Sweetgreen (NYSE:SG) Shares Down 5.5%

Shares of Sweetgreen, Inc. (NYSE:SG) fell 5.5% during mid-day trading on Monday . The company traded as low as $33.06 and last traded at $33.07. 2,203,186 shares changed hands during trading, a decline of 18% from the average session volume of 2,684,450 shares. The stock had previously closed at $35.01.

Analyst Ratings Changes

Several equities analysts recently commented on the stock. UBS Group boosted their price objective on shares of Sweetgreen from $31.00 to $37.00 and gave the company a “buy” rating in a research note on Friday, August 9th. Morgan Stanley upped their price objective on shares of Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a report on Friday, August 9th. JPMorgan Chase & Co. raised their price target on shares of Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, June 14th. Bank of America decreased their price target on shares of Sweetgreen from $36.00 to $33.00 and set a “buy” rating on the stock in a research report on Wednesday, July 17th. Finally, TD Cowen lifted their price target on shares of Sweetgreen from $26.00 to $31.00 and gave the company a “hold” rating in a report on Thursday, June 13th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $33.60.

Sweetgreen Stock Performance

The firm has a market cap of $3.84 billion, a price-to-earnings ratio of -36.45 and a beta of 2.30. The business has a fifty day moving average of $28.45 and a two-hundred day moving average of $23.92.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) earnings per share for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.20%. The firm had revenue of $184.60 million for the quarter, compared to analyst estimates of $180.79 million. During the same period in the previous year, the business posted ($0.20) earnings per share. Sweetgreen’s revenue for the quarter was up 21.0% on a year-over-year basis. On average, equities research analysts forecast that Sweetgreen, Inc. will post -0.73 earnings per share for the current year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, Director Bradley E. Singer sold 60,000 shares of the stock in a transaction on Thursday, May 16th. The shares were sold at an average price of $32.30, for a total value of $1,938,000.00. Following the completion of the sale, the director now directly owns 182,567 shares of the company’s stock, valued at approximately $5,896,914.10. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. In related news, CEO Jonathan Neman sold 150,000 shares of the stock in a transaction dated Wednesday, June 5th. The stock was sold at an average price of $30.50, for a total transaction of $4,575,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,100,000 shares in the company, valued at $64,050,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, Director Bradley E. Singer sold 60,000 shares of the company’s stock in a transaction on Thursday, May 16th. The stock was sold at an average price of $32.30, for a total transaction of $1,938,000.00. Following the sale, the director now directly owns 182,567 shares in the company, valued at $5,896,914.10. The disclosure for this sale can be found here. Insiders have sold a total of 240,692 shares of company stock valued at $7,478,038 in the last 90 days. 21.52% of the stock is currently owned by corporate insiders.

Institutional Trading of Sweetgreen

Large investors have recently modified their holdings of the stock. Quest Partners LLC bought a new position in shares of Sweetgreen in the 2nd quarter worth about $76,000. Triumph Capital Management purchased a new position in Sweetgreen in the fourth quarter worth $126,000. Handelsbanken Fonder AB bought a new stake in Sweetgreen in the fourth quarter worth about $137,000. Versor Investments LP bought a new position in Sweetgreen during the second quarter valued at $217,000. Finally, Perigon Wealth Management LLC bought a new stake in Sweetgreen in the 1st quarter valued at about $223,000. 95.75% of the stock is owned by institutional investors and hedge funds.

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.