Sweetgreen (NYSE:SG) Trading Down 7.2% – Here’s What Happened

Sweetgreen, Inc. (NYSE:SG)’s share price traded down 7.2% during trading on Monday . The company traded as low as $5.88 and last traded at $5.8260. Approximately 417,902 shares traded hands during mid-day trading, a decline of 92% from the average session volume of 5,092,927 shares. The stock had previously closed at $6.28.

Analyst Ratings Changes

A number of analysts have weighed in on SG shares. DA Davidson dropped their target price on shares of Sweetgreen from $7.00 to $5.50 and set a “neutral” rating on the stock in a report on Monday, August 10th. Royal Bank Of Canada lowered their price objective on shares of Sweetgreen from $7.00 to $6.50 and set an “outperform” rating for the company in a research report on Friday, August 7th. Wells Fargo & Company dropped their price objective on shares of Sweetgreen from $7.00 to $6.00 and set an “equal weight” rating on the stock in a research note on Friday, August 7th. Weiss Ratings cut shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a report on Tuesday, August 11th. Finally, UBS Group upgraded Sweetgreen from a “neutral” rating to a “buy” rating in a research note on Friday, August 7th. Four research analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and three have assigned a Sell rating to the company’s stock. According to data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $7.10.

Sweetgreen Stock Down 0.7%

The company has a market capitalization of $695.20 million, a P/E ratio of 58.41 and a beta of 2.20. The business has a 50 day simple moving average of $7.36 and a 200-day simple moving average of $6.79.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing the consensus estimate of ($0.13) by ($0.09). Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.The firm had revenue of $192.66 million for the quarter, compared to the consensus estimate of $194.50 million. During the same quarter in the prior year, the company posted ($0.20) EPS. The firm’s revenue was up 3.8% on a year-over-year basis. Equities analysts forecast that Sweetgreen, Inc. will post -0.98 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, CFO Jamie Mcconnell sold 15,033 shares of Sweetgreen stock in a transaction that occurred on Monday, August 17th. The stock was sold at an average price of $6.21, for a total transaction of $93,354.93. Following the sale, the chief financial officer owned 210,489 shares of the company’s stock, valued at approximately $1,307,136.69. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Also, COO Jason Miles Cochran sold 4,809 shares of Sweetgreen stock in a transaction that occurred on Monday, August 17th. The shares were sold at an average price of $6.21, for a total value of $29,863.89. Following the sale, the chief operating officer directly owned 207,076 shares in the company, valued at approximately $1,285,941.96. This trade represents a 2.27% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. The sale was made to cover tax withholding obligations related to the vesting of equity awards. Insiders own 18.19% of the company’s stock.

Institutional Trading of Sweetgreen

Large investors have recently added to or reduced their stakes in the business. Woodson Capital Management LP boosted its position in Sweetgreen by 152.6% during the 4th quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock worth $40,560,000 after acquiring an additional 3,625,000 shares during the period. Marshall Wace LLP increased its holdings in shares of Sweetgreen by 1,428.8% during the third quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after purchasing an additional 3,667,306 shares during the period. Federated Hermes Inc. raised its stake in shares of Sweetgreen by 366.8% during the fourth quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock valued at $17,900,000 after purchasing an additional 2,080,628 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of Sweetgreen by 0.7% during the fourth quarter. Geode Capital Management LLC now owns 2,453,564 shares of the company’s stock valued at $16,589,000 after purchasing an additional 16,281 shares in the last quarter. Finally, BNP Paribas Financial Markets lifted its holdings in Sweetgreen by 35.6% in the fourth quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock worth $15,520,000 after purchasing an additional 603,029 shares during the period. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Sweetgreen Company Profile

Sweetgreen, Inc is a fast-casual restaurant chain specializing in salads, grain bowls and warm bowls that emphasize fresh, locally sourced ingredients. Since its founding in 2007 by Jonathan Neman, Nicolas Jammet and Nathaniel Ru, Sweetgreen has focused on sustainable agriculture, working with regional farmers across the United States to provide seasonal produce and promote environmentally responsible sourcing practices. The company’s menu features a variety of plant-forward options, including custom-build salads, chef-curated bowls and limited-time offerings that reflect changing harvests.

Sweetgreen operates a technology-driven service model that combines in-store experiences with digital ordering through its mobile app and website.