Sweetgreen (NYSE:SG) Hits New 1-Year Low - Here's Why

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.

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

Wall Street Analyst Weigh In

Several analysts recently issued reports on SG shares. Oppenheimer dropped their price objective on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a research note on Friday, May 9th. TD Cowen reissued a "hold" rating and issued a $19.00 price target on shares of Sweetgreen in a research note on Tuesday, July 1st. The Goldman Sachs Group dropped their price target on shares of Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a research note on Wednesday, June 4th. Barclays increased their price target on shares of Sweetgreen from $16.00 to $17.00 and gave the company an "equal weight" rating in a research note on Thursday, July 17th. Finally, Bank of America dropped their price target on shares of Sweetgreen from $27.00 to $22.00 and set a "buy" rating for the company in a research note on Friday, July 18th. Eight analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $22.46.

Sweetgreen Trading Up 1.4%

The company has a market capitalization of $1.48 billion, a price-to-earnings ratio of -16.36 and a beta of 2.04. The stock's fifty day simple moving average is $13.55 and its 200-day simple moving average is $19.65.

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

Insiders Place Their Bets

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

Institutional Trading of Sweetgreen

Hedge funds have recently made changes to their positions in the company. Summit Investment Advisors Inc. lifted its stake in shares of Sweetgreen by 4.7% in the fourth quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company's stock valued at $336,000 after purchasing an additional 473 shares during the period. Tower Research Capital LLC TRC increased its holdings in Sweetgreen by 45.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock valued at $50,000 after acquiring an additional 494 shares in the last quarter. Oberweis Asset Management Inc. increased its holdings in Sweetgreen by 0.6% during the 4th quarter. Oberweis Asset Management Inc. now owns 96,201 shares of the company's stock valued at $3,084,000 after acquiring an additional 610 shares in the last quarter. Spire Wealth Management increased its holdings in Sweetgreen by 47.1% during the 1st quarter. Spire Wealth Management now owns 1,983 shares of the company's stock valued at $50,000 after acquiring an additional 635 shares in the last quarter. Finally, Headlands Technologies LLC increased its holdings in Sweetgreen by 156.0% during the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock valued at $39,000 after acquiring an additional 741 shares in the last quarter. 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.