Sweetgreen (NYSE:SG) Trading Down 6.3% – Here’s What Happened

Shares of Sweetgreen, Inc. (NYSE:SG) fell 6.3% during trading on Monday . The company traded as low as $6.84 and last traded at $6.7070. 769,491 shares changed hands during trading, a decline of 82% from the average session volume of 4,214,543 shares. The stock had previously closed at $7.16.

Wall Street Analyst Weigh In

SG has been the topic of several analyst reports. Weiss Ratings reissued a “sell (e+)” rating on shares of Sweetgreen in a report on Monday, December 29th. Morgan Stanley reduced their price target on shares of Sweetgreen from $10.00 to $9.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Bank of America reaffirmed a “neutral” rating and set a $9.50 price target (down previously from $18.00) on shares of Sweetgreen in a research note on Monday, October 6th. JPMorgan Chase & Co. raised their price objective on shares of Sweetgreen from $6.00 to $8.00 and gave the company a “neutral” rating in a research note on Tuesday, January 20th. Finally, UBS Group cut Sweetgreen from a “buy” rating to a “neutral” rating and set a $7.50 price target for the company. in a research note on Tuesday, January 6th. Three research analysts have rated the stock with a Buy rating, eleven have given a Hold rating and two have given a Sell rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $10.79.

Sweetgreen Stock Down 7.1%

The stock has a 50 day moving average of $6.95 and a 200 day moving average of $8.46. The firm has a market cap of $787.19 million, a price-to-earnings ratio of -6.86 and a beta of 1.93.

Sweetgreen (NYSE:SG) last announced its quarterly earnings results 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). Sweetgreen had a negative net margin of 16.55% and a negative return on equity of 25.67%. The company had revenue of $172.39 million for the quarter, compared to the consensus estimate of $179.29 million. During the same period last year, the firm posted ($0.18) earnings per share. The company’s revenue for the quarter was down .6% compared to the same quarter last year. As a group, analysts predict that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, insider Nicolas Jammet bought 18,115 shares of the business’s stock in a transaction that occurred on Wednesday, November 12th. The shares were bought at an average cost of $5.51 per share, for a total transaction of $99,813.65. Following the acquisition, the insider directly owned 18,115 shares in the company, valued at approximately $99,813.65. This trade represents a ∞ increase in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CEO Jonathan Neman bought 179,800 shares of the company’s stock in a transaction dated Wednesday, November 12th. The stock was bought at an average price of $5.56 per share, for a total transaction of $999,688.00. Following the acquisition, the chief executive officer directly owned 179,800 shares of the company’s stock, valued at approximately $999,688. This represents a ∞ increase in their ownership of the stock. The SEC filing for this purchase provides additional information. 19.78% of the stock is owned by corporate insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of the business. WoodTrust Financial Corp purchased a new position in Sweetgreen during the second quarter valued at $1,075,000. RPG Investment Advisory LLC raised its holdings in shares of Sweetgreen by 33.2% during the 3rd quarter. RPG Investment Advisory LLC now owns 616,191 shares of the company’s stock worth $4,916,000 after acquiring an additional 153,525 shares during the period. Greenhouse Funds LLLP purchased a new position in Sweetgreen during the second quarter worth about $32,122,000. Spyglass Capital Management LLC grew its position in Sweetgreen by 15.2% in the second quarter. Spyglass Capital Management LLC now owns 3,899,813 shares of the company’s stock worth $58,029,000 after acquiring an additional 513,643 shares during the period. Finally, Y Intercept Hong Kong Ltd acquired a new stake in shares of Sweetgreen during the 2nd quarter worth about $962,000. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

About Sweetgreen

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.