Sweetgreen (NYSE:SG) Shares Gap Down After Analyst Downgrade

Shares of Sweetgreen, Inc. (NYSE:SG) gapped down prior to trading on Friday after Oppenheimer lowered their price target on the stock from $35.00 to $29.00. The stock had previously closed at $18.17, but opened at $17.09. Oppenheimer currently has an outperform rating on the stock. Sweetgreen shares last traded at $15.22, with a volume of 2,047,678 shares trading hands.

SG has been the subject of a number of other research reports. TD Securities reduced their price objective on Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Morgan Stanley reduced their price target on shares of Sweetgreen from $24.00 to $22.00 and set an “equal weight” rating for the company in a research report on Friday. Royal Bank of Canada restated an “outperform” rating and set a $45.00 price objective on shares of Sweetgreen in a report on Tuesday, February 25th. UBS Group reduced their price objective on shares of Sweetgreen from $35.00 to $30.00 and set a “buy” rating for the company in a report on Monday, May 5th. Finally, Citigroup lowered their target price on shares of Sweetgreen from $43.00 to $39.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Five analysts have rated the stock with a hold rating and eight have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $32.18.

Insider Activity

In related news, CFO Mitch Reback sold 10,926 shares of Sweetgreen stock in a transaction that occurred on Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the transaction, the chief financial officer now directly owns 344,055 shares in the company, valued at approximately $9,093,373.65. The trade was a 3.08 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Jonathan Neman sold 5,717 shares of the firm’s stock in a transaction on Monday, March 17th. The stock was sold at an average price of $23.80, for a total value of $136,064.60. Following the completion of the transaction, the chief executive officer now directly owns 1,810,263 shares of the company’s stock, valued at $43,084,259.40. The trade was a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold 35,852 shares of company stock valued at $871,417 in the last 90 days. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds have recently bought and sold shares of SG. Steward Partners Investment Advisory LLC raised its position in shares of Sweetgreen by 3,571.4% in the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after buying an additional 1,000 shares in the last quarter. Headlands Technologies LLC increased its stake in Sweetgreen by 156.0% in the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after acquiring an additional 741 shares during the last quarter. Tower Research Capital LLC TRC raised its holdings in shares of Sweetgreen by 45.7% in the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock valued at $50,000 after acquiring an additional 494 shares in the last quarter. Spire Wealth Management raised its holdings in shares of Sweetgreen by 47.1% in the 1st quarter. Spire Wealth Management now owns 1,983 shares of the company’s stock valued at $50,000 after acquiring an additional 635 shares in the last quarter. Finally, Millstone Evans Group LLC bought a new stake in shares of Sweetgreen during the 4th quarter valued at about $53,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Price Performance

The company has a fifty day moving average price of $21.74 and a 200 day moving average price of $29.50. The company has a market cap of $1.80 billion, a PE ratio of -19.65 and a beta of 2.31.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, meeting the consensus estimate of ($0.21). Sweetgreen had a negative net margin of 13.27% and a negative return on equity of 18.82%. The firm had revenue of $166.30 million for the quarter, compared to analysts’ expectations of $164.68 million. During the same quarter last year, the company posted ($0.23) EPS. The business’s quarterly revenue was up 5.3% on a year-over-year basis. As a group, sell-side analysts predict that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

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.