Sweetgreen (NYSE:SG) Trading Down 5.3% Following Analyst Downgrade

Sweetgreen, Inc. (NYSE:SG)’s stock price was down 5.3% on Wednesday after JPMorgan Chase & Co. lowered their price target on the stock from $20.00 to $16.00. JPMorgan Chase & Co. currently has a neutral rating on the stock. Sweetgreen traded as low as $12.59 and last traded at $12.62. Approximately 3,520,839 shares were traded during mid-day trading, a decline of 19% from the average daily volume of 4,360,675 shares. The stock had previously closed at $13.33.

Several other research analysts have also commented on the company. Oppenheimer decreased their target price on Sweetgreen from $35.00 to $29.00 and set an “outperform” rating for the company in a research report on Friday, May 9th. Morgan Stanley cut their price objective on shares of Sweetgreen from $24.00 to $22.00 and set an “equal weight” rating on the stock in a research report on Friday, May 9th. Royal Bank Of Canada reiterated an “outperform” rating and issued a $45.00 target price on shares of Sweetgreen in a research report on Tuesday, February 25th. Barclays initiated coverage on Sweetgreen in a research note on Friday, June 6th. They issued an “equal weight” rating and a $16.00 price objective on the stock. Finally, The Goldman Sachs Group reduced their target price on shares of Sweetgreen from $23.00 to $15.00 and set a “neutral” rating for the company in a report on Wednesday, June 4th. Six analysts have rated the stock with a hold rating and eight have issued a buy rating to the stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $28.00.

Insider Buying and Selling at Sweetgreen

In other Sweetgreen news, Director Clifford Burrows purchased 19,200 shares of the business’s stock in a transaction dated Friday, May 23rd. The shares were acquired at an average price of $13.11 per share, for a total transaction of $251,712.00. Following the acquisition, the director now owns 19,200 shares of the company’s stock, valued at $251,712. This trade represents a ∞ increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, CFO Mitch Reback sold 4,000 shares of the stock in a transaction on Tuesday, April 15th. The stock was sold at an average price of $21.07, for a total transaction of $84,280.00. Following the transaction, the chief financial officer now directly owns 344,509 shares in the company, valued at $7,258,804.63. The trade was a 1.15% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 21.52% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the stock. Stifel Financial Corp boosted its position in Sweetgreen by 55.3% during the fourth quarter. Stifel Financial Corp now owns 12,562 shares of the company’s stock worth $403,000 after purchasing an additional 4,474 shares during the period. Wealth Enhancement Advisory Services LLC lifted its stake in shares of Sweetgreen by 4.6% in the fourth quarter. Wealth Enhancement Advisory Services LLC now owns 29,191 shares of the company’s stock worth $936,000 after buying an additional 1,278 shares during the last quarter. Envestnet Asset Management Inc. lifted its stake in shares of Sweetgreen by 54.9% in the fourth quarter. Envestnet Asset Management Inc. now owns 16,318 shares of the company’s stock worth $523,000 after buying an additional 5,783 shares during the last quarter. LPL Financial LLC boosted its holdings in shares of Sweetgreen by 400.1% during the 4th quarter. LPL Financial LLC now owns 59,592 shares of the company’s stock worth $1,911,000 after buying an additional 47,676 shares during the period. Finally, Charles Schwab Investment Management Inc. grew its stake in Sweetgreen by 2.3% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 849,512 shares of the company’s stock valued at $27,235,000 after buying an additional 19,263 shares during the last quarter. 95.75% of the stock is owned by institutional investors.

Sweetgreen Stock Performance

The firm has a market capitalization of $1.60 billion, a price-to-earnings ratio of -17.76 and a beta of 2.06. The business’s 50 day moving average is $15.15 and its 200-day moving average is $23.53.

Sweetgreen (NYSE:SG) last issued its quarterly earnings results on Thursday, May 8th. The company reported ($0.21) earnings per share (EPS) for the quarter, meeting the consensus estimate of ($0.21). The company had revenue of $166.30 million for the quarter, compared to the consensus estimate of $164.68 million. Sweetgreen had a negative return on equity of 19.72% and a negative net margin of 13.04%. The firm’s revenue was up 5.3% compared to the same quarter last year. During the same period last year, the business posted ($0.23) earnings per share. Equities research analysts forecast that Sweetgreen, Inc. will post -0.74 EPS for the current fiscal 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.