Sweetgreen (NYSE:SG) Reaches New 52-Week Low After Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG) shares reached a new 52-week low during trading on Saturday after Oppenheimer lowered their price target on the stock from $35.00 to $29.00. Oppenheimer currently has an outperform rating on the stock. Sweetgreen traded as low as $14.61 and last traded at $15.33, with a volume of 19041978 shares trading hands. The stock had previously closed at $18.17.

A number of other equities research analysts also recently issued reports on the stock. Royal Bank of Canada restated an “outperform” rating and issued a $45.00 target price on shares of Sweetgreen in a report on Tuesday, February 25th. Piper Sandler lowered their price objective on shares of Sweetgreen from $27.00 to $20.00 and set a “neutral” rating for the company in a research note on Friday. UBS Group cut their target price on Sweetgreen from $35.00 to $30.00 and set a “buy” rating on the stock in a research report on Monday, May 5th. The Goldman Sachs Group lowered their price target on Sweetgreen from $27.00 to $23.00 and set a “neutral” rating for the company in a research report on Friday. Finally, TD Securities cut their price objective on Sweetgreen from $45.00 to $33.00 and set a “buy” rating on the stock in a report on Thursday, February 27th. Five analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $32.18.

Insiders Place Their Bets

In other news, Director Nathaniel Ru sold 2,123 shares of Sweetgreen stock in a transaction dated Monday, March 17th. The stock was sold at an average price of $23.80, for a total transaction of $50,527.40. Following the sale, the director now directly owns 1,785,099 shares of the company’s stock, valued at approximately $42,485,356.20. The trade was a 0.12 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Mitch Reback sold 4,000 shares of the stock in a transaction dated Tuesday, April 15th. The shares were sold at an average price of $21.07, for a total value of $84,280.00. Following the completion of the transaction, the chief financial officer now directly owns 344,509 shares of the company’s stock, valued at $7,258,804.63. This represents a 1.15 % 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 90 days. 21.52% of the stock is owned by company insiders.

Institutional Investors Weigh In On Sweetgreen

Several hedge funds and other institutional investors have recently bought and sold shares of SG. Franklin Resources Inc. grew 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 buying an additional 103,664 shares in the last quarter. Harbor Capital Advisors Inc. grew its holdings in Sweetgreen by 18.6% during the 4th quarter. Harbor Capital Advisors Inc. now owns 170,172 shares of the company’s stock worth $5,456,000 after acquiring an additional 26,731 shares in the last quarter. Moody National Bank Trust Division bought a new stake in shares of Sweetgreen in the 4th quarter worth about $1,182,000. PSI Advisors LLC increased its position in shares of Sweetgreen by 64.0% in the 4th quarter. PSI Advisors LLC now owns 11,008 shares of the company’s stock worth $353,000 after purchasing an additional 4,295 shares during the last quarter. Finally, Cox Capital Mgt LLC lifted its position in shares of Sweetgreen by 76.0% during the fourth quarter. Cox Capital Mgt LLC now owns 53,898 shares of the company’s stock worth $1,728,000 after purchasing an additional 23,278 shares during the last quarter. 95.75% of the stock is currently owned by hedge funds and other institutional investors.

Sweetgreen Price Performance

The firm has a market cap of $1.80 billion, a P/E ratio of -19.65 and a beta of 2.31. The firm’s 50-day moving average price is $21.74 and its 200 day moving average price is $29.45.

Sweetgreen (NYSE:SG) last issued its earnings results on Thursday, May 8th. The company reported ($0.21) EPS for the quarter, hitting the consensus estimate of ($0.21). The company had revenue of $166.30 million during the quarter, compared to analyst estimates of $164.68 million. Sweetgreen had a negative return on equity of 18.82% and a negative net margin of 13.27%. The business’s revenue was up 5.3% on a year-over-year basis. During the same quarter last year, the firm earned ($0.23) EPS. Analysts forecast that Sweetgreen, Inc. will post -0.74 earnings per share for the current year.

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.