Sweetgreen (NYSE:SG) Shares Down 4.1% - Here's What Happened

Sweetgreen, Inc. (NYSE:SG - Get Free Report) fell 4.1% on Wednesday . The stock traded as low as $36.14 and last traded at $36.67. 321,455 shares changed hands during trading, a decline of 89% from the average session volume of 2,830,765 shares. The stock had previously closed at $38.22.

Analyst Ratings Changes

A number of analysts have commented on the company. Citigroup upped their price target on Sweetgreen from $30.00 to $32.00 and gave the stock a "neutral" rating in a research report on Friday, August 9th. Oppenheimer increased their target price on shares of Sweetgreen from $36.00 to $40.00 and gave the stock an "outperform" rating in a report on Thursday, August 15th. Morgan Stanley lifted their price target on shares of Sweetgreen from $25.00 to $27.00 and gave the company an "equal weight" rating in a report on Friday, August 9th. UBS Group raised their price objective on shares of Sweetgreen from $31.00 to $37.00 and gave the company a "buy" rating in a research report on Friday, August 9th. Finally, Piper Sandler reaffirmed a "neutral" rating and issued a $39.00 target price (up previously from $33.00) on shares of Sweetgreen in a report on Monday, August 19th. Three analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $38.20.

Sweetgreen Trading Down 0.9 %

The firm's 50 day simple moving average is $34.00 and its 200 day simple moving average is $29.54. The firm has a market cap of $4.29 billion, a PE ratio of -40.29 and a beta of 2.33.

Sweetgreen (NYSE:SG - Get Free Report) last announced its quarterly earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts' consensus estimates of ($0.11) by ($0.02). Sweetgreen had a negative net margin of 14.33% and a negative return on equity of 19.34%. The firm had revenue of $184.60 million for the quarter, compared to the consensus estimate of $180.79 million. During the same period in the previous year, the company posted ($0.20) earnings per share. Sweetgreen's quarterly revenue was up 21.0% on a year-over-year basis. As a group, equities research analysts predict that Sweetgreen, Inc. will post -0.75 earnings per share for the current fiscal year.

Insider Activity at Sweetgreen

In related news, CFO Mitch Reback sold 9,156 shares of the company's stock in a transaction on Friday, August 16th. The shares were sold at an average price of $36.61, for a total transaction of $335,201.16. Following the sale, the chief financial officer now owns 379,181 shares of the company's stock, valued at $13,881,816.41. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In related news, CFO Mitch Reback sold 9,156 shares of Sweetgreen stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.61, for a total value of $335,201.16. Following the completion of the transaction, the chief financial officer now owns 379,181 shares in the company, valued at approximately $13,881,816.41. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, CEO Jonathan Neman sold 169,772 shares of the company's stock in a transaction that occurred on Monday, August 26th. The shares were sold at an average price of $35.77, for a total value of $6,072,744.44. Following the sale, the chief executive officer now owns 1,930,228 shares in the company, valued at approximately $69,044,255.56. This trade represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 426,061 shares of company stock valued at $15,071,720. 21.52% of the stock is owned by corporate insiders.

Institutional Trading of Sweetgreen

A number of institutional investors have recently bought and sold shares of the stock. Oliver Luxxe Assets LLC bought a new stake in Sweetgreen in the third quarter worth about $1,973,000. Sei Investments Co. bought a new stake in shares of Sweetgreen during the 1st quarter worth approximately $1,110,000. Vanguard Group Inc. boosted its holdings in Sweetgreen by 2.8% during the 4th quarter. Vanguard Group Inc. now owns 8,350,552 shares of the company's stock valued at $94,361,000 after acquiring an additional 224,522 shares during the period. Davidson Kempner Capital Management LP grew its position in Sweetgreen by 40.1% in the 2nd quarter. Davidson Kempner Capital Management LP now owns 575,000 shares of the company's stock valued at $17,330,000 after acquiring an additional 164,600 shares during the last quarter. Finally, Quantbot Technologies LP bought a new stake in shares of Sweetgreen during the first quarter worth $490,000. 95.75% of the stock is currently owned by institutional investors.

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.