Sweetgreen (NYSE:SG) Stock Price Down 6.8% – Here’s What Happened

Shares of Sweetgreen, Inc. (NYSE:SG) traded down 6.8% during mid-day trading on Tuesday . The stock traded as low as $7.40 and last traded at $7.4250. 1,114,190 shares traded hands during mid-day trading, a decline of 74% from the average session volume of 4,207,774 shares. The stock had previously closed at $7.97.

Analysts Set New Price Targets

A number of equities analysts have commented on the company. JPMorgan Chase & Co. increased their target price on Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a report on Tuesday. UBS Group downgraded Sweetgreen from a “buy” rating to a “neutral” rating and set a $7.50 price objective for the company. in a research note on Tuesday, January 6th. Piper Sandler lowered their target price on shares of Sweetgreen from $12.00 to $9.00 and set a “neutral” rating on the stock in a research note on Friday, November 7th. Citigroup reaffirmed a “buy” rating on shares of Sweetgreen in a research note on Wednesday, November 12th. Finally, William Blair reiterated a “market perform” rating on shares of Sweetgreen in a research report on Friday, November 7th. Three research analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $10.79.

Sweetgreen Price Performance

The stock has a 50 day simple moving average of $6.84 and a two-hundred day simple moving average of $8.65. The company has a market cap of $828.03 million, a price-to-earnings ratio of -7.21 and a beta of 1.93.

Sweetgreen (NYSE:SG) last posted its quarterly earnings results on Friday, November 7th. The company reported ($0.31) EPS for the quarter, missing the consensus estimate of ($0.18) by ($0.13). The company had revenue of $172.39 million for the quarter, compared to analysts’ expectations of $179.29 million. Sweetgreen had a negative return on equity of 25.67% and a negative net margin of 16.55%.The firm’s revenue was down .6% on a year-over-year basis. During the same quarter in the prior year, the firm earned ($0.18) EPS. As a group, research analysts forecast that Sweetgreen, Inc. will post -0.74 EPS for the current year.

Insider Transactions at Sweetgreen

In other news, CEO Jonathan Neman purchased 179,800 shares of the business’s stock in a transaction dated Wednesday, November 12th. The stock was acquired at an average price of $5.56 per share, for a total transaction of $999,688.00. Following the acquisition, the chief executive officer directly owned 179,800 shares of the company’s stock, valued at approximately $999,688. This represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Nicolas Jammet purchased 18,115 shares of Sweetgreen stock in a transaction dated Wednesday, November 12th. The shares were purchased at an average cost of $5.51 per share, for a total transaction of $99,813.65. Following the transaction, the insider owned 18,115 shares in the company, valued at approximately $99,813.65. This trade represents a ∞ increase in their position. Additional details regarding this purchase are available in the official SEC disclosure. 19.78% of the stock is owned by insiders.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently added to or reduced their stakes in SG. Royal Bank of Canada lifted its stake in shares of Sweetgreen by 22.4% in the 1st quarter. Royal Bank of Canada now owns 291,477 shares of the company’s stock valued at $7,292,000 after purchasing an additional 53,427 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Sweetgreen by 6.2% in the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company’s stock valued at $1,516,000 after buying an additional 3,553 shares during the period. SeaCrest Wealth Management LLC acquired a new position in Sweetgreen in the second quarter valued at about $210,000. Clear Harbor Asset Management LLC lifted its position in Sweetgreen by 518.0% in the second quarter. Clear Harbor Asset Management LLC now owns 61,800 shares of the company’s stock valued at $920,000 after buying an additional 51,800 shares during the last quarter. Finally, LVW Advisors LLC purchased a new position in Sweetgreen during the second quarter worth about $159,000. Institutional investors and hedge funds own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.