Sweetgreen (NYSE:SG) Trading Down 6.2% – Time to Sell?

Shares of Sweetgreen, Inc. (NYSE:SG) traded down 6.2% on Tuesday . The stock traded as low as $6.57 and last traded at $6.5250. Approximately 639,606 shares traded hands during mid-day trading, a decline of 87% from the average session volume of 5,071,867 shares. The stock had previously closed at $6.96.

Wall Street Analysts Forecast Growth

Several equities research analysts have recently issued reports on SG shares. BNP Paribas Exane lifted their price objective on shares of Sweetgreen from $4.50 to $5.00 and gave the company an “underperform” rating in a research report on Friday, May 8th. Weiss Ratings lowered shares of Sweetgreen from a “sell (d+)” rating to a “sell (d)” rating in a research report on Tuesday, August 11th. KeyCorp reaffirmed a “sector weight” rating on shares of Sweetgreen in a research note on Monday, August 10th. TD Cowen reduced their price target on shares of Sweetgreen from $8.00 to $5.00 and set a “hold” rating on the stock in a report on Friday, August 7th. Finally, Royal Bank Of Canada reduced their price target on shares of Sweetgreen from $7.00 to $6.50 and set an “outperform” rating on the stock in a report on Friday, August 7th. Four investment analysts have rated the stock with a Buy rating, twelve have assigned a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $7.10.

Sweetgreen Trading Down 5.4%

The firm has a market capitalization of $783.88 million, a P/E ratio of 65.76 and a beta of 2.20. The firm has a 50 day moving average price of $7.00 and a 200-day moving average price of $6.84.

Sweetgreen (NYSE:SG) last announced its earnings results on Thursday, August 6th. The company reported ($0.22) EPS for the quarter, missing analysts’ consensus estimates of ($0.13) by ($0.09). The company had revenue of $192.66 million during the quarter, compared to analysts’ expectations of $194.50 million. Sweetgreen had a negative return on equity of 32.94% and a net margin of 2.01%.Sweetgreen’s revenue for the quarter was up 3.8% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.20) EPS. Research analysts anticipate that Sweetgreen, Inc. will post -0.98 earnings per share for the current year.

Insiders Place Their Bets

In other Sweetgreen news, CFO Jamie Mcconnell sold 15,033 shares of the business’s stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $93,354.93. Following the transaction, the chief financial officer owned 210,489 shares in the company, valued at $1,307,136.69. The trade was a 6.67% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 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 the stock in a transaction on Monday, August 17th. The shares were sold at an average price of $6.21, for a total transaction of $29,863.89. Following the completion of the sale, the chief operating officer directly owned 207,076 shares in the company, valued at approximately $1,285,941.96. This represents a 2.27% decrease in their position. The SEC filing for this sale provides additional information. The sale was made to cover tax withholding obligations related to the vesting of equity awards. 18.19% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Large investors have recently made changes to their positions in the company. Quantinno Capital Management LP boosted its position in shares of Sweetgreen by 495.3% during the first quarter. Quantinno Capital Management LP now owns 193,757 shares of the company’s stock valued at $1,006,000 after buying an additional 161,209 shares during the period. Ibex Investors LLC grew its stake in shares of Sweetgreen by 5,058.7% during the fourth quarter. Ibex Investors LLC now owns 825,400 shares of the company’s stock valued at $5,580,000 after buying an additional 809,400 shares during the last quarter. Granahan Investment Management LLC purchased a new stake in shares of Sweetgreen in the first quarter worth approximately $1,472,000. MYDA Advisors LLC purchased a new stake in shares of Sweetgreen in the fourth quarter worth approximately $676,000. Finally, BNP Paribas Financial Markets lifted its stake in shares of Sweetgreen by 35.6% during the 4th quarter. BNP Paribas Financial Markets now owns 2,295,867 shares of the company’s stock worth $15,520,000 after acquiring an additional 603,029 shares during the last quarter. 95.75% of the stock is owned by hedge funds and other institutional investors.

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.