Sweetgreen (NYSE:SG) Shares Gap Down - Here's What Happened

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s stock price gapped down prior to trading on Tuesday . The stock had previously closed at $14.88, but opened at $14.08. Sweetgreen shares last traded at $14.16, with a volume of 1,034,230 shares traded.

Analyst Ratings Changes

SG has been the topic of a number of research reports. Wells Fargo & Company reaffirmed an "overweight" rating and issued a $19.00 price objective on shares of Sweetgreen in a research note on Tuesday. TD Securities restated a "hold" rating and issued a $15.00 price target (down previously from $25.00) on shares of Sweetgreen in a research report on Tuesday. Piper Sandler decreased their price target on shares of Sweetgreen from $27.00 to $20.00 and set a "neutral" rating on the stock in a research note on Friday, May 9th. TD Cowen reissued a "hold" rating and issued a $19.00 price objective on shares of Sweetgreen in a research note on Tuesday. Finally, JPMorgan Chase & Co. decreased their target price on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating on the stock in a research report on Wednesday, June 25th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Hold" and a consensus price target of $25.23.

Sweetgreen Price Performance

The stock has a market capitalization of $1.68 billion, a P/E ratio of -18.66 and a beta of 2.06. The stock's fifty day moving average price is $14.96 and its 200 day moving average price is $22.97.

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

Insiders Place Their Bets

In related news, CFO Mitch Reback sold 10,088 shares of the company's stock in a transaction that occurred 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 sale, the chief financial officer owned 334,421 shares in the company, valued at $5,093,231.83. This represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Clifford Burrows bought 19,200 shares of the business's stock in a transaction dated Friday, May 23rd. The shares were purchased at an average cost of $13.11 per share, with a total value of $251,712.00. Following the completion of the acquisition, the director owned 19,200 shares in the company, valued at approximately $251,712. This represents 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

Several institutional investors have recently modified their holdings of the stock. Bank of New York Mellon Corp increased its stake in Sweetgreen by 13.6% during the 4th quarter. Bank of New York Mellon Corp now owns 303,914 shares of the company's stock worth $9,743,000 after buying an additional 36,281 shares in the last quarter. Oppenheimer Asset Management Inc. lifted its position in Sweetgreen by 11.9% during the fourth quarter. Oppenheimer Asset Management Inc. now owns 25,696 shares of the company's stock worth $824,000 after buying an additional 2,737 shares in the last quarter. Proficio Capital Partners LLC purchased a new position in shares of Sweetgreen during the 4th quarter worth $630,000. US Bancorp DE increased its position in Sweetgreen by 135.7% during the fourth quarter. US Bancorp DE now owns 6,886 shares of the company's stock worth $221,000 after purchasing an additional 3,965 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC boosted its holdings in Sweetgreen by 3,571.4% in the 4th quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock valued at $33,000 after purchasing an additional 1,000 shares during 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.