Sweetgreen (NYSE:SG) Stock Price Down 5.6% Following Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG)’s stock price was down 5.6% during trading on Tuesday after Oppenheimer lowered their price target on the stock from $45.00 to $41.00. Oppenheimer currently has an outperform rating on the stock. Sweetgreen traded as low as $32.45 and last traded at $32.98. Approximately 703,069 shares were traded during trading, a decline of 63% from the average daily volume of 1,884,639 shares. The stock had previously closed at $34.94.

SG has been the subject of several other reports. UBS Group lifted their price target on shares of Sweetgreen from $37.00 to $45.00 and gave the company a “buy” rating in a report on Friday, November 8th. The Goldman Sachs Group reiterated a “neutral” rating and set a $40.00 price target on shares of Sweetgreen in a report on Friday, November 8th. KeyCorp initiated coverage on Sweetgreen in a report on Wednesday, December 11th. They set a “sector weight” rating on the stock. Finally, TD Cowen reaffirmed a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Monday, November 18th. Five research analysts have rated the stock with a hold rating and seven have assigned 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 target price of $39.40.

Insider Buying and Selling at Sweetgreen

In related news, CEO Jonathan Neman sold 14,745 shares of the stock in a transaction on Monday, November 25th. The shares were sold at an average price of $45.00, for a total transaction of $663,525.00. Following the transaction, the chief executive officer now directly owns 1,930,228 shares of the company’s stock, valued at $86,860,260. This represents a 0.76 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Adrienne Gemperle sold 5,372 shares of the firm’s stock in a transaction on Monday, November 18th. The stock was sold at an average price of $34.05, for a total transaction of $182,916.60. Following the completion of the sale, the insider now owns 107,313 shares of the company’s stock, valued at $3,654,007.65. The trade was a 4.77 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 640,838 shares of company stock valued at $24,800,733. 21.52% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Sweetgreen

Hedge funds and other institutional investors have recently modified their holdings of the company. Essex Investment Management Co. LLC increased its position in shares of Sweetgreen by 0.3% during the third quarter. Essex Investment Management Co. LLC now owns 112,647 shares of the company’s stock worth $3,993,000 after acquiring an additional 314 shares in the last quarter. Evolutionary Tree Capital Management LLC increased its holdings in Sweetgreen by 0.7% during the 2nd quarter. Evolutionary Tree Capital Management LLC now owns 65,756 shares of the company’s stock worth $1,982,000 after purchasing an additional 474 shares in the last quarter. Wealth Enhancement Advisory Services LLC raised its stake in shares of Sweetgreen by 2.0% in the third quarter. Wealth Enhancement Advisory Services LLC now owns 27,913 shares of the company’s stock worth $990,000 after purchasing an additional 537 shares during the last quarter. KBC Group NV raised its stake in shares of Sweetgreen by 29.1% in the third quarter. KBC Group NV now owns 3,127 shares of the company’s stock worth $111,000 after purchasing an additional 704 shares during the last quarter. Finally, Pier Capital LLC boosted its position in shares of Sweetgreen by 0.3% during the third quarter. Pier Capital LLC now owns 293,333 shares of the company’s stock valued at $10,399,000 after buying an additional 761 shares during the last quarter. Institutional investors own 95.75% of the company’s stock.

Sweetgreen Stock Performance

The business has a 50 day moving average price of $37.19 and a two-hundred day moving average price of $33.59. The stock has a market cap of $3.80 billion, a PE ratio of -42.14 and a beta of 2.38.

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.