Sweetgreen (NYSE:SG) Shares Down 5.9%

Sweetgreen, Inc. (NYSE:SG) dropped 5.9% 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.

Wall Street Analysts Forecast Growth

SG has been the topic of several recent research reports. The Goldman Sachs Group initiated coverage on Sweetgreen in a report on Thursday, June 13th. They set a “buy” rating and a $39.00 price target on the stock. Oppenheimer upped their price objective on Sweetgreen from $17.00 to $34.00 and gave the stock an “outperform” rating in a research report on Monday, April 1st. William Blair reaffirmed an “outperform” rating on shares of Sweetgreen in a research report on Wednesday, May 15th. Royal Bank of Canada upped their price objective on Sweetgreen from $35.00 to $45.00 and gave the stock an “outperform” rating in a research report on Friday, June 7th. Finally, Citigroup upped their price objective on Sweetgreen from $25.00 to $28.00 and gave the stock a “neutral” rating in a research report on Friday, May 10th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating and seven have given a buy rating to the company’s stock. According to data from MarketBeat, Sweetgreen presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.67.

Sweetgreen Stock Performance

The stock has a market capitalization of $3.21 billion, a price-to-earnings ratio of -30.47 and a beta of 2.31. The business has a 50-day moving average of $29.36 and a 200-day moving average of $20.55.

Sweetgreen (NYSE:SG) last announced 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). The firm had revenue of $157.85 million during the quarter, compared to analyst estimates of $152.02 million. Sweetgreen had a negative net margin of 17.15% and a negative return on equity of 20.74%. The firm’s revenue for the quarter was up 26.2% compared to the same quarter last year. During the same period last year, the company earned ($0.29) earnings per share. On average, research analysts predict that Sweetgreen, Inc. will post -0.73 earnings per share for the current fiscal year.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, CEO Jonathan Neman sold 200,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 2,100,000 shares of the company’s stock, valued at approximately $65,730,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other Sweetgreen news, CEO Jonathan Neman sold 200,000 shares of the company’s stock in a transaction that occurred 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 sale, the chief executive officer now directly owns 2,100,000 shares of the company’s stock, valued at approximately $65,730,000. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Adrienne Gemperle sold 6,808 shares of the company’s stock in a transaction that occurred on Thursday, May 23rd. The shares were sold at an average price of $30.95, for a total value of $210,707.60. Following the sale, the insider now directly owns 118,710 shares of the company’s stock, valued at $3,674,074.50. The disclosure for this sale can be found here. Insiders sold a total of 440,692 shares of company stock valued at $13,738,038 in the last ninety days. Insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

A number of large investors have recently modified their holdings of SG. Deutsche Bank AG raised its stake in shares of Sweetgreen by 17.3% during the 3rd quarter. Deutsche Bank AG now owns 46,532 shares of the company’s stock worth $547,000 after buying an additional 6,849 shares in the last quarter. Qube Research & Technologies Ltd raised its stake in shares of Sweetgreen by 139.9% during the 3rd quarter. Qube Research & Technologies Ltd now owns 216,101 shares of the company’s stock worth $2,539,000 after buying an additional 126,026 shares in the last quarter. GSA Capital Partners LLP raised its stake in shares of Sweetgreen by 204.4% during the 3rd quarter. GSA Capital Partners LLP now owns 113,346 shares of the company’s stock worth $1,332,000 after buying an additional 76,110 shares in the last quarter. Graham Capital Management L.P. purchased a new position in shares of Sweetgreen during the 3rd quarter worth approximately $477,000. Finally, Teachers Retirement System of The State of Kentucky increased its stake in Sweetgreen by 100.8% in the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 298,585 shares of the company’s stock valued at $3,508,000 after purchasing an additional 149,871 shares in the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.