Sweetgreen (NYSE:SG) Shares Down 5.3% Following Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG - Get Free Report)'s share price fell 5.3% 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. 3,520,839 shares changed hands during mid-day trading, a decline of 19% from the average session volume of 4,360,675 shares. The stock had previously closed at $13.33.

Several other analysts have also issued reports on SG. Morgan Stanley cut their price target on shares of 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 reduced their price objective on Sweetgreen from $35.00 to $30.00 and set a "buy" rating for the company in a research report on Monday, May 5th. Royal Bank Of Canada reaffirmed 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 Sweetgreen in a report on Friday, June 6th. They issued an "equal weight" rating and a $16.00 target price for the company. Finally, Citigroup reduced their target price on Sweetgreen from $43.00 to $39.00 and set a "buy" rating for the company in a report on Thursday, February 27th. Six research analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $28.00.

Insider Transactions at Sweetgreen

In related news, Director Clifford Burrows purchased 19,200 shares of Sweetgreen stock in a transaction dated 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 transaction, the director now owns 19,200 shares in the company, valued at approximately $251,712. The trade was a ∞ increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mitch Reback sold 4,000 shares of the company's stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the transaction, the chief financial officer now directly owns 344,509 shares in the company, valued at $7,258,804.63. This represents a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 21.52% of the company's stock.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently bought and sold shares of SG. Steward Partners Investment Advisory LLC grew its holdings in 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 during the period. Headlands Technologies LLC lifted 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 buying an additional 741 shares in the last quarter. Tower Research Capital LLC TRC grew its holdings in shares of Sweetgreen by 45.7% in the fourth 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 during the period. Millstone Evans Group LLC purchased a new stake in shares of Sweetgreen in the 4th quarter valued at approximately $53,000. Finally, Spire Wealth Management increased 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 acquiring an additional 635 shares during the last quarter. Institutional investors and hedge funds own 95.75% of the company's stock.

Sweetgreen Stock Performance

The business has a 50-day moving average of $15.05 and a 200-day moving average of $23.37. The stock has a market capitalization of $1.59 billion, a price-to-earnings ratio of -17.64 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%. The firm's quarterly revenue was up 5.3% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.23) earnings per share. Equities analysts predict that Sweetgreen, Inc. will post -0.74 earnings per share for the current fiscal year.

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.