Sweetgreen (NYSE:SG) Stock Price Down 10.7% - What's Next?

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s stock price dropped 10.7% on Thursday . The stock traded as low as $14.51 and last traded at $14.53. Approximately 2,710,751 shares changed hands during mid-day trading, a decline of 39% from the average daily volume of 4,476,871 shares. The stock had previously closed at $16.26.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SG. UBS Group lowered their target price on shares of Sweetgreen from $35.00 to $30.00 and set a "buy" rating on the stock in a research report on Monday, May 5th. Piper Sandler lowered their price objective 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. TD Cowen reiterated a "hold" rating and issued a $19.00 price objective on shares of Sweetgreen in a research report on Tuesday, July 1st. Barclays lifted their price objective on shares of Sweetgreen from $16.00 to $17.00 and gave the company an "equal weight" rating in a research report on Thursday, July 17th. Finally, Morgan Stanley lowered their price objective on shares of Sweetgreen from $22.00 to $17.00 and set an "equal weight" rating on the stock in a research report on Monday, July 14th. Eight research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Hold" and a consensus target price of $23.31.

Sweetgreen Trading Down 12.0%

The firm has a 50-day moving average of $13.63 and a 200 day moving average of $20.90. The stock has a market capitalization of $1.68 billion, a price-to-earnings ratio of -18.59 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 (EPS) for the quarter, meeting analysts' consensus estimates of ($0.21). The company had revenue of $166.30 million for the quarter, compared to analyst estimates of $164.68 million. Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. Sweetgreen's quarterly revenue was up 5.3% on a year-over-year basis. During the same period in the prior year, the company posted ($0.23) EPS. As a group, research analysts forecast that Sweetgreen, Inc. will post -0.74 EPS for the current year.

Insider Buying and Selling at Sweetgreen

In related news, CFO Mitch Reback sold 10,088 shares of the firm's stock in a transaction dated Friday, May 16th. The stock was sold at an average price of $15.23, for a total transaction of $153,640.24. Following the completion of the transaction, the chief financial officer owned 334,421 shares of the company's stock, valued at $5,093,231.83. This trade represents a 2.93% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Clifford Burrows purchased 19,200 shares of the firm's stock in a transaction that occurred 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 directly owned 19,200 shares in the company, valued at $251,712. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

A number of institutional investors have recently bought and sold shares of SG. Summit Investment Advisors Inc. raised its stake in shares of Sweetgreen by 4.7% in the 4th quarter. Summit Investment Advisors Inc. now owns 10,479 shares of the company's stock valued at $336,000 after acquiring an additional 473 shares in 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 valued at $50,000 after buying an additional 494 shares during the last quarter. Oberweis Asset Management Inc. grew its holdings in Sweetgreen by 0.6% in the 4th quarter. Oberweis Asset Management Inc. now owns 96,201 shares of the company's stock valued at $3,084,000 after buying an additional 610 shares during the last quarter. Spire Wealth Management grew its holdings in Sweetgreen by 47.1% in the 1st quarter. Spire Wealth Management now owns 1,983 shares of the company's stock valued at $50,000 after buying an additional 635 shares during the last quarter. Finally, Xponance Inc. grew its holdings in Sweetgreen by 10.8% in the 4th quarter. Xponance Inc. now owns 7,185 shares of the company's stock valued at $230,000 after buying an additional 702 shares during the last quarter. 95.75% of the stock is currently 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.

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