Sweetgreen (NYSE:SG) Shares Down 9.2% - Here's What Happened

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price traded down 9.2% during mid-day trading on Monday . The company traded as low as $13.38 and last traded at $13.34. 1,325,842 shares traded hands during trading, a decline of 70% from the average session volume of 4,410,686 shares. The stock had previously closed at $14.69.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on the company. JPMorgan Chase & Co. decreased their target price on Sweetgreen from $20.00 to $16.00 and set a "neutral" rating for the company in a research report on Wednesday, June 25th. Oppenheimer decreased their target price on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating for the company in a research report on Friday, May 9th. Morgan Stanley decreased their target price on Sweetgreen from $24.00 to $22.00 and set an "equal weight" rating for the company in a research report on Friday, May 9th. UBS Group decreased their target price on Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Finally, TD Cowen reaffirmed a "hold" rating and set a $19.00 target price on shares of Sweetgreen in a research report on Tuesday, July 1st. Eight analysts have rated the stock with a hold rating and six have issued a buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Hold" and an average price target of $25.23.

Sweetgreen Price Performance

The firm has a 50 day simple moving average of $14.58 and a 200-day simple moving average of $22.31. The stock has a market capitalization of $1.55 billion, a price-to-earnings ratio of -17.21 and a beta of 2.06.

Sweetgreen (NYSE:SG - Get Free Report) last released its quarterly earnings data on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) 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 during the quarter, compared to analyst estimates of $164.68 million. During the same period in the prior year, the company posted ($0.23) earnings per share. The business's revenue for the quarter was up 5.3% compared to the same quarter last year. On average, sell-side analysts forecast that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Sweetgreen news, Director Clifford Burrows bought 19,200 shares of the stock in a transaction dated Friday, May 23rd. The stock was bought at an average cost of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the purchase, the director owned 19,200 shares in the company, valued at $251,712. This represents a ∞ increase in their position. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Mitch Reback sold 10,088 shares of the firm's stock in a transaction on 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 sale, the chief financial officer owned 334,421 shares of the company's stock, 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. Company insiders own 21.52% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Steward Partners Investment Advisory LLC lifted its holdings in shares of Sweetgreen by 3,571.4% during 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 lifted its holdings in shares of Sweetgreen by 156.0% during 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 in the last quarter. Tower Research Capital LLC TRC lifted its holdings in shares of Sweetgreen by 45.7% during the 4th quarter. Tower Research Capital LLC TRC now owns 1,574 shares of the company's stock valued at $50,000 after purchasing an additional 494 shares in the last quarter. Spire Wealth Management lifted its holdings in shares of Sweetgreen by 47.1% during the 1st 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 bought a new position in shares of Sweetgreen during the 4th quarter valued at about $53,000. Institutional investors own 95.75% of the company's stock.

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.