Sweetgreen (NYSE:SG) Sets New 12-Month Low on Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price hit a new 52-week low during trading on Saturday after Oppenheimer lowered their price target on the stock from $35.00 to $29.00. Oppenheimer currently has an outperform rating on the stock. Sweetgreen traded as low as $14.61 and last traded at $15.33, with a volume of 19041978 shares traded. The stock had previously closed at $18.17.

Several other equities research analysts have also weighed in on the company. Citigroup reduced their target price on Sweetgreen from $43.00 to $39.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Piper Sandler decreased their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating for the company in a report on Friday. UBS Group cut their target price on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, May 5th. The Goldman Sachs Group lowered their price target on Sweetgreen from $27.00 to $23.00 and set a "neutral" rating on the stock in a research report on Friday. Finally, Morgan Stanley cut their price objective on Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Friday. Five research analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat, Sweetgreen has an average rating of "Moderate Buy" and a consensus price target of $32.18.

Insider Activity

In related news, CFO Mitch Reback sold 10,926 shares of the stock in a transaction dated Tuesday, February 18th. The shares were sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the transaction, the chief financial officer now owns 344,055 shares of the company's stock, valued at $9,093,373.65. This represents a 3.08 % decrease in their ownership of the stock. The transaction was disclosed in a document filed 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. The trade was a 4.95 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 35,852 shares of company stock worth $871,417. Company insiders own 21.52% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of the stock. Cox Capital Mgt LLC grew its holdings in shares of Sweetgreen by 76.0% in the 4th quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company's stock worth $1,728,000 after purchasing an additional 23,278 shares during the last quarter. Moody National Bank Trust Division bought a new stake in Sweetgreen during the fourth quarter worth about $1,182,000. Diversified Trust Co increased its holdings in shares of Sweetgreen by 223.2% during the fourth quarter. Diversified Trust Co now owns 27,126 shares of the company's stock worth $870,000 after buying an additional 18,733 shares in the last quarter. Envestnet Asset Management Inc. raised its stake in shares of Sweetgreen by 54.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company's stock valued at $523,000 after acquiring an additional 5,783 shares during the last quarter. Finally, Franklin Resources Inc. boosted its holdings in shares of Sweetgreen by 1,399.0% in the 3rd quarter. Franklin Resources Inc. now owns 111,074 shares of the company's stock worth $4,365,000 after acquiring an additional 103,664 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Sweetgreen Stock Performance

The stock has a 50-day moving average of $21.74 and a 200 day moving average of $29.50. The firm has a market capitalization of $1.80 billion, a P/E ratio of -19.65 and a beta of 2.31.

Sweetgreen (NYSE:SG - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share for the quarter, meeting analysts' consensus estimates of ($0.21). The company had revenue of $166.30 million during the quarter, compared to analyst estimates of $164.68 million. Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. The firm'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. On average, equities analysts predict that Sweetgreen, Inc. will post -0.74 EPS for the current year.

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.

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