Sweetgreen (NYSE:SG) Stock Price Down 6.2% – What’s Next?

Sweetgreen, Inc. (NYSE:SG) dropped 6.2% on Tuesday . The company traded as low as $6.57 and last traded at $6.5250. 639,606 shares were traded during trading, a decline of 87% from the average daily volume of 5,071,867 shares. The stock had previously closed at $6.96.

Wall Street Analysts Forecast Growth

Several brokerages have recently issued reports on SG. TD Cowen decreased their price target on shares of Sweetgreen from $8.00 to $5.00 and set a “hold” rating for the company in a report on Friday, August 7th. UBS Group raised Sweetgreen from a “neutral” rating to a “buy” rating in a research note on Friday, August 7th. Oppenheimer reduced their target price on Sweetgreen from $10.00 to $8.50 and set an “outperform” rating on the stock in a report on Friday, August 7th. Weiss Ratings cut Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research note on Tuesday, August 11th. Finally, KeyCorp restated a “sector weight” rating on shares of Sweetgreen in a report on Monday, August 10th. Four analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, Sweetgreen has a consensus rating of “Hold” and a consensus price target of $7.10.

Sweetgreen Stock Performance

The stock has a 50-day moving average of $6.92 and a 200-day moving average of $6.86. The firm has a market cap of $807.81 million, a price-to-earnings ratio of 67.87 and a beta of 2.20.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The firm had revenue of $192.66 million for the quarter, compared to analyst estimates of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The company’s revenue was up 3.8% compared to the same quarter last year. During the same period last year, the company earned ($0.20) EPS. Sell-side analysts predict that Sweetgreen, Inc. will post -0.98 EPS for the current fiscal year.

Insiders Place Their Bets

In related news, COO Jason Miles Cochran sold 4,809 shares of the firm’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $29,863.89. Following the completion of the transaction, the chief operating officer owned 207,076 shares of the company’s stock, valued at approximately $1,285,941.96. This trade represents a 2.27% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, CFO Jamie Mcconnell sold 15,033 shares of Sweetgreen stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the completion of the sale, the chief financial officer owned 210,489 shares in the company, valued at $1,307,136.69. The trade was a 6.67% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 18.19% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds have recently modified their holdings of the stock. Marshall Wace LLP raised its holdings in Sweetgreen by 1,428.8% during the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock worth $31,313,000 after acquiring an additional 3,667,306 shares in the last quarter. Woodson Capital Management LP increased its position in shares of Sweetgreen by 152.6% during the 4th quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock worth $40,560,000 after purchasing an additional 3,625,000 shares during the last quarter. Federated Hermes Inc. increased its position in shares of Sweetgreen by 366.8% during the 4th quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock worth $17,900,000 after purchasing an additional 2,080,628 shares during the last quarter. BNP Paribas Financial Markets increased its position in shares of Sweetgreen by 240.9% during the 3rd quarter. BNP Paribas Financial Markets now owns 1,692,838 shares of the company’s stock worth $13,509,000 after purchasing an additional 1,196,222 shares during the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of Sweetgreen by 959.9% during the 2nd quarter. California State Teachers Retirement System now owns 1,070,820 shares of the company’s stock worth $9,434,000 after purchasing an additional 969,790 shares in 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.