Sweetgreen (NYSE:SG) Shares Down 5.9%

Sweetgreen, Inc. (NYSE:SG) 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 traded hands during trading, a decline of 55% from the average daily volume of 2,522,954 shares. The stock had previously closed at $29.33.

Analyst Ratings Changes

A number of research firms have recently weighed in on SG. William Blair reiterated an “outperform” rating on shares of Sweetgreen in a report on Wednesday, May 15th. Royal Bank of Canada increased their target price on shares of Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a report on Friday, June 7th. TD Cowen increased their target price on shares of Sweetgreen from $26.00 to $31.00 and gave the stock a “hold” rating in a report on Thursday, June 13th. The Goldman Sachs Group began coverage on shares of Sweetgreen in a report on Thursday, June 13th. They set a “buy” rating and a $39.00 target price for the company. Finally, Oppenheimer increased their target price on shares of Sweetgreen from $17.00 to $34.00 and gave the stock an “outperform” rating in a report on Monday, April 1st. One analyst has rated the stock with a sell rating, two have issued a hold rating and seven have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $29.67.

Sweetgreen Price Performance

The company has a market cap of $3.17 billion, a P/E ratio of -29.67 and a beta of 2.31. The company’s 50-day moving average is $29.12 and its two-hundred day moving average is $20.37.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, May 9th. The company reported ($0.23) earnings per share (EPS) for the quarter, missing the consensus estimate 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 company had revenue of $157.85 million during the quarter, compared to analysts’ expectations of $152.02 million. During the same quarter in the prior year, the business posted ($0.29) EPS. The company’s revenue for the quarter was up 26.2% compared to the same quarter last year. Equities research analysts anticipate that Sweetgreen, Inc. will post -0.73 EPS for the current year.

Insider Transactions at Sweetgreen

In other news, CEO Jonathan Neman sold 200,000 shares of Sweetgreen stock in a transaction on Wednesday, May 15th. The shares were sold at an average price of $31.30, for a total transaction of $6,260,000.00. Following the transaction, the chief executive officer now owns 2,100,000 shares in the company, valued at approximately $65,730,000. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. In other Sweetgreen news, CTO Wouleta Ayele sold 2,748 shares of the company’s stock in a transaction that occurred on Thursday, May 16th. The stock was sold at an average price of $31.35, for a total value of $86,149.80. Following the completion of the transaction, the chief technology officer now directly owns 147,480 shares in the company, valued at approximately $4,623,498. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, CEO Jonathan Neman sold 200,000 shares of the business’s stock in a transaction on Wednesday, May 15th. The stock was sold at an average price of $31.30, for a total transaction of $6,260,000.00. Following the completion of the transaction, the chief executive officer now directly owns 2,100,000 shares in the company, valued at approximately $65,730,000. The disclosure for this sale can be found here. Insiders have sold 440,692 shares of company stock worth $13,738,038 in the last 90 days. 21.52% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Sweetgreen

Institutional investors have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its position in Sweetgreen by 0.8% during the first quarter. Vanguard Group Inc. now owns 8,420,947 shares of the company’s stock valued at $212,713,000 after purchasing an additional 70,395 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in Sweetgreen by 38.1% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,729,983 shares of the company’s stock valued at $19,549,000 after purchasing an additional 476,998 shares during the last quarter. Hood River Capital Management LLC bought a new position in Sweetgreen during the first quarter valued at $29,105,000. Teca Partners LP lifted its position in Sweetgreen by 2.6% during the first quarter. Teca Partners LP now owns 769,200 shares of the company’s stock valued at $19,430,000 after purchasing an additional 19,172 shares during the last quarter. Finally, Verition Fund Management LLC bought a new position in Sweetgreen during the fourth quarter valued at $8,452,000. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.