Sweetgreen (NYSE:SG) Shares Gap Up - What's Next?

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s stock price gapped up before the market opened on Tuesday . The stock had previously closed at $12.82, but opened at $13.45. Sweetgreen shares last traded at $13.91, with a volume of 2,328,051 shares trading hands.

Analyst Ratings Changes

SG has been the topic of several recent analyst reports. The Goldman Sachs Group reduced their price target on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating on the stock in a report on Wednesday, June 4th. Citigroup reduced their target price on Sweetgreen from $43.00 to $39.00 and set a "buy" rating on the stock in a research note on Thursday, February 27th. UBS Group lowered their target price on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research note on Monday, May 5th. Oppenheimer cut their price target on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a report on Friday, May 9th. Finally, JPMorgan Chase & Co. decreased their price objective on shares of Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a report on Wednesday. Six investment analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $28.00.

Sweetgreen Price Performance

The company's fifty day simple moving average is $15.15 and its 200-day simple moving average is $23.53. The firm has a market capitalization of $1.59 billion, a PE ratio of -17.51 and a beta of 2.06.

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, hitting the consensus estimate of ($0.21). Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The firm had revenue of $166.30 million for the quarter, compared to the consensus estimate of $164.68 million. During the same period in the previous year, the business earned ($0.23) EPS. The firm's revenue for the quarter was up 5.3% on a year-over-year basis. As a group, equities research analysts anticipate that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insider Activity

In other news, Director Clifford Burrows purchased 19,200 shares of the stock in a transaction on Friday, May 23rd. The stock was bought at an average price of $13.11 per share, with a total value of $251,712.00. Following the transaction, the director now owns 19,200 shares in the company, valued at $251,712. The trade was a ∞ increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Mitch Reback sold 10,088 shares of the stock in a transaction dated Friday, May 16th. The shares were sold at an average price of $15.23, for a total value of $153,640.24. Following the completion of the transaction, the chief financial officer now directly owns 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 disclosure for this sale can be found here. Corporate insiders own 21.52% of the company's stock.

Institutional Trading of Sweetgreen

Institutional investors have recently made changes to their positions in the company. Steward Partners Investment Advisory LLC lifted 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 in the last quarter. Headlands Technologies LLC boosted its position in Sweetgreen by 156.0% during the fourth quarter. Headlands Technologies LLC now owns 1,216 shares of the company's stock worth $39,000 after acquiring an additional 741 shares during the last quarter. Tower Research Capital LLC TRC raised 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 valued at $50,000 after buying an additional 494 shares during the period. Millstone Evans Group LLC acquired a new position in Sweetgreen in the fourth quarter valued at about $53,000. Finally, Spire Wealth Management boosted its stake in Sweetgreen by 47.1% during the first quarter. Spire Wealth Management now owns 1,983 shares of the company's stock worth $50,000 after buying an additional 635 shares during the period. 95.75% of the stock is owned by institutional investors and hedge funds.

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.