Sweetgreen (NYSE:SG) Trading Down 6.4% – Here’s Why

Sweetgreen, Inc. (NYSE:SG)’s share price fell 6.4% during mid-day trading on Tuesday . The company traded as low as $25.80 and last traded at $25.44. 580,572 shares were traded during trading, a decline of 78% from the average session volume of 2,683,992 shares. The stock had previously closed at $27.19.

Analyst Ratings Changes

A number of research analysts have issued reports on the stock. Citigroup decreased their price target on shares of Sweetgreen from $49.00 to $43.00 and set a “buy” rating for the company in a report on Wednesday, February 12th. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. Oppenheimer cut their price objective on Sweetgreen from $45.00 to $41.00 and set an “outperform” rating on the stock in a report on Tuesday, January 7th. KeyCorp initiated coverage on Sweetgreen in a research note on Wednesday, December 11th. They issued a “sector weight” rating for the company. Finally, TD Cowen reiterated a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. Four investment analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $40.60.

Sweetgreen Stock Performance

The firm has a market cap of $2.85 billion, a price-to-earnings ratio of -31.62 and a beta of 2.37. The business’s 50 day moving average price is $32.04 and its 200 day moving average price is $34.49.

Insider Buying and Selling

In related news, Director Bradley E. Singer sold 42,730 shares of the company’s stock in a transaction dated Wednesday, November 20th. The stock was sold at an average price of $38.09, for a total value of $1,627,585.70. Following the completion of the transaction, the director now owns 139,052 shares of the company’s stock, valued at approximately $5,296,490.68. This represents a 23.51 % decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Mitch Reback sold 8,000 shares of the stock in a transaction that occurred on Wednesday, January 15th. The stock was sold at an average price of $33.13, for a total value of $265,040.00. Following the transaction, the chief financial officer now owns 350,981 shares in the company, valued at $11,628,000.53. This represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 582,381 shares of company stock valued at $22,522,748. Corporate insiders own 21.52% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Steward Partners Investment Advisory LLC boosted its holdings in Sweetgreen by 3,571.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company’s stock worth $33,000 after buying an additional 1,000 shares during the last quarter. Hollencrest Capital Management purchased a new position in shares of Sweetgreen in the third quarter valued at approximately $35,000. Headlands Technologies LLC boosted its stake in shares of Sweetgreen by 156.0% in the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company’s stock worth $39,000 after acquiring an additional 741 shares during the last quarter. Tower Research Capital LLC TRC increased its position in shares of Sweetgreen by 45.7% during the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company’s stock worth $50,000 after purchasing an additional 494 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new position in Sweetgreen in the 4th quarter valued at $53,000. Hedge funds and other institutional investors own 95.75% of the company’s stock.

Sweetgreen Company Profile

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.