Sweetgreen (NYSE:SG) Trading Down 8.7% – Here’s Why

Sweetgreen, Inc. (NYSE:SG) shares fell 8.7% during trading on Monday . The company traded as low as $8.49 and last traded at $8.3450. 631,581 shares changed hands during trading, a decline of 87% from the average session volume of 4,784,123 shares. The stock had previously closed at $9.14.

Wall Street Analyst Weigh In

Several analysts recently commented on the company. BNP Paribas Exane raised their target price on Sweetgreen from $4.50 to $5.00 and gave the company an “underperform” rating in a research report on Friday, May 8th. TD Cowen lifted their price target on shares of Sweetgreen from $7.00 to $8.00 and gave the stock a “hold” rating in a research report on Wednesday, May 27th. Wall Street Zen upgraded shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a research report on Saturday, May 23rd. Weiss Ratings upgraded shares of Sweetgreen from a “sell (d)” rating to a “sell (d+)” rating in a report on Friday, May 22nd. Finally, Piper Sandler decreased their target price on shares of Sweetgreen from $9.00 to $7.00 and set a “neutral” rating for the company in a research note on Friday, March 27th. Four analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $8.04.

Sweetgreen Price Performance

The company has a fifty day simple moving average of $8.05 and a two-hundred day simple moving average of $6.86. The company has a market capitalization of $1.02 billion, a P/E ratio of 71.31 and a beta of 2.15.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.27) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Sweetgreen had a negative return on equity of 33.07% and a net margin of 2.49%.The company had revenue of $161.52 million for the quarter, compared to the consensus estimate of $163.94 million. During the same quarter last year, the company posted ($0.21) EPS. The business’s revenue was down 2.9% compared to the same quarter last year. Equities analysts anticipate that Sweetgreen, Inc. will post -0.76 earnings per share for the current year.

Insider Transactions at Sweetgreen

In related news, major shareholder Goldman Sachs Group Inc purchased 594,553 shares of the stock in a transaction on Tuesday, April 7th. The shares were bought at an average price of $5.69 per share, for a total transaction of $3,383,006.57. Following the completion of the acquisition, the insider directly owned 11,900,255 shares in the company, valued at approximately $67,712,450.95. This trade represents a 5.26% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. 18.19% of the stock is owned by insiders.

Institutional Trading of Sweetgreen

Large investors have recently modified their holdings of the company. Royal Bank of Canada grew its stake in Sweetgreen by 22.4% in the 1st quarter. Royal Bank of Canada now owns 291,477 shares of the company’s stock valued at $7,292,000 after buying an additional 53,427 shares during the last quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. lifted its position in Sweetgreen by 6.2% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 60,572 shares of the company’s stock worth $1,516,000 after acquiring an additional 3,553 shares during the last quarter. Prudential Financial Inc. bought a new stake in Sweetgreen during the second quarter valued at about $197,000. Qube Research & Technologies Ltd bought a new stake in Sweetgreen during the second quarter valued at about $538,000. Finally, Frontier Capital Management Co. LLC grew its position in shares of Sweetgreen by 121.7% in the second quarter. Frontier Capital Management Co. LLC now owns 680,255 shares of the company’s stock valued at $10,122,000 after purchasing an additional 373,350 shares during the last quarter. 95.75% of the stock is owned by 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.