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

Key Points

• Swoetgreen's shares hit a new 52-week low at $11.85, closing down 7.4% from the prior day's close of $12.88.
• Multiple analysts have issued revised target prices for Sweetgreen, ranging from $15 to $29, with an average consensus target price of $22.46.
• Institutional investors own 95.75% of Sweetgreen's stock, indicating strong institutional confidence in the company despite current stock volatility.

Shares of Sweetgreen, Inc. (NYSE:SG - Get Free Report) reached a new 52-week low on Friday . The company traded as low as $11.85 and last traded at $11.89, with a volume of 5207613 shares. The stock had previously closed at $12.88.

Wall Street Analyst Weigh In

SG has been the subject of several recent research reports. TD Cowen restated a "hold" rating and issued a $19.00 price target on shares of Sweetgreen in a research note on Tuesday, July 1st. UBS Group set a $19.00 price target on Sweetgreen and gave the company a "buy" rating in a research note on Wednesday. TD Securities restated a "hold" rating and issued a $15.00 price target (down from $25.00) on shares of Sweetgreen in a research note on Tuesday, July 1st. Bank of America cut their target price on Sweetgreen from $27.00 to $22.00 and set a "buy" rating for the company in a research report on Friday, July 18th. Finally, Oppenheimer cut their target price on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company's stock. Based on data from MarketBeat.com, Sweetgreen has an average rating of "Hold" and a consensus target price of $22.46.

Sweetgreen Stock Down 7.4%

The stock has a 50 day simple moving average of $13.58 and a 200 day simple moving average of $20.12. The stock has a market cap of $1.40 billion, a price-to-earnings ratio of -15.49 and a beta of 2.06.

Sweetgreen (NYSE:SG - Get Free Report) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, hitting analysts' consensus estimates of ($0.21). The business had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. Sweetgreen's quarterly revenue was up 5.3% compared to the same quarter last year. During the same period last year, the company posted ($0.23) earnings per share. Equities analysts expect that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

Insiders Place Their Bets

In other news, CFO Mitch Reback sold 10,088 shares of Sweetgreen stock in a transaction on Friday, May 16th. The stock was sold at an average price of $15.23, for a total value of $153,640.24. Following the completion of the transaction, the chief financial officer directly owned 334,421 shares in the company, valued at approximately $5,093,231.83. The trade was a 2.93% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Clifford Burrows purchased 19,200 shares of Sweetgreen stock in a transaction dated Friday, May 23rd. The stock was bought at an average price of $13.11 per share, with a total value of $251,712.00. Following the completion of the transaction, the director owned 19,200 shares of the company's stock, valued at $251,712. This represents a ∞ increase in their position. The disclosure for this purchase can be found here. Company insiders own 21.52% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Headlands Technologies LLC grew its holdings in shares of Sweetgreen by 156.0% in the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock worth $39,000 after acquiring an additional 741 shares during the period. Tower Research Capital LLC TRC grew its holdings in shares of Sweetgreen by 45.7% in the fourth quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock worth $50,000 after acquiring an additional 494 shares during the period. Spire Wealth Management grew its holdings in shares of Sweetgreen by 47.1% in the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after acquiring an additional 635 shares during the period. Glass Jacobson Investment Advisors llc bought a new stake in shares of Sweetgreen in the second quarter worth $30,000. Finally, Nisa Investment Advisors LLC grew its holdings in shares of Sweetgreen by 98.2% in the second quarter. Nisa Investment Advisors LLC now owns 2,129 shares of the company's stock worth $32,000 after acquiring an additional 1,055 shares during the period. Institutional investors 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.

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