Sweetgreen (NYSE:SG) Trading Down 4.2% – Time to Sell?

Sweetgreen, Inc. (NYSE:SG) dropped 4.2% on Monday . The company traded as low as $6.48 and last traded at $6.4550. Approximately 2,083,588 shares changed hands during trading, a decline of 60% from the average daily volume of 5,272,097 shares. The stock had previously closed at $6.74.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the stock. Morgan Stanley set a $10.00 target price on shares of Sweetgreen in a report on Tuesday, October 21st. Sanford C. Bernstein set a $8.00 target price on shares of Sweetgreen in a research note on Wednesday, October 22nd. Citigroup restated a “buy” rating on shares of Sweetgreen in a report on Wednesday, November 12th. Wells Fargo & Company decreased their target price on Sweetgreen from $13.00 to $10.00 and set an “overweight” rating on the stock in a research note on Friday, November 7th. Finally, The Goldman Sachs Group cut Sweetgreen from a “buy” rating to a “sell” rating and set a $5.00 price objective on the stock. in a report on Friday, November 7th. Five analysts have rated the stock with a Buy rating, ten have issued a Hold rating and two have assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $11.82.

Sweetgreen Price Performance

The stock’s 50 day moving average price is $7.27 and its 200-day moving average price is $10.60.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data on Friday, November 7th. The company reported ($0.31) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.18) by ($0.13). The company had revenue of $172.39 million during the quarter, compared to the consensus estimate of $179.29 million. Sweetgreen had a negative net margin of 16.55% and a negative return on equity of 25.67%. Sweetgreen’s revenue for the quarter was down .6% on a year-over-year basis. During the same period in the previous year, the business earned ($0.18) earnings per share. As a group, research analysts anticipate that Sweetgreen, Inc. will post -0.74 EPS for the current year.

Insider Transactions at Sweetgreen

In related news, CEO Jonathan Neman purchased 179,800 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The stock was bought at an average price of $5.56 per share, with a total value of $999,688.00. Following the acquisition, the chief executive officer owned 179,800 shares in the company, valued at $999,688. The trade was a ∞ increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, insider Nicolas Jammet acquired 18,115 shares of Sweetgreen stock in a transaction that occurred on Wednesday, November 12th. The stock was purchased at an average cost of $5.51 per share, with a total value of $99,813.65. Following the completion of the purchase, the insider owned 18,115 shares in the company, valued at $99,813.65. The trade was a ∞ increase in their position. The SEC filing for this purchase provides additional information. Corporate insiders own 19.78% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds have recently modified their holdings of SG. Vanguard Group Inc. boosted its stake in shares of Sweetgreen by 1.4% in the third quarter. Vanguard Group Inc. now owns 9,593,744 shares of the company’s stock valued at $76,558,000 after buying an additional 129,572 shares in the last quarter. Wellington Management Group LLP raised its stake in shares of Sweetgreen by 30.0% in the 1st quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company’s stock valued at $144,180,000 after acquiring an additional 1,330,094 shares during the period. Durable Capital Partners LP lifted its position in Sweetgreen by 29.5% during the 1st quarter. Durable Capital Partners LP now owns 4,525,109 shares of the company’s stock worth $113,218,000 after acquiring an additional 1,030,176 shares in the last quarter. Spyglass Capital Management LLC boosted its position in Sweetgreen by 4.0% in the 3rd quarter. Spyglass Capital Management LLC now owns 4,056,570 shares of the company’s stock valued at $32,371,000 after buying an additional 156,757 shares during the last quarter. Finally, Greenhouse Funds LLLP grew its stake in shares of Sweetgreen by 82.8% during the third quarter. Greenhouse Funds LLLP now owns 3,946,884 shares of the company’s stock valued at $31,496,000 after acquiring an additional 1,788,175 shares in the last quarter. 95.75% of the stock is 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.