Sweetgreen (NYSE:SG) Stock Price Down 5.8% – Here’s What Happened

Shares of Sweetgreen, Inc. (NYSE:SG) traded down 5.8% on Monday . The stock traded as low as $8.28 and last traded at $8.2650. Approximately 1,183,989 shares were traded during trading, a decline of 75% from the average session volume of 4,772,480 shares. The stock had previously closed at $8.77.

Wall Street Analysts Forecast Growth

A number of research firms have recently issued reports on SG. JPMorgan Chase & Co. upgraded shares of Sweetgreen from a “neutral” rating to an “overweight” rating and raised their price target for the stock from $8.00 to $13.00 in a research report on Friday, May 22nd. TD Cowen increased their price objective on shares of Sweetgreen from $7.00 to $8.00 and gave the stock a “hold” rating in a research note on Wednesday, May 27th. Wall Street Zen raised shares of Sweetgreen from a “strong sell” rating to a “sell” rating in a report on Saturday, May 23rd. UBS Group lifted their target price on Sweetgreen from $6.50 to $7.00 and gave the company a “neutral” rating in a research note on Friday, May 8th. Finally, BNP Paribas Exane upped their target price on Sweetgreen from $4.50 to $5.00 and gave the company an “underperform” rating in a report on Friday, May 8th. Four analysts have rated the stock with a Buy rating, eleven have issued a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Sweetgreen has a consensus rating of “Hold” and an average target price of $7.57.

Sweetgreen Stock Down 6.9%

The company has a market capitalization of $970.72 million, a P/E ratio of 68.05 and a beta of 2.17. The business has a 50 day simple moving average of $8.25 and a 200-day simple moving average of $6.92.

Sweetgreen (NYSE:SG) last released its quarterly earnings results on Friday, May 8th. The company reported ($0.27) EPS for the quarter, missing the consensus estimate of ($0.23) by ($0.04). Sweetgreen had a negative return on equity of 33.07% and a net margin of 2.49%.The firm had revenue of $161.52 million for the quarter, compared to the consensus estimate of $163.94 million. During the same quarter in the prior year, the company posted ($0.21) EPS. The firm’s revenue was down 2.9% on a year-over-year basis. Equities analysts forecast that Sweetgreen, Inc. will post -0.76 EPS for the current fiscal year.

Insider Transactions at Sweetgreen

In other news, major shareholder Goldman Sachs Group Inc bought 594,553 shares of the firm’s stock in a transaction on Tuesday, April 7th. The stock was purchased at an average price of $5.69 per share, for a total transaction of $3,383,006.57. Following the transaction, the insider owned 11,900,255 shares in the company, valued at approximately $67,712,450.95. This trade represents a 5.26% increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this link. 18.19% of the stock is owned by insiders.

Hedge Funds Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently made changes to their positions in SG. Woodson Capital Management LP grew its holdings in Sweetgreen by 152.6% in the 4th quarter. Woodson Capital Management LP now owns 6,000,000 shares of the company’s stock worth $40,560,000 after buying an additional 3,625,000 shares in the last quarter. Spyglass Capital Management LLC increased its position in Sweetgreen by 4.0% in the 3rd quarter. Spyglass Capital Management LLC now owns 4,056,570 shares of the company’s stock valued at $32,371,000 after acquiring an additional 156,757 shares during the period. Greenhouse Funds LLLP raised its stake in Sweetgreen by 82.8% during the 3rd quarter. Greenhouse Funds LLLP now owns 3,946,884 shares of the company’s stock valued at $31,496,000 after acquiring an additional 1,788,175 shares in the last quarter. Marshall Wace LLP raised its stake in Sweetgreen by 1,428.8% during the 3rd quarter. Marshall Wace LLP now owns 3,923,973 shares of the company’s stock valued at $31,313,000 after acquiring an additional 3,667,306 shares in the last quarter. Finally, Federated Hermes Inc. boosted its position in Sweetgreen by 366.8% during the 4th quarter. Federated Hermes Inc. now owns 2,647,899 shares of the company’s stock worth $17,900,000 after acquiring an additional 2,080,628 shares during the period. 95.75% of the stock is currently owned by institutional investors and hedge funds.

About Sweetgreen

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.