Sweetgreen (NYSE:SG) Shares Gap Down to $37.65

Sweetgreen, Inc. (NYSE:SG)’s share price gapped down before the market opened on Monday . The stock had previously closed at $37.65, but opened at $35.79. Sweetgreen shares last traded at $36.06, with a volume of 1,334,881 shares.

Wall Street Analyst Weigh In

SG has been the subject of several recent analyst reports. JPMorgan Chase & Co. upped their target price on Sweetgreen from $32.00 to $37.00 and gave the company an “overweight” rating in a report on Friday, June 14th. TD Cowen boosted their price objective on Sweetgreen from $26.00 to $31.00 and gave the stock a “hold” rating in a research report on Thursday, June 13th. Bank of America raised their target price on Sweetgreen from $39.00 to $43.00 and gave the company a “buy” rating in a research report on Monday, August 19th. Piper Sandler restated a “neutral” rating and set a $39.00 price target (up previously from $33.00) on shares of Sweetgreen in a research report on Monday, August 19th. Finally, Citigroup raised their price target on shares of Sweetgreen from $30.00 to $32.00 and gave the stock a “neutral” rating in a research note on Friday, August 9th. Four analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $37.00.

Sweetgreen Stock Performance

The firm has a market cap of $3.92 billion, a P/E ratio of -37.19 and a beta of 2.30. The firm has a 50 day simple moving average of $28.95 and a 200 day simple moving average of $25.55.

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

Insider Buying and Selling

In other news, CTO Wouleta Ayele sold 2,831 shares of the business’s stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.31, for a total transaction of $102,793.61. Following the completion of the transaction, the chief technology officer now owns 144,649 shares of the company’s stock, valued at $5,252,205.19. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Nicolas Jammet sold 169,767 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $35.77, for a total value of $6,072,565.59. Following the transaction, the insider now owns 1,930,233 shares of the company’s stock, valued at $69,044,434.41. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CTO Wouleta Ayele sold 2,831 shares of Sweetgreen stock in a transaction dated Friday, August 16th. The stock was sold at an average price of $36.31, for a total value of $102,793.61. Following the sale, the chief technology officer now directly owns 144,649 shares of the company’s stock, valued at approximately $5,252,205.19. The disclosure for this sale can be found here. Over the last quarter, insiders have sold 521,116 shares of company stock worth $17,823,867. Corporate insiders own 21.52% of the company’s stock.

Hedge Funds Weigh In On Sweetgreen

Several institutional investors have recently modified their holdings of the company. Driehaus Capital Management LLC boosted its holdings in Sweetgreen by 231.8% during the 2nd quarter. Driehaus Capital Management LLC now owns 2,688,403 shares of the company’s stock valued at $81,028,000 after acquiring an additional 1,878,216 shares during the period. Hood River Capital Management LLC purchased a new stake in Sweetgreen during the 1st quarter valued at $29,105,000. Allspring Global Investments Holdings LLC purchased a new stake in Sweetgreen during the 2nd quarter valued at $33,449,000. Renaissance Technologies LLC bought a new stake in Sweetgreen in the 2nd quarter worth $29,109,000. Finally, Teca Partners LP purchased a new position in shares of Sweetgreen in the fourth quarter valued at about $8,475,000. 95.75% of the stock is currently owned by institutional investors.

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.