Sweetgreen (NYSE:SG) Stock Price Down 7.2% – Here’s Why

Sweetgreen, Inc. (NYSE:SG)’s stock price was down 7.2% during trading on Tuesday . The company traded as low as $7.82 and last traded at $7.6710. 972,759 shares changed hands during mid-day trading, a decline of 79% from the average session volume of 4,731,131 shares. The stock had previously closed at $8.27.

Analyst Ratings Changes

Several research firms have recently weighed in on SG. Piper Sandler cut their price target on Sweetgreen from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Wall Street Zen upgraded Sweetgreen from a “strong sell” rating to a “sell” rating in a research note on Saturday, May 23rd. Weiss Ratings raised shares of Sweetgreen from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. DA Davidson increased their target price on shares of Sweetgreen from $5.50 to $7.00 and gave the stock a “neutral” rating in a research report on Monday, May 11th. Finally, Oppenheimer boosted their price target on shares of Sweetgreen from $9.00 to $10.00 and gave the company an “outperform” rating in a research report on Wednesday, May 20th. Four research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and three have assigned a Sell rating to the company. According to MarketBeat.com, Sweetgreen has an average rating of “Hold” and an average target price of $7.57.

Sweetgreen Trading Down 7.2%

The stock’s fifty day moving average is $8.40 and its two-hundred day moving average is $6.97. The firm has a market cap of $912.02 million, a P/E ratio of 64.12 and a beta of 2.17.

Sweetgreen (NYSE:SG) last posted its earnings results on Friday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Sweetgreen had a negative return on equity of 33.07% and a net margin of 2.49%.The firm had revenue of $161.52 million during the quarter, compared to analysts’ expectations of $163.94 million. During the same quarter in the prior year, the company earned ($0.21) earnings per share. The business’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, analysts forecast that Sweetgreen, Inc. will post -0.76 EPS for the current year.

Institutional Investors Weigh In On Sweetgreen

Several large investors have recently added to or reduced their stakes in SG. Woodson Capital Management LP boosted its stake in Sweetgreen by 152.6% during the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock valued at $40,560,000 after buying an additional 3,625,000 shares during the period. Marshall Wace LLP raised its holdings in shares of Sweetgreen by 1,428.8% in the 3rd quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after acquiring an additional 3,667,306 shares in the last quarter. Federated Hermes Inc. raised its holdings in shares of Sweetgreen by 366.8% in the 4th quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock valued at $17,900,000 after acquiring an additional 2,080,628 shares in the last quarter. Geode Capital Management LLC boosted its position in shares of Sweetgreen by 0.7% during the 4th quarter. Geode Capital Management LLC now owns 2,453,564 shares of the company’s stock valued at $16,589,000 after acquiring an additional 16,281 shares during the last quarter. Finally, BNP Paribas Financial Markets boosted its position in shares of Sweetgreen by 35.6% during the 4th quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock valued at $15,520,000 after acquiring an additional 603,029 shares during the last quarter. 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.