Sweetgreen (NYSE:SG) Stock Price Down 6.1% – Here’s Why

Shares of Sweetgreen, Inc. (NYSE:SG) were down 6.1% during mid-day trading on Monday . The stock traded as low as $5.74 and last traded at $5.7080. Approximately 791,060 shares traded hands during mid-day trading, a decline of 81% from the average daily volume of 4,184,569 shares. The stock had previously closed at $6.08.

Wall Street Analyst Weigh In

SG has been the topic of several research reports. William Blair restated a “market perform” rating on shares of Sweetgreen in a research report on Friday, November 7th. Oppenheimer set a $10.00 price objective on Sweetgreen in a report on Friday, November 7th. Royal Bank Of Canada reaffirmed an “outperform” rating and set a $8.00 target price on shares of Sweetgreen in a research note on Tuesday, December 9th. Sanford C. Bernstein set a $7.00 target price on shares of Sweetgreen in a research report on Wednesday, January 7th. Finally, JPMorgan Chase & Co. upped their price objective on shares of Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, January 20th. Three equities research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $10.83.

Sweetgreen Trading Down 7.1%

The firm’s fifty day simple moving average is $6.93 and its two-hundred day simple moving average is $7.91. The company has a market capitalization of $668.79 million, a price-to-earnings ratio of -5.82 and a beta of 1.92.

Sweetgreen (NYSE:SG) last released 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 firm had revenue of $172.39 million for the quarter, compared to analysts’ expectations of $179.29 million. Sweetgreen had a negative net margin of 16.55% and a negative return on equity of 25.67%. The firm’s quarterly revenue was down .6% compared to the same quarter last year. During the same period in the previous year, the firm posted ($0.18) EPS. As a group, analysts forecast that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In related news, CEO Jonathan Neman purchased 179,800 shares of Sweetgreen stock in a transaction dated Wednesday, November 12th. The shares were acquired at an average cost of $5.56 per share, with a total value of $999,688.00. Following the purchase, the chief executive officer owned 179,800 shares of the company’s stock, valued at approximately $999,688. The trade was a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Nicolas Jammet acquired 18,115 shares of the stock in a transaction that occurred on Wednesday, November 12th. The shares were bought at an average cost of $5.51 per share, with a total value of $99,813.65. Following the transaction, the insider directly owned 18,115 shares in the company, valued at $99,813.65. This trade represents a ∞ increase in their position. The disclosure for this purchase is available in the SEC filing. 19.78% of the stock is currently owned by company insiders.

Institutional Trading of Sweetgreen

Large investors have recently modified their holdings of the stock. Glass Jacobson Investment Advisors llc purchased a new position in Sweetgreen in the second quarter valued at $30,000. Larson Financial Group LLC boosted its stake 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 valued at $30,000 after buying an additional 2,349 shares during the period. Nisa Investment Advisors LLC grew its position in shares of Sweetgreen by 98.2% during the second quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company’s stock worth $32,000 after buying an additional 1,055 shares in the last quarter. Bogart Wealth LLC increased its stake in shares of Sweetgreen by 1,150.0% during the third quarter. Bogart Wealth LLC now owns 5,000 shares of the company’s stock worth $40,000 after buying an additional 4,600 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ raised its holdings in Sweetgreen by 312.3% in the second quarter. Skandinaviska Enskilda Banken AB publ now owns 2,808 shares of the company’s stock valued at $42,000 after acquiring an additional 2,127 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.