Sweetgreen (NYSE:SG) Trading Down 5.3% After Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price dropped 5.3% during trading on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $20.00 to $16.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Sweetgreen traded as low as $12.59 and last traded at $12.62. Approximately 3,520,839 shares were traded during trading, a decline of 19% from the average daily volume of 4,360,675 shares. The stock had previously closed at $13.33.

Several other research analysts have also weighed in on the company. The Goldman Sachs Group lowered their price objective on Sweetgreen from $23.00 to $15.00 and set a "neutral" rating for the company in a research report on Wednesday, June 4th. Oppenheimer decreased their price target on Sweetgreen from $35.00 to $29.00 and set an "outperform" rating on the stock in a research note on Friday, May 9th. Royal Bank Of Canada reissued an "outperform" rating and set a $45.00 price objective on shares of Sweetgreen in a research report on Tuesday, February 25th. Barclays began coverage on shares of Sweetgreen in a report on Friday, June 6th. They issued an "equal weight" rating and a $16.00 price objective on the stock. Finally, TD Securities reaffirmed a "buy" rating and issued a $25.00 target price on shares of Sweetgreen in a research report on Thursday, May 15th. Six research analysts have rated the stock with a hold rating and eight have given a buy rating to the stock. According to data from MarketBeat.com, Sweetgreen presently has an average rating of "Moderate Buy" and a consensus target price of $28.00.

Insider Activity

In other news, CFO Mitch Reback sold 10,088 shares of the business's stock in a transaction dated Friday, May 16th. The stock was 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 now directly owns 334,421 shares of the company's stock, valued at approximately $5,093,231.83. The trade was a 2.93% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, Director Clifford Burrows bought 19,200 shares of the firm's stock in a transaction that occurred on Friday, May 23rd. The stock was purchased at an average cost of $13.11 per share, with a total value of $251,712.00. Following the completion of the transaction, the director now owns 19,200 shares in the company, valued at approximately $251,712. This trade 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.

Hedge Funds Weigh In On Sweetgreen

A number of institutional investors have recently modified their holdings of SG. Baillie Gifford & Co. lifted its position in Sweetgreen by 3.4% during the 1st quarter. Baillie Gifford & Co. now owns 11,707,090 shares of the company's stock worth $292,911,000 after acquiring an additional 386,141 shares during the period. FMR LLC raised its stake in shares of Sweetgreen by 3.4% during the fourth quarter. FMR LLC now owns 10,103,969 shares of the company's stock worth $323,933,000 after purchasing an additional 329,789 shares during the last quarter. Vanguard Group Inc. lifted its holdings in shares of Sweetgreen by 3.8% during the fourth quarter. Vanguard Group Inc. now owns 9,544,885 shares of the company's stock worth $306,009,000 after purchasing an additional 351,240 shares during the period. Wellington Management Group LLP lifted its holdings in shares of Sweetgreen by 30.0% during the first quarter. Wellington Management Group LLP now owns 5,762,598 shares of the company's stock worth $144,180,000 after purchasing an additional 1,330,094 shares during the period. Finally, Invesco Ltd. grew its position in Sweetgreen by 40.9% in the 4th quarter. Invesco Ltd. now owns 5,516,223 shares of the company's stock valued at $176,850,000 after buying an additional 1,601,666 shares during the last quarter. 95.75% of the stock is owned by institutional investors and hedge funds.

Sweetgreen Trading Down 4.6%

The company has a market capitalization of $1.49 billion, a price-to-earnings ratio of -16.50 and a beta of 2.06. The firm's 50 day simple moving average is $15.39 and its 200-day simple moving average is $23.77.

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

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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