Sweetgreen (NYSE:SG) Shares Gap Down - Should You Sell?

Sweetgreen, Inc. (NYSE:SG - Get Free Report) shares gapped down before the market opened on Monday . The stock had previously closed at $18.48, but opened at $17.82. Sweetgreen shares last traded at $17.14, with a volume of 384,688 shares trading hands.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. Piper Sandler reduced their target price on Sweetgreen from $39.00 to $27.00 and set a "neutral" rating for the company in a report on Thursday, February 27th. Morgan Stanley set a $24.00 price target on shares of Sweetgreen in a research note on Monday, April 14th. TD Securities lowered their price objective on shares of Sweetgreen from $45.00 to $33.00 and set a "buy" rating on the stock in a research report on Thursday, February 27th. Citigroup dropped their price target on Sweetgreen from $43.00 to $39.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. Finally, UBS Group reduced their price objective on Sweetgreen from $45.00 to $35.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Four research analysts have rated the stock with a hold rating and nine have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus target price of $35.91.

Sweetgreen Price Performance

The firm has a market cap of $2.26 billion, a PE ratio of -24.69 and a beta of 2.28. The business has a 50-day simple moving average of $22.51 and a 200 day simple moving average of $30.77.

Insider Buying and Selling

In other news, CFO Mitch Reback sold 4,000 shares of the company's stock in a transaction dated Tuesday, April 15th. The stock was sold at an average price of $21.07, for a total value of $84,280.00. Following the completion of the transaction, the chief financial officer now owns 344,509 shares of the company's stock, valued at $7,258,804.63. This represents a 1.15 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, COO Rossann Williams sold 4,977 shares of Sweetgreen stock in a transaction that occurred on Monday, March 17th. The shares were sold at an average price of $23.80, for a total value of $118,452.60. Following the sale, the chief operating officer now directly owns 95,516 shares in the company, valued at $2,273,280.80. This trade represents a 4.95 % decrease in their position. The disclosure for this sale can be found here. In the last ninety days, insiders sold 35,852 shares of company stock valued at $871,417. 21.52% of the stock is owned by corporate insiders.

Institutional Trading of Sweetgreen

Institutional investors and hedge funds have recently bought and sold shares of the stock. Sovran Advisors LLC purchased a new position in shares of Sweetgreen during the first quarter valued at about $1,403,000. Diversified Trust Co grew its holdings in Sweetgreen by 12.0% during the 1st quarter. Diversified Trust Co now owns 30,373 shares of the company's stock valued at $760,000 after buying an additional 3,247 shares in the last quarter. Sequoia Financial Advisors LLC increased its stake in Sweetgreen by 50.8% in the 1st quarter. Sequoia Financial Advisors LLC now owns 13,280 shares of the company's stock worth $332,000 after acquiring an additional 4,474 shares during the last quarter. Bessemer Group Inc. increased its stake in Sweetgreen by 19,183.8% in the 1st quarter. Bessemer Group Inc. now owns 20,248 shares of the company's stock worth $507,000 after acquiring an additional 20,143 shares during the last quarter. Finally, Spire Wealth Management raised its holdings in shares of Sweetgreen by 47.1% during the 1st quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after acquiring an additional 635 shares in the last quarter. 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.