Sweetgreen (NYSE:SG) Shares Down 6.3% on Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG) fell 6.3% on Tuesday after UBS Group lowered their price target on the stock from $35.00 to $30.00. UBS Group currently has a buy rating on the stock. Sweetgreen traded as low as $18.23 and last traded at $18.32. 366,675 shares were traded during trading, a decline of 89% from the average session volume of 3,358,429 shares. The stock had previously closed at $19.54.

A number of other equities research analysts have also recently weighed in on the company. The Goldman Sachs Group dropped their price target on Sweetgreen from $37.00 to $32.00 and set a “neutral” rating for the company in a report on Thursday, February 27th. Citigroup lowered their target price on Sweetgreen from $43.00 to $39.00 and set a “buy” rating for the company in a research note on Thursday, February 27th. Oppenheimer reduced their price target on shares of Sweetgreen from $41.00 to $35.00 and set an “outperform” rating on the stock in a research report on Thursday, February 27th. Royal Bank of Canada restated an “outperform” rating and issued a $45.00 price objective on shares of Sweetgreen in a research report on Tuesday, February 25th. Finally, Piper Sandler dropped their target price on shares of Sweetgreen from $39.00 to $27.00 and set a “neutral” rating for the company in a research note on Thursday, February 27th. Five research analysts have rated the stock with a hold rating and eight have issued a buy rating to the company. According to MarketBeat, Sweetgreen presently has an average rating of “Moderate Buy” and a consensus price target of $34.36.

Insider Transactions at Sweetgreen

In other news, CFO Mitch Reback sold 10,926 shares of the company’s stock in a transaction dated Tuesday, February 18th. The stock was sold at an average price of $26.43, for a total value of $288,774.18. Following the completion of the sale, the chief financial officer now directly owns 344,055 shares of the company’s stock, valued at $9,093,373.65. This represents a 3.08 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CEO Jonathan Neman sold 5,717 shares of Sweetgreen stock in a transaction that occurred on Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $136,064.60. Following the transaction, the chief executive officer now directly owns 1,810,263 shares in the company, valued at $43,084,259.40. The trade was a 0.31 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 35,852 shares of company stock worth $871,417 in the last quarter. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds have recently bought and sold shares of SG. Cox Capital Mgt LLC increased its position in shares of Sweetgreen by 76.0% in the 4th quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock valued at $1,728,000 after buying an additional 23,278 shares in the last quarter. Moody National Bank Trust Division acquired a new position in Sweetgreen in the fourth quarter valued at about $1,182,000. Diversified Trust Co increased its holdings in shares of Sweetgreen by 223.2% in the fourth quarter. Diversified Trust Co now owns 27,126 shares of the company’s stock worth $870,000 after acquiring an additional 18,733 shares in the last quarter. Franklin Resources Inc. raised its position in shares of Sweetgreen by 1,399.0% during the third quarter. Franklin Resources Inc. now owns 111,074 shares of the company’s stock worth $4,365,000 after purchasing an additional 103,664 shares during the period. Finally, Envestnet Asset Management Inc. lifted its holdings in shares of Sweetgreen by 54.9% during the 4th quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company’s stock valued at $523,000 after purchasing an additional 5,783 shares in the last quarter. 95.75% of the stock is currently owned by institutional investors and hedge funds.

Sweetgreen Stock Performance

The company has a 50-day moving average of $22.02 and a 200-day moving average of $29.86. The firm has a market capitalization of $2.10 billion, a price-to-earnings ratio of -22.92 and a beta of 2.31.

Sweetgreen Company Profile

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.