Sweetgreen (NYSE:SG) Shares Down 6.3% Following Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG - Get Free Report) dropped 6.3% during trading on Tuesday after UBS Group lowered their price target on the stock from $35.00 to $30.00. UBS Group currently has a buy rating on the stock. Sweetgreen traded as low as $18.23 and last traded at $18.32. Approximately 366,675 shares traded hands during trading, a decline of 89% from the average daily volume of 3,358,429 shares. The stock had previously closed at $19.54.

A number of other research analysts have also recently issued reports on the stock. Oppenheimer decreased their price target on shares of Sweetgreen from $41.00 to $35.00 and set an "outperform" rating for the company in a report on Thursday, February 27th. Piper Sandler dropped their price target on Sweetgreen from $39.00 to $27.00 and set a "neutral" rating on the stock in a research note on Thursday, February 27th. Morgan Stanley set a $24.00 price objective on Sweetgreen in a research note on Monday, April 14th. The Goldman Sachs Group dropped their target price on Sweetgreen from $37.00 to $32.00 and set a "neutral" rating on the stock in a research report on Thursday, February 27th. Finally, TD Securities reduced their price target on shares of Sweetgreen from $45.00 to $33.00 and set a "buy" rating for the company in a research report on Thursday, February 27th. Five analysts have rated the stock with a hold rating and eight have issued a buy rating to the company's stock. According to MarketBeat.com, the company has an average rating of "Moderate Buy" and an average price target of $34.36.

Insider Buying and Selling at Sweetgreen

In related news, CFO Mitch Reback sold 4,000 shares of the business's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the sale, the chief financial officer now directly owns 344,509 shares in the company, valued at $7,258,804.63. The trade was a 1.15 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, COO Rossann Williams sold 4,977 shares of the firm's stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $118,452.60. Following the sale, the chief operating officer now owns 95,516 shares in the company, valued at approximately $2,273,280.80. This trade represents a 4.95 % decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders sold 35,852 shares of company stock valued at $871,417. 21.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors have recently added to or reduced their stakes in the company. FMR LLC lifted its position in shares of Sweetgreen by 3.4% during the fourth quarter. FMR LLC now owns 10,103,969 shares of the company's stock worth $323,933,000 after purchasing an additional 329,789 shares during the last quarter. Vanguard Group Inc. raised its holdings in shares of Sweetgreen by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company's stock worth $306,009,000 after purchasing an additional 351,240 shares during the period. Invesco Ltd. lifted its position in shares of Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock worth $176,850,000 after buying an additional 1,601,666 shares during the last quarter. Wellington Management Group LLP boosted its holdings in shares of Sweetgreen by 30.1% in the 4th quarter. Wellington Management Group LLP now owns 4,432,504 shares of the company's stock valued at $142,106,000 after buying an additional 1,025,341 shares during the period. Finally, Massachusetts Financial Services Co. MA grew its position in shares of Sweetgreen by 53.4% during the 1st quarter. Massachusetts Financial Services Co. MA now owns 2,514,316 shares of the company's stock valued at $62,908,000 after buying an additional 874,942 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Sweetgreen Stock Down 5.8 %

The firm's 50 day moving average is $22.13 and its two-hundred day moving average is $29.94. The stock has a market cap of $2.16 billion, a price-to-earnings ratio of -23.87 and a beta of 2.31.

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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