Sweetgreen (NYSE:SG) Shares Down 6.4% - Here's What Happened

Sweetgreen, Inc. (NYSE:SG - Get Free Report) shares fell 6.4% during trading on Tuesday . The company traded as low as $25.80 and last traded at $25.44. 580,572 shares traded hands during mid-day trading, a decline of 78% from the average session volume of 2,683,992 shares. The stock had previously closed at $27.19.

Analyst Ratings Changes

Several brokerages recently weighed in on SG. The Goldman Sachs Group reiterated a "neutral" rating and set a $40.00 price target on shares of Sweetgreen in a research report on Friday, November 8th. Oppenheimer cut their target price on shares of Sweetgreen from $45.00 to $41.00 and set an "outperform" rating for the company in a report on Tuesday, January 7th. TD Cowen reissued a "buy" rating and set a $45.00 price target on shares of Sweetgreen in a report on Monday, November 18th. KeyCorp initiated coverage on shares of Sweetgreen in a report on Wednesday, December 11th. They issued a "sector weight" rating for the company. Finally, Morgan Stanley dropped their target price on Sweetgreen from $32.00 to $28.00 and set an "equal weight" rating on the stock in a research report on Tuesday, January 21st. Four investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $40.60.

Sweetgreen Price Performance

The stock has a market capitalization of $2.56 billion, a price-to-earnings ratio of -28.35 and a beta of 2.37. The stock has a 50 day moving average price of $31.44 and a 200-day moving average price of $34.33.

Insider Transactions at Sweetgreen

In related news, Director Julie Bornstein sold 4,464 shares of the firm's stock in a transaction dated Wednesday, November 27th. The shares were sold at an average price of $42.11, for a total transaction of $187,979.04. Following the completion of the sale, the director now directly owns 32,637 shares in the company, valued at approximately $1,374,344.07. This trade represents a 12.03 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Mitch Reback sold 10,926 shares of the firm's stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total transaction of $288,774.18. Following the sale, the chief financial officer now owns 344,055 shares of the company's stock, valued at approximately $9,093,373.65. The trade was a 3.08 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 550,577 shares of company stock valued at $21,183,936. Corporate insiders own 21.52% of the company's stock.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently bought and sold shares of the company. Steward Partners Investment Advisory LLC increased its position in shares of Sweetgreen by 3,571.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock valued at $33,000 after acquiring an additional 1,000 shares during the last quarter. Hollencrest Capital Management purchased a new position in Sweetgreen in the third quarter worth approximately $35,000. Headlands Technologies LLC lifted its position in shares of Sweetgreen by 156.0% during the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock worth $39,000 after buying an additional 741 shares during the last quarter. Tower Research Capital LLC TRC lifted its position in shares of Sweetgreen by 45.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock worth $50,000 after buying an additional 494 shares during the last quarter. Finally, Millstone Evans Group LLC purchased a new stake in shares of Sweetgreen during the 4th quarter worth approximately $53,000. 95.75% of the stock is currently owned by institutional investors and hedge funds.

About Sweetgreen

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.