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

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

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Wells Fargo & Company restated an "overweight" rating and issued a $19.00 price target on shares of Sweetgreen in a research report on Tuesday, July 1st. Piper Sandler dropped their price target 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 Securities reiterated a "hold" rating and set a $15.00 target price (down previously from $25.00) on shares of Sweetgreen in a research report on Tuesday, July 1st. Barclays began coverage on shares of Sweetgreen in a research report on Friday, June 6th. They set an "equal weight" rating and a $16.00 target price on the stock. Finally, Oppenheimer dropped their target price on shares of Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a research report on Friday, May 9th. Eight equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $25.23.

Sweetgreen Stock Up 2.7%

The company's fifty day moving average price is $14.34 and its 200 day moving average price is $22.19.

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

Insider Transactions at Sweetgreen

In other Sweetgreen news, Director Clifford Burrows bought 19,200 shares of the business's stock in a transaction on Friday, May 23rd. The stock was purchased at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the completion of the transaction, the director directly owned 19,200 shares of the company's stock, valued at $251,712. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a filing with the SEC, 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 stock was sold at an average price of $15.23, for a total transaction of $153,640.24. Following the transaction, the chief financial officer owned 334,421 shares of the company's stock, valued at $5,093,231.83. This represents a 2.93% decrease in their position. The disclosure for this sale can be found here. 21.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Large investors have recently modified their holdings of the company. Bank of New York Mellon Corp raised its stake in Sweetgreen by 13.6% in the fourth quarter. Bank of New York Mellon Corp now owns 303,914 shares of the company's stock valued at $9,743,000 after purchasing an additional 36,281 shares in the last quarter. US Bancorp DE raised its stake in shares of 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 acquiring an additional 3,965 shares in the last quarter. Steward Partners Investment Advisory LLC raised its stake in shares of Sweetgreen by 3,571.4% during the fourth quarter. Steward Partners Investment Advisory LLC now owns 1,028 shares of the company's stock worth $33,000 after acquiring an additional 1,000 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in shares of Sweetgreen by 2.3% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 849,512 shares of the company's stock worth $27,235,000 after acquiring an additional 19,263 shares in the last quarter. Finally, Proficio Capital Partners LLC purchased a new position in shares of Sweetgreen during the fourth quarter worth approximately $630,000. 95.75% of the stock is currently owned by institutional investors.

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.