Sweetgreen (NYSE:SG) Sets New 12-Month Low - Here's What Happened

Shares of Sweetgreen, Inc. (NYSE:SG - Get Free Report) hit a new 52-week low during trading on Friday . The company traded as low as $18.62 and last traded at $19.86, with a volume of 1810872 shares trading hands. The stock had previously closed at $22.51.

Analysts Set New Price Targets

Several equities research analysts have commented on SG shares. The Goldman Sachs Group lowered their target price on shares of Sweetgreen from $37.00 to $32.00 and set a "neutral" rating for the company in a research note on Thursday, February 27th. UBS Group reduced their target price on Sweetgreen from $45.00 to $35.00 and set a "buy" rating on the stock in a report on Thursday, February 27th. Royal Bank of Canada reissued an "outperform" rating and issued a $45.00 target price on shares of Sweetgreen in a research note on Tuesday, February 25th. KeyCorp began coverage on Sweetgreen in a research report on Wednesday, December 11th. They set a "sector weight" rating on the stock. Finally, Citigroup lowered their target price on Sweetgreen from $43.00 to $39.00 and set a "buy" rating for the company in a research note on Thursday, February 27th. Four investment analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $36.27.

Sweetgreen Stock Performance

The stock has a market cap of $2.65 billion, a price-to-earnings ratio of -28.98 and a beta of 2.28. The company has a 50-day simple moving average of $25.22 and a two-hundred day simple moving average of $32.23.

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Insider Buying and Selling at Sweetgreen

In related news, CEO Jonathan Neman sold 5,717 shares of the business's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $136,064.60. Following the transaction, the chief executive officer now directly owns 1,810,263 shares of the company's stock, valued at approximately $43,084,259.40. The trade was a 0.31 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Mitch Reback sold 8,000 shares of the stock in a transaction on Wednesday, January 15th. The shares were sold at an average price of $33.13, for a total value of $265,040.00. Following the completion of the sale, the chief financial officer now owns 350,981 shares in the company, valued at approximately $11,628,000.53. This trade represents a 2.23 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 39,852 shares of company stock worth $1,052,177 over the last quarter. 21.52% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Cox Capital Mgt LLC grew its position in shares of Sweetgreen by 76.0% in the fourth quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company's stock valued at $1,728,000 after purchasing an additional 23,278 shares during the last quarter. Geode Capital Management LLC lifted its holdings in shares of Sweetgreen by 5.4% during the third quarter. Geode Capital Management LLC now owns 2,249,409 shares of the company's stock worth $79,757,000 after buying an additional 116,243 shares in the last quarter. Diversified Trust Co boosted its position in shares of Sweetgreen by 223.2% in the fourth quarter. Diversified Trust Co now owns 27,126 shares of the company's stock valued at $870,000 after acquiring an additional 18,733 shares during the period. Moody National Bank Trust Division acquired a new position in shares of Sweetgreen in the fourth quarter valued at about $1,182,000. Finally, Franklin Resources Inc. increased its position in Sweetgreen by 1,399.0% during the third quarter. Franklin Resources Inc. now owns 111,074 shares of the company's stock worth $4,365,000 after acquiring an additional 103,664 shares during the period. Institutional investors and hedge funds own 95.75% of the company's stock.

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.