Sweetgreen (NYSE:SG) Sets New 12-Month Low – Here’s Why

Sweetgreen, Inc. (NYSE:SG) reached a new 52-week low on Tuesday . The company traded as low as $4.49 and last traded at $4.7920, with a volume of 4403786 shares traded. The stock had previously closed at $4.70.

Analysts Set New Price Targets

Several research firms recently issued reports on SG. Morgan Stanley cut their target price on Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating for the company in a research report on Tuesday, January 20th. Piper Sandler lowered their price target on Sweetgreen from $9.00 to $7.00 and set a “neutral” rating on the stock in a report on Friday. Citizens Jmp began coverage on Sweetgreen in a research note on Monday. They issued a “mkt underperform” rating and a $4.50 price target for the company. Oppenheimer cut their price objective on shares of Sweetgreen from $10.00 to $9.00 and set an “outperform” rating for the company in a report on Friday, February 27th. Finally, Barclays lifted their price objective on shares of Sweetgreen from $5.00 to $7.00 and gave the company an “equal weight” rating in a research report on Wednesday, January 7th. Three equities research analysts have rated the stock with a Buy rating, thirteen have assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $7.84.

Sweetgreen Stock Up 2.0%

The company has a fifty day moving average price of $5.75 and a 200-day moving average price of $6.68. The stock has a market capitalization of $567.23 million, a P/E ratio of -4.20 and a beta of 1.93.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results on Thursday, February 26th. The company reported ($0.42) EPS for the quarter, missing analysts’ consensus estimates of ($0.31) by ($0.11). The firm had revenue of $155.19 million for the quarter, compared to the consensus estimate of $159.59 million. Sweetgreen had a negative net margin of 19.73% and a negative return on equity of 32.26%. Sweetgreen’s quarterly revenue was down 3.5% on a year-over-year basis. During the same period in the previous year, the company posted ($0.25) earnings per share. As a group, research analysts expect that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity

In other news, insider Nicolas Jammet bought 4,428 shares of the stock in a transaction dated Thursday, March 5th. The stock was purchased at an average cost of $5.71 per share, for a total transaction of $25,283.88. Following the transaction, the insider owned 22,543 shares of the company’s stock, valued at $128,720.53. The trade was a 24.44% increase in their ownership of the stock. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 19.78% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

A number of hedge funds have recently bought and sold shares of SG. Skandinaviska Enskilda Banken AB publ lifted its position in Sweetgreen by 312.3% during the second quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock valued at $42,000 after purchasing an additional 2,127 shares during the last quarter. Larson Financial Group LLC increased its holdings in shares of Sweetgreen by 165.8% in the 3rd quarter. Larson Financial Group LLC now owns 3,766 shares of the company’s stock worth $30,000 after buying an additional 2,349 shares during the last quarter. Certuity LLC increased its holdings in shares of Sweetgreen by 0.8% in the 4th quarter. Certuity LLC now owns 302,500 shares of the company’s stock worth $2,045,000 after buying an additional 2,500 shares during the last quarter. Kingswood Wealth Advisors LLC raised its position in shares of Sweetgreen by 18.7% during the 4th quarter. Kingswood Wealth Advisors LLC now owns 17,202 shares of the company’s stock valued at $116,000 after buying an additional 2,715 shares in the last quarter. Finally, Tower Research Capital LLC TRC raised its position in shares of Sweetgreen by 26.3% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,362 shares of the company’s stock valued at $214,000 after buying an additional 2,987 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company’s stock.

About Sweetgreen

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.