Sweetgreen (NYSE:SG) Sets New 52-Week Low - What's Next?

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price reached a new 52-week low on Tuesday . The company traded as low as $12.25 and last traded at $12.59, with a volume of 275314 shares. The stock had previously closed at $12.64.

Analyst Ratings Changes

A number of equities analysts have weighed in on the stock. Royal Bank of Canada reaffirmed an "outperform" rating and set a $45.00 target price on shares of Sweetgreen in a research note on Tuesday, February 25th. Morgan Stanley decreased their price target on shares of Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating on the stock in a research note on Friday, May 9th. 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. Barclays began coverage on Sweetgreen in a research report on Friday, June 6th. They set an "equal weight" rating and a $16.00 target price on the stock. Finally, Piper Sandler dropped their target price on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating on the stock in a research report on Friday, May 9th. Six investment analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company's stock. According to MarketBeat.com, the stock currently has an average rating of "Moderate Buy" and an average target price of $28.31.

Sweetgreen Stock Performance

The firm has a market capitalization of $1.46 billion, a price-to-earnings ratio of -15.92 and a beta of 2.06. The company has a 50-day moving average price of $16.48 and a 200-day moving average price of $24.81.

Sweetgreen (NYSE:SG - Get Free Report) last announced its earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, meeting analysts' consensus estimates of ($0.21). Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. The firm had revenue of $166.30 million during the quarter, compared to analysts' expectations of $164.68 million. During the same period in the prior year, the firm earned ($0.23) EPS. The business's revenue was up 5.3% on a year-over-year basis. On average, research analysts expect that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

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

Hedge Funds Weigh In On Sweetgreen

Institutional investors have recently added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC raised its holdings in Sweetgreen by 3,571.4% in 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 in the last quarter. Headlands Technologies LLC lifted its position in Sweetgreen by 156.0% in the 4th quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock valued at $39,000 after purchasing an additional 741 shares during the last quarter. Tower Research Capital LLC TRC grew its holdings in Sweetgreen by 45.7% in 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 in the last quarter. Spire Wealth Management raised its stake in shares of Sweetgreen by 47.1% during the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock valued at $50,000 after purchasing an additional 635 shares in the last quarter. Finally, Millstone Evans Group LLC acquired a new stake in shares of Sweetgreen in the 4th quarter worth approximately $53,000. 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.

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