Sweetgreen (NYSE:SG) Trading Down 5.8% – Here’s What Happened

Sweetgreen, Inc. (NYSE:SG)’s stock price fell 5.8% during trading on Monday . The stock traded as low as $8.28 and last traded at $8.2650. 1,183,989 shares were traded during trading, a decline of 75% from the average session volume of 4,772,480 shares. The stock had previously closed at $8.77.

Wall Street Analysts Forecast Growth

SG has been the topic of several recent research reports. Wall Street Zen upgraded Sweetgreen from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. Piper Sandler dropped their price objective on shares of Sweetgreen from $9.00 to $7.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Wolfe Research started coverage on shares of Sweetgreen in a research report on Monday, March 9th. They set a “peer perform” rating on the stock. TD Cowen upped their target price on shares of Sweetgreen from $7.00 to $8.00 and gave the company a “hold” rating in a research note on Wednesday, May 27th. Finally, UBS Group upped their target price on shares of Sweetgreen from $6.50 to $7.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Four investment analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Hold” and a consensus target price of $7.57.

Sweetgreen Price Performance

The stock has a market cap of $970.72 million, a PE ratio of 68.05 and a beta of 2.17. The business has a fifty day moving average of $8.25 and a 200 day moving average of $6.92.

Sweetgreen (NYSE:SG) last posted its quarterly earnings data 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 business had revenue of $161.52 million for the quarter, compared to analysts’ expectations of $163.94 million. During the same quarter in the prior year, the firm earned ($0.21) earnings per share. Sweetgreen’s revenue for the quarter was down 2.9% compared to the same quarter last year. On average, equities research analysts expect that Sweetgreen, Inc. will post -0.76 EPS for the current year.

Insider Activity

In related news, major shareholder Goldman Sachs Group Inc purchased 594,553 shares of the business’s stock in a transaction that occurred on Tuesday, April 7th. The shares were purchased at an average cost of $5.69 per share, with a total value of $3,383,006.57. Following the completion of the acquisition, the insider directly owned 11,900,255 shares of the company’s stock, valued at approximately $67,712,450.95. The trade was a 5.26% increase in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 18.19% of the company’s stock.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors have recently modified their holdings of the stock. Woodson Capital Management LP raised its stake in Sweetgreen by 152.6% during the fourth quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock valued at $40,560,000 after buying an additional 3,625,000 shares in the last quarter. Spyglass Capital Management LLC grew its position in shares of Sweetgreen by 4.0% in the 3rd quarter. Spyglass Capital Management LLC now owns 4,056,570 shares of the company’s stock worth $32,371,000 after acquiring an additional 156,757 shares in the last quarter. Greenhouse Funds LLLP increased its holdings in shares of Sweetgreen by 82.8% in the 3rd 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 during the last quarter. Marshall Wace LLP raised its position in shares of Sweetgreen by 1,428.8% during the 3rd quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after acquiring an additional 3,667,306 shares in the last quarter. Finally, Federated Hermes Inc. raised its position in shares of Sweetgreen by 366.8% during the 4th quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock valued at $17,900,000 after acquiring an additional 2,080,628 shares in the last quarter. Institutional investors and hedge funds own 95.75% of the company’s stock.

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.