Sweetgreen (NYSE:SG) Shares Down 5.9%

Sweetgreen, Inc. (NYSE:SG) shares dropped 5.9% during mid-day trading on Tuesday . The stock traded as low as $27.44 and last traded at $27.60. Approximately 1,129,921 shares changed hands during mid-day trading, a decline of 55% from the average daily volume of 2,522,954 shares. The stock had previously closed at $29.33.

Wall Street Analyst Weigh In

SG has been the subject of several analyst reports. Morgan Stanley boosted their target price on shares of Sweetgreen from $16.00 to $17.00 and gave the company an “underweight” rating in a research note on Friday, May 10th. TD Cowen boosted their target price on shares of Sweetgreen from $26.00 to $31.00 and gave the company a “hold” rating in a research note on Thursday, June 13th. Royal Bank of Canada boosted their price target on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. Citigroup boosted their price target on shares of Sweetgreen from $25.00 to $28.00 and gave the stock a “neutral” rating in a report on Friday, May 10th. Finally, JPMorgan Chase & Co. boosted their price target on shares of Sweetgreen from $32.00 to $37.00 and gave the stock an “overweight” rating in a report on Friday, June 14th. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and seven have issued a buy rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $29.67.

Sweetgreen Price Performance

The firm has a market cap of $3.17 billion, a PE ratio of -29.67 and a beta of 2.31. The stock’s fifty day moving average price is $29.12 and its 200-day moving average price is $20.37.

Sweetgreen (NYSE:SG) last released its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.21) by ($0.02). Sweetgreen had a negative return on equity of 20.74% and a negative net margin of 17.15%. The business had revenue of $157.85 million for the quarter, compared to analysts’ expectations of $152.02 million. During the same period in the previous year, the company earned ($0.29) EPS. Sweetgreen’s quarterly revenue was up 26.2% compared to the same quarter last year. On average, sell-side analysts anticipate that Sweetgreen, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Transactions at Sweetgreen

In related news, CEO Jonathan Neman sold 150,000 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $64,050,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Jonathan Neman sold 150,000 shares of the company’s stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $64,050,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CTO Wouleta Ayele sold 2,748 shares of the company’s stock in a transaction dated Thursday, May 16th. The shares were sold at an average price of $31.35, for a total transaction of $86,149.80. Following the completion of the sale, the chief technology officer now directly owns 147,480 shares of the company’s stock, valued at approximately $4,623,498. The disclosure for this sale can be found here. Insiders sold 440,692 shares of company stock valued at $13,738,038 over the last 90 days. 21.52% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of SG. PNC Financial Services Group Inc. lifted its position in shares of Sweetgreen by 2.0% during the fourth quarter. PNC Financial Services Group Inc. now owns 41,398 shares of the company’s stock worth $468,000 after purchasing an additional 830 shares in the last quarter. Principal Financial Group Inc. lifted its position in shares of Sweetgreen by 11.7% during the first quarter. Principal Financial Group Inc. now owns 12,762 shares of the company’s stock worth $322,000 after purchasing an additional 1,337 shares in the last quarter. Swiss National Bank lifted its position in shares of Sweetgreen by 0.9% during the first quarter. Swiss National Bank now owns 176,600 shares of the company’s stock worth $4,461,000 after purchasing an additional 1,500 shares in the last quarter. ProShare Advisors LLC lifted its position in shares of Sweetgreen by 9.9% during the first quarter. ProShare Advisors LLC now owns 17,584 shares of the company’s stock worth $444,000 after purchasing an additional 1,585 shares in the last quarter. Finally, Panagora Asset Management Inc. lifted its position in shares of Sweetgreen by 1.0% during the fourth quarter. Panagora Asset Management Inc. now owns 182,254 shares of the company’s stock worth $2,059,000 after purchasing an additional 1,733 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

About Sweetgreen

Sweetgreen, Inc, together with its subsidiaries, operates fast food restaurants serving healthy foods at scale in the United States. The company also accepts orders through its online and mobile ordering platforms, as well as sells gift cards that do not have an expiration date and can be redeemed. The company was founded in 2006 and is headquartered in Los Angeles, California.