Sweetgreen (NYSE:SG) Shares Gap Down to $37.37

Sweetgreen, Inc. (NYSE:SG)’s stock price gapped down before the market opened on Monday . The stock had previously closed at $37.37, but opened at $36.50. Sweetgreen shares last traded at $35.24, with a volume of 528,678 shares changing hands.

Analyst Upgrades and Downgrades

A number of equities analysts have recently weighed in on the company. Morgan Stanley upped their price objective on Sweetgreen from $25.00 to $27.00 and gave the stock an “equal weight” rating in a research note on Friday, August 9th. Oppenheimer increased their price objective on shares of Sweetgreen from $36.00 to $40.00 and gave the company an “outperform” rating in a report on Thursday. TD Cowen lifted their price objective on shares of Sweetgreen from $26.00 to $31.00 and gave the company a “hold” rating in a research report on Thursday, June 13th. Bank of America dropped their target price on shares of Sweetgreen from $36.00 to $33.00 and set a “buy” rating for the company in a research report on Wednesday, July 17th. Finally, The Goldman Sachs Group began coverage on shares of Sweetgreen in a report on Thursday, June 13th. They issued a “buy” rating and a $39.00 price target on the stock. Four analysts have rated the stock with a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $36.00.

Sweetgreen Trading Down 6.6 %

The business’s 50-day simple moving average is $28.60 and its 200-day simple moving average is $24.38. The company has a market capitalization of $3.96 billion, a PE ratio of -37.89 and a beta of 2.30.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, August 8th. The company reported ($0.13) EPS for the quarter, missing analysts’ consensus estimates of ($0.11) by ($0.02). The company had revenue of $184.60 million during the quarter, compared to analysts’ expectations of $180.79 million. Sweetgreen had a negative return on equity of 19.34% and a negative net margin of 14.33%. The firm’s quarterly revenue was up 21.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned ($0.20) EPS. Sell-side analysts forecast that Sweetgreen, Inc. will post -0.75 EPS for the current fiscal year.

Insider Activity at Sweetgreen

In other Sweetgreen news, CFO Mitch Reback sold 8,837 shares of the business’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $31.98, for a total transaction of $282,607.26. Following the completion of the sale, the chief financial officer now directly owns 388,337 shares in the company, valued at approximately $12,419,017.26. The transaction was disclosed in a document filed with the SEC, which is available through this link. In related news, CFO Mitch Reback sold 8,837 shares of the company’s stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $31.98, for a total transaction of $282,607.26. Following the completion of the sale, the chief financial officer now owns 388,337 shares of the company’s stock, valued at approximately $12,419,017.26. The sale was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, CEO Jonathan Neman sold 150,000 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $30.50, for a total value of $4,575,000.00. Following the completion of the sale, the chief executive officer now owns 2,100,000 shares of the company’s stock, valued at $64,050,000. The disclosure for this sale can be found here. In the last quarter, insiders have sold 165,645 shares of company stock valued at $5,068,315. 21.52% of the stock is owned by company insiders.

Hedge Funds Weigh In On Sweetgreen

Several large investors have recently made changes to their positions in the stock. Evolutionary Tree Capital Management LLC raised its position in Sweetgreen by 0.7% in the 2nd quarter. Evolutionary Tree Capital Management LLC now owns 65,756 shares of the company’s stock valued at $1,982,000 after purchasing an additional 474 shares in the last quarter. PNC Financial Services Group Inc. lifted its stake in Sweetgreen by 2.0% in the fourth quarter. PNC Financial Services Group Inc. now owns 41,398 shares of the company’s stock worth $468,000 after acquiring an additional 830 shares during the last quarter. Principal Financial Group Inc. grew its holdings in Sweetgreen by 11.7% during the 1st quarter. Principal Financial Group Inc. now owns 12,762 shares of the company’s stock worth $322,000 after acquiring an additional 1,337 shares in the last quarter. Swiss National Bank increased its position in shares of Sweetgreen by 0.9% in the 1st quarter. Swiss National Bank now owns 176,600 shares of the company’s stock valued at $4,461,000 after purchasing an additional 1,500 shares during the last quarter. Finally, ProShare Advisors LLC raised its holdings in shares of Sweetgreen by 9.9% in the 1st quarter. ProShare Advisors LLC now owns 17,584 shares of the company’s stock valued at $444,000 after purchasing an additional 1,585 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

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.