Sweetgreen (NYSE:SG) Shares Gap Down – Should You Sell?

Sweetgreen, Inc. (NYSE:SG)’s share price gapped down prior to trading on Monday . The stock had previously closed at $18.48, but opened at $17.82. Sweetgreen shares last traded at $17.14, with a volume of 384,688 shares traded.

Wall Street Analysts Forecast Growth

Several analysts recently issued reports on the company. Citigroup lowered their price target on Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a report on Thursday, February 27th. Oppenheimer reduced their price target on Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Piper Sandler dropped their price objective on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating on the stock in a research note on Thursday, February 27th. TD Securities decreased their target price on shares of Sweetgreen from $45.00 to $33.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and set a $45.00 price target on shares of Sweetgreen in a research note on Tuesday, February 25th. Four analysts have rated the stock with a hold rating and nine have issued a buy rating to the stock. According to MarketBeat.com, Sweetgreen currently has an average rating of “Moderate Buy” and an average target price of $35.91.

Sweetgreen Price Performance

The company has a market capitalization of $1.96 billion, a price-to-earnings ratio of -21.41 and a beta of 2.28. The stock’s fifty day simple moving average is $23.35 and its two-hundred day simple moving average is $31.32.

Insider Transactions at Sweetgreen

In other news, CFO Mitch Reback sold 10,926 shares of Sweetgreen stock in a transaction that occurred on Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the sale, the chief financial officer now owns 344,055 shares of the company’s stock, valued at approximately $9,093,373.65. The trade was a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CEO Jonathan Neman sold 5,717 shares of the firm’s stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $136,064.60. Following the completion of the sale, the chief executive officer now owns 1,810,263 shares in the company, valued at approximately $43,084,259.40. This represents a 0.31 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 35,852 shares of company stock worth $871,417. 21.52% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of SG. FMR LLC raised its position in shares of Sweetgreen by 3.4% during the 4th quarter. FMR LLC now owns 10,103,969 shares of the company’s stock worth $323,933,000 after buying an additional 329,789 shares in the last quarter. Vanguard Group Inc. raised its position in Sweetgreen by 3.8% in the fourth quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company’s stock worth $306,009,000 after acquiring an additional 351,240 shares in the last quarter. Invesco Ltd. lifted its stake in Sweetgreen by 40.9% during the fourth quarter. Invesco Ltd. now owns 5,516,223 shares of the company’s stock valued at $176,850,000 after purchasing an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP boosted its stake in shares of Sweetgreen by 30.1% during the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company’s stock worth $142,106,000 after acquiring an additional 1,025,341 shares in the last quarter. Finally, Lord Abbett & CO. LLC raised its position in shares of Sweetgreen by 13.3% during the third quarter. Lord Abbett & CO. LLC now owns 2,313,996 shares of the company’s stock worth $82,032,000 after purchasing an additional 272,340 shares during the period. 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.