’s share price dropped 9.4% on Monday . The company traded as low as $23.76 and last traded at $24.04. Approximately 3,410,622 shares traded hands during mid-day trading, an increase of 33% from the average daily volume of 2,571,676 shares. The stock had previously closed at $26.52.

Analyst Upgrades and Downgrades

SG has been the subject of several recent research reports. UBS Group started coverage on shares of Sweetgreen in a research report on Wednesday, July 17th. They set a “buy” rating and a $31.00 target price for the company. Morgan Stanley upgraded Sweetgreen from an “underweight” rating to an “equal weight” rating and set a $25.00 price target on the stock in a report on Tuesday, July 16th. Royal Bank of Canada increased their price objective on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research note on Friday, June 7th. The Goldman Sachs Group assumed coverage on shares of Sweetgreen in a research report on Thursday, June 13th. They issued a “buy” rating and a $39.00 price objective for the company. Finally, TD Cowen raised their target price on shares of Sweetgreen from $26.00 to $31.00 and gave the company a “hold” rating in a research note on Thursday, June 13th. Three research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $32.20.

Sweetgreen Stock Down 7.4 %

The stock has a 50-day simple moving average of $28.65 and a 200-day simple moving average of $22.91. The firm has a market capitalization of $2.78 billion, a PE ratio of -26.40 and a beta of 2.30.

Sweetgreen (NYSE:SG) last released its quarterly earnings data on Thursday, May 9th. The company reported ($0.23) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). The business had revenue of $157.85 million during the quarter, compared to analysts’ expectations of $152.02 million. Sweetgreen had a negative net margin of 17.15% and a negative return on equity of 20.74%. The firm’s quarterly revenue was up 26.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.29) earnings per share. Equities analysts forecast that Sweetgreen, Inc. will post -0.73 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other news, CEO Jonathan Neman sold 150,000 shares of the stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at approximately $64,050,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In related news, CEO Jonathan Neman sold 150,000 shares of Sweetgreen stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the transaction, the chief executive officer now directly owns 2,100,000 shares of the company’s stock, valued at $64,050,000. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, insider Adrienne Gemperle sold 3,889 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $31.35, for a total transaction of $121,920.15. Following the sale, the insider now directly owns 125,518 shares of the company’s stock, valued at approximately $3,934,989.30. The disclosure for this sale can be found here. Insiders have sold 440,692 shares of company stock worth $13,738,038 in the last ninety days. 21.52% of the stock is currently owned by insiders.

Institutional Trading of Sweetgreen

Several institutional investors and hedge funds have recently bought and sold shares of SG. Hood River Capital Management LLC purchased a new stake in Sweetgreen in the first quarter worth about $29,105,000. Allspring Global Investments Holdings LLC purchased a new position in Sweetgreen during the second quarter valued at $33,449,000. Teca Partners LP bought a new stake in Sweetgreen in the fourth quarter worth $8,475,000. Verition Fund Management LLC bought a new position in shares of Sweetgreen during the fourth quarter valued at $8,452,000. Finally, Baillie Gifford & Co. raised its position in shares of Sweetgreen by 6.2% in the 2nd quarter. Baillie Gifford & Co. now owns 12,326,336 shares of the company’s stock worth $371,516,000 after purchasing an additional 721,740 shares during the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

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.