Sweetgreen (NYSE:SG) Stock Price Down 5.6% After Analyst Downgrade

Shares of Sweetgreen, Inc. (NYSE:SG - Get Free Report) fell 5.6% on Tuesday after Oppenheimer lowered their price target on the stock from $45.00 to $41.00. Oppenheimer currently has an outperform rating on the stock. Sweetgreen traded as low as $32.45 and last traded at $32.98. 703,069 shares were traded during mid-day trading, a decline of 63% from the average session volume of 1,884,639 shares. The stock had previously closed at $34.94.

SG has been the topic of several other reports. TD Cowen reaffirmed a "buy" rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Monday, November 18th. KeyCorp began coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They set a "sector weight" rating on the stock. UBS Group boosted their price objective on shares of Sweetgreen from $37.00 to $45.00 and gave the company a "buy" rating in a report on Friday, November 8th. Finally, The Goldman Sachs Group restated a "neutral" rating and issued a $40.00 target price on shares of Sweetgreen in a report on Friday, November 8th. Five analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. According to MarketBeat.com, Sweetgreen has a consensus rating of "Moderate Buy" and an average target price of $39.40.

Insiders Place Their Bets

In related news, insider Nathaniel Ru sold 1,263 shares of Sweetgreen stock in a transaction that occurred on Monday, October 28th. The stock was sold at an average price of $40.01, for a total transaction of $50,532.63. Following the transaction, the insider now owns 1,952,129 shares in the company, valued at approximately $78,104,681.29. This trade represents a 0.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CEO Jonathan Neman sold 1,010 shares of the firm's stock in a transaction on Monday, October 28th. The stock was sold at an average price of $40.01, for a total value of $40,410.10. Following the completion of the sale, the chief executive officer now directly owns 1,930,228 shares of the company's stock, valued at $77,228,422.28. This trade represents a 0.05 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 640,838 shares of company stock valued at $24,800,733 in the last 90 days. 21.52% of the stock is owned by insiders.

Institutional Investors Weigh In On Sweetgreen

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Bank of New York Mellon Corp lifted its stake in Sweetgreen by 12.4% during the second quarter. Bank of New York Mellon Corp now owns 361,354 shares of the company's stock worth $10,891,000 after purchasing an additional 39,757 shares in the last quarter. Principal Financial Group Inc. boosted its holdings in Sweetgreen by 1,610.4% during the 2nd quarter. Principal Financial Group Inc. now owns 218,281 shares of the company's stock valued at $6,579,000 after acquiring an additional 205,519 shares during the period. Commonwealth Equity Services LLC acquired a new position in Sweetgreen in the 2nd quarter valued at about $279,000. Natixis Advisors LLC purchased a new stake in Sweetgreen during the second quarter worth about $477,000. Finally, Rhumbline Advisers lifted its position in shares of Sweetgreen by 3.9% during the second quarter. Rhumbline Advisers now owns 141,344 shares of the company's stock worth $4,260,000 after purchasing an additional 5,301 shares in the last quarter. Hedge funds and other institutional investors own 95.75% of the company's stock.

Sweetgreen Price Performance

The firm has a market cap of $3.67 billion, a PE ratio of -40.72 and a beta of 2.38. The company's 50 day moving average price is $37.06 and its 200 day moving average price is $33.61.

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.