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

Sweetgreen, Inc. (NYSE:SG) shares hit a new 52-week low on Thursday . The company traded as low as $5.10 and last traded at $5.1650, with a volume of 1784449 shares changing hands. The stock had previously closed at $5.29.

Wall Street Analyst Weigh In

SG has been the topic of a number of analyst reports. JPMorgan Chase & Co. lifted their price target on Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, January 20th. Sanford C. Bernstein set a $7.00 target price on shares of Sweetgreen in a research report on Wednesday, January 7th. Morgan Stanley cut their price target on shares of Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating for the company in a report on Tuesday, January 20th. Piper Sandler reduced their price objective on shares of Sweetgreen from $12.00 to $9.00 and set a “neutral” rating for the company in a research note on Friday, November 7th. Finally, Zacks Research upgraded shares of Sweetgreen from a “strong sell” rating to a “hold” rating in a research report on Wednesday, November 12th. 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. According to data from MarketBeat, Sweetgreen currently has an average rating of “Hold” and an average price target of $10.83.

Sweetgreen Stock Performance

The stock has a market capitalization of $607.24 million, a PE ratio of -5.29 and a beta of 1.92. The company’s fifty day simple moving average is $6.86 and its two-hundred day simple moving average is $7.77.

Institutional Investors Weigh In On Sweetgreen

Hedge funds have recently modified their holdings of the company. Aristides Capital LLC purchased a new stake in shares of Sweetgreen during the fourth quarter worth about $185,000. Commonwealth Equity Services LLC acquired a new stake in Sweetgreen during the fourth quarter worth approximately $142,000. Counterpoint Mutual Funds LLC acquired a new stake in Sweetgreen during the fourth quarter worth approximately $503,000. Federated Hermes Inc. grew its stake in Sweetgreen by 366.8% in the 4th quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock worth $17,900,000 after acquiring an additional 2,080,628 shares during the period. Finally, Swiss National Bank raised its holdings in Sweetgreen by 2.3% in the 4th quarter. Swiss National Bank now owns 209,700 shares of the company’s stock valued at $1,418,000 after acquiring an additional 4,700 shares during the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

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.