Sweetgreen (NYSE:SG) Trading Down 6.4% – What’s Next?

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

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. KeyCorp began coverage on shares of Sweetgreen in a research note on Wednesday, December 11th. They set a “sector weight” rating on the stock. The Goldman Sachs Group reaffirmed a “neutral” rating and set a $40.00 target price on shares of Sweetgreen in a report on Friday, November 8th. Morgan Stanley lowered their target price on Sweetgreen from $32.00 to $28.00 and set an “equal weight” rating for the company in a report on Tuesday, January 21st. TD Cowen reaffirmed a “buy” rating and issued a $45.00 target price on shares of Sweetgreen in a research report on Monday, November 18th. Finally, Oppenheimer reduced their price target on shares of Sweetgreen from $45.00 to $41.00 and set an “outperform” rating for the company in a report on Tuesday, January 7th. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus target price of $40.60.

Sweetgreen Price Performance

The stock has a market capitalization of $2.73 billion, a price-to-earnings ratio of -30.26 and a beta of 2.37. The business has a fifty day moving average of $31.73 and a 200-day moving average of $34.41.

Insider Buying and Selling

In other news, Director Julie Bornstein sold 4,464 shares of Sweetgreen stock in a transaction dated Wednesday, November 27th. The stock was sold at an average price of $42.11, for a total value of $187,979.04. Following the transaction, the director now directly owns 32,637 shares in the company, valued at approximately $1,374,344.07. The trade was a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Nicolas Jammet sold 14,551 shares of the business’s stock in a transaction dated Monday, November 25th. The stock was sold at an average price of $45.00, for a total value of $654,795.00. Following the transaction, the insider now directly owns 1,930,233 shares of the company’s stock, valued at $86,860,485. This represents a 0.75 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders sold 550,577 shares of company stock worth $21,183,936. 21.52% of the stock is owned by company insiders.

Institutional Inflows and Outflows

A number of large investors have recently modified their holdings of the business. Creative Planning increased its position in shares of Sweetgreen by 61.7% during the third quarter. Creative Planning now owns 11,439 shares of the company’s stock valued at $406,000 after purchasing an additional 4,364 shares during the period. Allspring Global Investments Holdings LLC grew its position in Sweetgreen by 13.4% during the 3rd quarter. Allspring Global Investments Holdings LLC now owns 1,258,484 shares of the company’s stock worth $44,613,000 after acquiring an additional 148,684 shares during the last quarter. Brighton Jones LLC bought a new position in Sweetgreen in the 3rd quarter valued at $292,000. PSI Advisors LLC bought a new stake in shares of Sweetgreen during the third quarter worth $238,000. Finally, Zweig DiMenna Associates LLC acquired a new stake in shares of Sweetgreen during the 3rd quarter worth approximately $3,329,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.